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CHALLENGER INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 CHALLENGER INTERNATIONAL REPORTS FIRST QUARTER RESULTS
 HAMILTON, Bermuda, March 24 /PRNewswire/ -- Challenger International, Ltd. (NASDAQ: CSTIF) reported a net profit of $290,000 or 5 cents per share for the three months ended Jan. 31, 1992, compared to a loss of $219,000 or 11 cents per share for the first quarter of 1991. This result primarily reflects the elimination of contingencies and associated reserves related to petroleum operations discontinued in prior periods.
 The company's subsidiary, Savage Arms, Inc., reported continued strong market acceptance of its products at annual trade shows and in industry literature during the first quarter. However, recessionary overtones have tended to delay shipments and related revenues into subsequent quarters, although prospects for the year remain promising. Sales and profits continued to increase in Passive Bullet Traps as new marketing effort become effective.
 Another new product, a recoil absorber pad incorporating pneumatic cushioning technology, has been developed for market introduction in the fall.
 Challenger's special restricted voting shares are traded on NASDAQ and the Toronto Stock Exchange. The Class A restricted voting shares are traded on the Toronto Stock Exchange (CTTA).
 CHALLENGER INTERNATIONAL, LTD.
 (Dollars in thousands except per share amounts)
 Three months ended Jan. 31 1992 1991
 Revenue $2,197 $2,617
 Loss from continuing operations $(505) $(219)
 Income from discontinued operations 795 0
 Net income (loss) 290 $(219)
 Net income (loss) per share $0.05 $(0.11)
 -0- 3/24/92
 /CONTACT: Challenger International public relations, 809-295-8639/
 (CSTIF) CO: Challenger International, Ltd. ST: IN: SU: ERN


AH-SM -- NY055 -- 1221 03/24/92 16:07 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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