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CATALINA REPORTS 168 PERCENT GAIN IN FIRST QUARTER NET INCOME

 MIAMI, Jan. 21 /PRNewswire/ -- Catalina Lighting, Inc. (AMEX: LTG) today reported an impressive gain in first quarter earnings for its 1993 fiscal year.
 Catalina announced net income of $1,246,000, during the first quarter ended Dec. 31, 1992 compared to the net income of $465,000 for the same period last year. Fully diluted earnings per share increased to $0.19 vs. $0.07 in the first quarter of fiscal 1992. Net sales for the quarter gained 2.1 percent to approximately $24.8 million (vs. $24.3 million). The weighted average number of fully diluted shares outstanding decreased by approximately 3 percent to 6,543,143 (vs. 6,753,730).
 Pretax profits for the quarter, excluding gains on the sale of marketable securities, rose 104 percent to $1,103,000 compared with $540,000 in the first three months of the prior fiscal year. This represents a pretax profit margin of 4.4 percent (vs. 2.2 percent). The first quarter of fiscal years 1993 and 1992 included realized gains on the sale of marketable securities totaling $510,000 and $192,000, respectively.
 "Catalina's ability to increase sales and more than double net income during the quarter is particularly impressive in light of the fact that the year earlier period included several million dollars in sales of lighting fixtures and merchandising displays relating to the initial stocking of a major new account," noted Robert Hersh, chairman and chief executive officer of the company. "Business has been strong as sales to both new and existing customers continue to increase."
 First quarter gross margins improved to 18.3 percent compared to 16.9 percent during the year earlier period. Selling, general and administrative expenses remained unchanged in absolute dollars and declined as a percentage of net sales. Lower interest expense also contributed to impressive net income gains for the period.
 "We continue to realize bottom line benefits from our improved inventory management and lower loan balances," reported Dean Rappaport, Catalina's chief financial officer. Bank borrowings of $17.3 million at Dec. 31, 1992 were approximately $5.3 million lower than at the end of Catalina's 1992 fiscal year. While our loan balance fluctuates seasonally, this is the lowest it has been since fiscal 1989, a year in which our sales were approximately half that of our current level."
 Catalina Lighting, Inc. is a premier supplier of high-quality, affordably priced residential and office lighting products, which are manufactured by independent suppliers in the Far East. Its customers primarily include leading home center and office superstore chains, membership warehouse clubs, mass merchandisers, hardware stores, and lighting showrooms. 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 Dec. 31,
 1992 1991
 NET SALES $24,767,000 $24,269,000
 GROSS PROFIT 4,536,000 4,100,000
 OPERATING INCOME 1,513,000 1,076,000
 INCOME BEFORE GAIN ON SALE
 OF MARKETABLE SECURITIES
 AND INCOME TAXES 1,103,000 540,000
 GAIN ON SALE OF
 MARKETABLE SECURITIES 510,000 192,000
 PRETAX INCOME 1,613,000 732,000
 PROVISION FOR INCOME TAXES 367,000 267,000
 NET INCOME $ 1,246,000 $ 465,000
 PRIMARY E.P.S. $ 0.20 $ 0.07
 FULLY DILUTED E.P.S. $ 0.19 $ 0.07
 AVERAGE PRIMARY SHARES
 OUTSTANDING 6,116,460 6,267,520
 AVERAGE FULLY DILUTED
 SHARES OUTSTANDING 6,543,143 6,753,730
 -0- 1/21/93
 /CONTACT: Dean Rappaport, chief financial officer of Catalina Lighting, 305-558-4777; or R. Jerry Falkner, Investor Relations Counsel, 800-377-9893, for Catalina Lighting/
 (LTG)


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

JB-SS-AW -- FL004 -- 7265 01/21/93 09:25 EST
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Date:Jan 21, 1993
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