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

 CATALINA LIGHTING CONTINUES TURNAROUND
 REPORTING THIRD QUARTER PROFIT VS. PRIOR YEAR LOSS
 MIAMI, Aug. 4 /PRNewswire/ -- Catalina Lighting (AMEX: LTG) today reported operating results for the third quarter and first nine months of its 1992 fiscal year.
 For the three months ended June 30, 1992 the company reported a net profit of $336,000, compared with a net loss of $482,000 in the prior year. Net sales for the most recent quarter increased 7.6 percent to $24.9 million (vs. $23.1 million). On a per share basis (fully diluted), Catalina earned $0.05 for the April-June 1992 period, which contrasted sharply with a prior year loss of $0.08 per share. Earnings per share on a fully diluted basis are calculated on 6,942,249 shares in 1992 vs. 5,743,037 shares in 1991.
 During the nine months ended June 30, 1992, Catalina earned $1,534,000 ($0.23 per share), compared with a net loss of $1,882,000 ($0.33 per share) in the prior year period. Net revenues for the nine months rose 23.8 percent to approximately $74.9 million (vs. $60.5 million). For the nine months, fully diluted shares outstanding averaged 6,880,514 (vs. 5,735,736).
 "While the unseasonably cold weather around the U.S. during the quarter impacted our sales, we are very pleased that lighting sales increased $5.2 million or 25 percent compared to the same quarter last year," noted Robert Hersh, chairman and chief executive officer of the company. "The $3.7 million drop in fan sales was as expected as we continue to phase out this product line. The increase in lighting sales reflects our continued growing market share in our core business."
 The third quarter gross profit margin of 15.5 percent reflects a 19 percent increase over the same period last year. This increase was attained through higher sales, lower sales returns and allowances, and lower public warehousing costs. SG&A expenses were relatively unchanged in dollar terms while declining to 11.7 percent of sales from 12.2 percent in the same quarter of 1991.
 During the first and second quarter of FY1992, the company sold a portion of its holdings in Windmere Corporation common stock for a profit which reduced its investment in that company to 858,575 shares. Catalina's net loss during the first nine months of last year was exacerbated by a writedown in the value of such marketable securities. No Windmere stock was sold during the third quarter.
 "While we are pleased to report these continued improvements in earnings, your management is just as proud of its ability to strengthen the balance sheet in recent months," commented Dean Rappaport, Catalina's chief financial officer. "While inventories have been expanded in anticipation of higher sales during the next six months, we have reduced borrowings against our bank credit lines by over 20 percent (to $19.9 million at 6/30/92) since the end of FY1991. Moreover, a new bank facility was signed last month expanding our bank credit line to $50 million vs. $45 million under the old facility."
 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 distribution facilities in Texas, California, Boston and Montreal. Its shares are traded on the American Stock Exchange under the symbol "LTG."
 CATALINA LIGHTING, INC.
 Selected Operating Results
 Quarters Ended June 30,
 1992 1991
 Net sales $24,877,000 $23,114,000
 Pretax income (loss) 542,000 (665,000)
 Income tax provision
 (benefit) 206,000 (183,000)
 Net income (loss) 336,000 (482,000)
 Fully-diluted earnings
 (loss) per share $0.05 ($0.08)
 Average F.D.
 shares outstanding 6,942,249 5,743,037
 Nine Months Ended June 30,
 1992 1991
 Net sales $74,943,000 $60,526,000
 Pretax income (loss) 2,474,000 (2,161,000)
 Income tax provision
 (benefit) 940,000 (279,000)
 Net income (loss) 1,534,000 (1,882,000)
 Fully diluted earnings
 (loss) per share $0.23 ($0.33)
 Average F.D. shares
 outstanding 6,880,514 5,735,736
 -0- 8/4/92
 /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 REA SU: ERN


AW-SS -- FL006 -- 6701 08/04/92 13:34 EDT
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Date:Aug 4, 1992
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