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CHALLENGER INTERNATIONAL, LTD. REPORTS SECOND QUARTER EARNINGS

 HAMILTON, Bermuda, June 3 /PRNewswire/ -- Challenger International, Ltd. (NASDAQ: CSTIF), reported a turnaround in earnings during its second quarter and first six months of 1993 as a result of increasing sales and improving operating performance. For the periods ended April 30, 1993, second quarter net income was $143,000 or 1 cent per share compared to a loss of $394,000 or (9 cents) per share in 1992 and first six months net income was $406,000 or 4 cents per share versus a loss of $104,000 or (2 cents) per share in 1992. Net sales increased 16 percent for the quarter to $3,717,000 and 22 percent for the six months to $6,569,000.
 Challenger's performance gains are attributable primarily to its Savage Arms subsidiary. Savage is booking orders for shipment dates and sales during the third and fourth quarters, and has continued to lower cost of sales percentages while reducing general overheads and financing charges in excess of 10 percent.
 Challenger's Passive Bullet Trap (PBT) subsidiary is reporting rapidly expanding inquiries and growing sales for its new bullet trap product line. A PBT earnings contribution is forecast during the second half of fiscal 1993 and subsequent reporting periods.
 Challenger's common shares are traded on NASDAQ (CSTIF) and the Toronto Stock Exchange (CTT).
 CHALLENGER INTERNATIONAL, LTD.
 (Dollars in thousands, expect per share data)
 Periods ended Three months Six months
 April 30 1993 1992 1993 1992
 Revenues $3,744 $3,210 $6,645 $5,407
 Net income (loss) 143 (394) 406 (104)
 Per share net income (loss) $0.01 $(0.09) $0.04 $(0.02)
 Weighted average shares
 outstanding 10,816,933 4,315,954 10,358,532 4,315,954
 -0- 6/3/93
 /CONTACT: Challenger International, 809-295-8639/
 (CSTIF)


CO: Challenger International, Ltd. ST: IN: SU: ERN

LR-SM -- NY007 -- 4787 06/03/93 08:57 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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