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CREST INDUSTRIES REPORTS YEAR END AND FOURTH QUARTER RESULTS

 CREST INDUSTRIES REPORTS YEAR END AND FOURTH QUARTER RESULTS
 MIAMI, June 30 /PRNewswire/ -- Crest Industries, Inc. (NASDAQ: CRII), a leading supplier of home improvement products, reported net sales of $44.3 million for the year ended March 31, 1992, compared with net sales of $50.2 million for the year ended March 31, 1991, representing a decrease of 11.6 percent. The net loss for the 1992 fiscal year was $3.3 million or $0.98 per share compared with a loss of $1.7 million or $0.58 per share for fiscal year 1991.
 Net sales for the fourth quarter of fiscal 1992 were $11.7 million versus net sales of $12.4 million a year earlier. The net loss for the fourth quarter was $1.3 million or $0.40 per share compared with a net loss of $1.4 million or $0.43 per share for the same period of the prior year.
 Commenting on the results, Ronald Kepes, president and CEO, stated: "The primary areas where we experienced a decrease in sales were in our air handling division, which includes air conditioning and ceiling fans, and our small electrics and hardware divisions, which we have discontinued. We noticed a shift in buying trends towards later in the season from our customers, which will result in recognition of air conditioner sales in our fiscal year 1993. We have also experienced the effect of several of our former customers seeking direct relationships with overseas ceiling manufacturers. We anticipate that Crest's joint venture in a ceiling fan factory in Taiwan will help to offset this situation in the future. These factors, coupled with a weak retail environment have resulted in a disappointing year for Crest."
 Kepes also noted: "Although our overall results were weak, some very positive developments must be considered. Our track lighting division along with plumbing showed strong growth. These segments of our business are quite important to us in terms of profitability and we will continue our efforts to expand market share. We are optimistic about our ability to return to profitability during fiscal year 1993, as we have taken several important steps throughout the past year to achieve that goal and will continue to do so."
 Crest Industries is one of the leading national suppliers of home improvement products to major retail chains.
 CREST INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 Year ended March 31 1992 1991
 Net sales $44,334,752 $50,164,131
 Cost of goods sold 38,323,316 42,404,747
 Gross profit 6,011,436 7,759,384
 Operating expenses 8,264,543 7,941,699
 Other income (expense) (895,094) (1,771,003)
 (Loss) income before income tax
 provision (benefit) (3,148,201) (1,953,318)
 Income tax provision (benefit) 154,459 (213,624)
 Net (loss) income (3,302,660) (1,739,694)
 Net (loss) per share $(0.98) $(0.58)
 Weighted avg. no. of outstanding shares
 of com. stock & com. stock equivs. 3,380,000 2,993,000
 Fourth Quarter
 1992 1991
 Net sales $11,635,689 $12,446,265
 Net (loss) income (1,328,358) (1,447,523)
 Net income (loss) per share $(0.40) $(0.43)
 Weighted avg. no. of outstanding shares
 of com. stock & com. stock equivs. 3,380,000 2,993,000
 -0- 6/30/92
 /CONTACT: Ronald Kepes, president and CEO, or Gary Rodney, vice president and CFO, of Crest, 305-592-5699, or Susan Sherman of Cameron Assoc., 212-644-9560, for Crest/
 (CRII) CO: Crest Industries, Inc. ST: Florida IN: HOU SU: ERN


SH-KD -- NY074 -- 5267 06/30/92 15:03 EDT
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Date:Jun 30, 1992
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