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CRAFTMATIC INDUSTRIES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS

 TREVOSE, Pa., Aug. 23 /PRNewswire/ -- Stanley Kraftsow, chairman of Craftmatic Industries, Inc. (NASDAQ: CRCC) announce today the results of operations for the third quarter and nine months ended June 30, 1993.
 Mr. Kraftsow said that the corporation had revenues for the nine months ended June 30, 1993 of $30,792,000 and net income of $127,000 or $.05 per share. This compares with revenues of $43,948,000 and a net loss of $2,342,000 or $.96 per share for the nine months ended June 30, 1992. The information shown is after a cumulative effect of a change in accounting principle of $237,000 or $.10 per share for the nine months ended June 30, 1993 and the provision for preferred stock dividends in the amount of $468,000 or $.19 per share for both periods presented. The change in accounting principle increased net income before cumulative effect of a change in accounting principle by $276,000 or $.11 per share for the nine months ended June 30, 1993.
 The corporation had revenues for the third quarter ended June 30, 1993 of $8,902,000 and a net loss of $395,000 or $.16 per share. This compares with revenues of 13,072,000 and a net loss of $2,390,000 or $.98 per share for the third quarter ended June 30, 1992. The information shown is after the provision for preferred stock dividends in the amount of $156,000 or $.06 per share for both periods presented. The change in accounting principle decreased the net loss for the quarter ended June 30, 1993 by $101,000 or $.04 per share.
 Mr. Kraftsow noted that the decline in revenues for the nine months ended June 30, 1993 was attributable to the corporation's decision to discontinue distribution of the Contour Chair-Lounge due to continuing weakness in the Contour Chair distribution system as a whole.
 Craftmatic Industries, Inc. is a manufacturing, marketing and sales organization engaged in distribution and sales primarily in the United States, of the Craftmatic electric adjustable bed specially designed for residential use, but having certain features found in hospital beds.
 -0- 8/23/93
 /CONTACT: Karen Kryven, 215-639-1310, for Craftmatic Industries/
 (CRCC)


CO: Craftmatic Industries, Inc. ST: Pennsylvania IN: HOU SU: ERN

SM-LD -- NY064 -- 5203 08/23/93 17:28 EDT
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Date:Aug 23, 1993
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