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CATALINA COMPLETES TURNAROUND YEAR WITH STRONG FOURTH QUARTER

 MIAMI, Dec. 15 /PRNewswire/ -- Catalina Lighting, Inc. (AMEX: LTG) today reported an impressive earnings turnaround for its 1992 fiscal year.
 Catalina announced net income of $2,524,000 during the fiscal year ended Sept. 30, 1992, compared with a net loss of $1,864,000 in the year ended Sept. 30, 1991. Sales reached a record $105 million in FY 1992 which is 19.2 percent higher than the previous year's revenue of $88.1 million. Fully diluted earnings per share of $0.37 in the latest fiscal year compared with a loss of $0.34 per share in FY 1991. The average number of shares outstanding (fully diluted) totaled approximately 6.9 million in FY 1992 compared to 5.5 million in FY 1991. The FY 1991 average number of shares outstanding excluded stock options, warrants and shares which would be issued upon conversion of convertible debentures as such shares are anti-dilutive in a loss year.
 The 1992 fiscal year ended on a strong note, with sales for the fourth quarter rising 9.1 percent to $30.1 million (vs. $27.5 million in the same period in the prior year) and net income for the three-month period of $990,000, compared with only $18,000 in the prior-year period. Fully diluted earnings per share for the July-September quarter were the strongest of the year at $0.15 as compared with $0.00 per share in the final three months of FY 1991. The number of fully diluted shares outstanding in the fourth quarter averaged 6.8 million (vs. 6.1 million in the prior-year period).
 During the final quarter of the 1992 fiscal year, Catalina's gross profit margin exceeded 17 percent of sales. "While we shall continue to strive for more distribution efficiencies and better margins, these results were quite consistent with our objectives," commented Dean Rappaport, Catalina's chief financial officer.
 "We are extremely pleased with the dramatic profit recovery which has been achieved during the past 12 months," noted Robert Hersh, Catalina's chairman and chief executive officer. "When we launched our team management philosophy 18 months ago, we knew the impact on our bottom line would not be immediate. As a result of continued hard work, dedication, and commitment by the Catalina team, however, the turnaround has occurred faster than we expected. We continue to build on this foundation, while looking forward to further gains in the year ahead."
 Catalina Lighting, Inc. is a premier supplier of high quality, affordably priced residential and office lighting products, which are imported from independent suppliers in the Far East. The company is headquartered in Miami, and has warehouse/distribution facilities in Texas, California, Massachusetts, and Canada. Its shares are traded on the American Stock Exchange under the ticker symbol "LTG".
 CATALINA LIGHTING, INC.
 Selected Operating Results for the Quarter Ended Sept. 30,
 1992 1991
 NET SALES $30,052,000 $27,549,000
 GROSS PROFIT 5,293,000 3,764,000
 OPERATING INCOME 2,145,000 760,000
 PRETAX INCOME 1,656,000 134,000
 PROVISION FOR INCOME TAXES 666,000 116,000
 NET INCOME 990,000 18,000
 FULLY DILUTED E.P.S. $ 0.15 $ 0.00
 AVERAGE FULLY DILUTED
 SHARES OUTSTANDING 6,828,746 6,145,890
 Selected Operating Results for the Year Ended Sept. 30,
 1992 1991
 NET SALES $104,995,000 $88,075,000
 GROSS PROFIT 17,714,000 12,863,000
 OPERATING INCOME 5,407,000 2,456,000
 PRETAX INCOME (LOSS) 4,130,000 (2,027,000)
 PROVISION FOR INCOME TAXES 1,606,000 (163,000)
 NET INCOME (LOSS) 2,524,000 (1,864,000)
 FULLY DILUTED E.P.S. (LOSS) $ 0.37 $ (0.34)
 AVERAGE FULLY DILUTED
 SHARES OUTSTANDING 6,940,202 5,539,525
 -0- 12/15/92
 /CONTACT: Dean Rappaport, chief financial officer of Catalina Lighting, 305-558-4777; or R. Jerry Falkner, CFA, Investor Relations Counsel, 800-377-9893, for Catalina Lighting/
 (LTG)


CO: Catalina Lighting, Inc. ST: Florida IN: HOU SU: ERN

JB-AW -- FL006 -- 7141 12/15/92 11:13 EST
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Date:Dec 15, 1992
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