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CATALINA LIGHTING CONTINUES TURNAROUND REPORTING SECOND QUARTER PROFIT VS. PRIOR YEAR LOSS

 CATALINA LIGHTING CONTINUES TURNAROUND REPORTING
 SECOND QUARTER PROFIT VS. PRIOR YEAR LOSS
 MIAMI, May 4 /PRNewswire/ -- Catalina Lighting, Inc. (AMEX: LTG) today reported operating results for the second quarter and first half of its 1992 fiscal year.
 For the three months ended March 31, 1992, the company reported a net profit of $733,000, compared with a net loss of $1,605,000 in the prior year. Net sales for the most recent quarter increased 23.6 percent to approximately $25.8 million (vs. $20.9 million). On a per share basis (fully diluted), Catalina earned $0.11 for the quarter contrasting sharply with a prior year loss of $0.28 per share. Earnings per share are calculated on a 6,961,934 in 1992 vs. 5,733,297 in 1991 on a fully diluted basis.
 During the six months ended March 31, 1992, Catalina earned $1,198,000 ($0.18 per share), compared with a net loss of $1,400,000 ($0.24 per share) in the first half of FY1991. Net revenues for the six months increased 33.8 percent to approximately $50.1 million (vs. $37.4 million).
 "The company's six months earnings and improved balance sheet are a clear indication that management's efforts to turn around the company during the last year continue to be successful," commented Robert Hersh, Catalina's chairman and chief executive officer.
 The second quarter gross profit margin of 17.3 percent was substantially better than the 12.6 percent gross margin reported during the same quarter of last year, despite sales of $1.2 million in slow moving items at below normal margins. This, combined with lower interest expense and gains on sales of marketable securities, contributed greatly to the increase in earnings.
 "The turnaround in Catalina's operating profitability, which began in the fourth quarter of FY1991, has continued to strengthen during the past several months," according to Dean Rappaport, chief financial officer at the company, "and we expect a strong second half of the fiscal year which ends Sept. 30, 1992."
 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 and Canada. The company is headquartered in Miami, and has warehouse/distribution facilities in Texas, California, Massachusetts and Montreal. Its shares are traded on the American Stock Exchange under the ticker symbol "LTG."
 CATALINA LIGHTING, INC.
 Selected Operating Results for the Quarters Ended March 31
 1992 1991
 NET SALES $25,797,000 $20,873,000
 PRETAX INCOME (LOSS) 1,200,000 (1,838,000)
 INCOME TAX PROVISION (BENEFIT) 467,000 (233,000)
 NET INCOME (LOSS) 733,000 (1,605,000)
 FULLY DILUTED E.P.S. (LOSS) $0.11 $(0.28)
 AVG. F.D. SHARES OUTSTANDING 6,961,934 5,733,297
 Selected Operating Results for the Six Months Ended March 31
 1992 1991
 NET SALES $50,066,000 $37,413,000
 PRETAX INCOME (LOSS) 1,932,000 (1,496,000)
 INCOME TAX PROVISION (BENEFIT) 734,000 (96,000)
 NET INCOME (LOSS) 1,198,000 (1,400,000)
 FULLY DILUTED E.P.S. (LOSS) $0.18 $(0.24)
 AVG. F.D. SHARES OUTSTANDING 6,954,146 5,733,297
 -0- 5/4/92
 /CONTACT: Dean Rappaport, chief financial officer of Catalina Lighting, 305-558-4777; or R. Jerry Falkner, CFA, investor relations counsel, 713-334-2386, for Catalina Lighting/
 (LTG) CO: Catalina Lighting, Inc. ST: Florida IN: HOU SU: ERN


JB-AW -- FL005 -- 6017 05/04/92 12:00 EDT
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Publication:PR Newswire
Date:May 4, 1992
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