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CATALINA LIGHTING NET INCOME RISES 74 PERCENT IN 1993 FISCAL YEAR

 MIAMI, Dec. 2 /PRNewswire/ -- Catalina Lighting, Inc. (AMEX: LTG) today announced record sales and net income for the fiscal year ended Sept. 30, 1993.
 Sales increased to $112.9 million during fiscal 1993, compared with $105.0 million in the 12-month fiscal period ended Sept. 30, 1992. Net income rose 74 percent to a record $4,404,000 ($0.65 per fully diluted share), vs. $2,524,000 ($0.37) per share) in the previous fiscal year. The weighted average number of fully diluted shares outstanding decreased slightly to 6,803,633 (vs. 6,940,202), reflecting the repurchase of certain shares.
 Excluding pretax gains from the sale of securities during FY1993 and FY1992 aggregating $571,000 and $634,000, respectively, the company's pretax income increased approximately 77 percent to $6,199,000 in FY1993, as compared to $3,496,000 a year earlier.
 For the quarter ended Sept. 30, 1993, Catalina's earnings increased to $1,404,000 on sales of $33.3 million, compared with a net profit of $990,000 and revenues of $30.1 million in the prior-year period. Fourth quarter earnings per share (fully diluted) of $0.21 were 40 percent above the $0.15 per share profit reported in the July-September 1992 period.
 "Catalina has continued to solidify its position as a leading supplier of imported residential and office lighting products for America's retailing community," noted Robert Hersh, chairman and chief executive officer of the company. "Sales of lighting products grew at double-digit percentage rates during fiscal 1993, and present indications are this growth is expected to accelerate during the current fiscal year, based upon the recent addition of new customers and the anticipated completion of Catalina's acquisition of the Westwood Company next month. We are also looking towards aggressive expansion into international markets during the balance of the 1990s."
 "Our long-term objective is to expand Catalina's product line with the addition of decorative (table-top) lamps and fluorescent lighting," commented Danny Stewart, Catalina's executive vice president of Marketing. "This will allow us to satisfy the entire lighting department needs of major home center chains and mass merchandisers in the U.S. and abroad."
 Catalina Lighting, Inc. is a leading supplier of high-quality, affordably priced residential and office lighting products, which are primarily manufactured by independent suppliers in the Far East. The company's customers primarily include leading discount department stores, home centers, national retail chains, office superstore chains, warehouse clubs as well as catalog showrooms, hardware stores, and lighting showrooms. Catalina 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,
 1993 1992
 NET SALES $33,294,000 $30,052,000
 GROSS PROFIT $ 6,779,000 $ 5,293,000
 OPERATING INCOME $ 2,533,000 $ 2,145,000
 PRETAX INCOME $ 2,243,000 $ 1,656,000
 PROVISION FOR INCOME TAXES $ 839,000 $ 666,000
 NET INCOME $ 1,404,000 $ 990,000
 FULLY DILUTED E.P.S. $ 0.21 $ 0.15
 AVERAGE FULLY DILUTED
 SHARES OUTSTANDING 6,818,457 6,828,746
 Selected Operating Results for the Year Ended Sept. 30,
 1993 1992
 NET SALES $112,791,000 $104,995,000
 GROSS PROFIT $ 21,293,000 $ 17,714,000
 OPERATING INCOME $ 7,522,000 $ 5,407,000
 PRETAX INCOME $ 6,770,000 (A) $ 4,130,000
 PROVISION FOR INCOME TAXES $ 2,366,000 $ 1,606,000
 NET INCOME $ 4,404,000 $ 2,524,000
 FULLY DILUTED E.P.S. $ 0.65 $ 0.37
 AVERAGE FULLY DILUTED
 SHARES OUTSTANDING 6,803,633 6,940,202
 (A) -- Pretax income for FY1993 and FY1992 included gains from the sale of securities of $571,000 and $634,000, respectively.
 -0- 12/2/93
 /CONTACT: Dean Rappaport, chief financial officer, 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

RK-AW -- FL001 -- 9566 12/02/93 06:00 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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