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EAC INDUSTRIES, INC. REPORTS RESULTS FOR FISCAL YEAR ENDED JAN. 31, 1993

 NEW HAVEN, Conn., Oct. 15 /PRNewswire/ -- EAC Industries, Inc., reported today that net income for the fiscal year ended Jan. 31, 1993, was $686,387 or $.35 per share from continuing operations and $2,176,623 or $1.11 per share from discontinued operations compared to a net loss of $13,000 or $(.01) per share from continuing operations and a net loss of $3,945,000 or $(2.01) per share from discontinued operations in fiscal 1992. The company also reported extraordinary income in fiscal 1993 of $531,000 or $.27 per share from the benefit of a net operating loss carryforward.
 Peter B. Fritzsche, chairman and CEO, stated that EAC had come through a two-year period of severe financial distress and appears to be on the way to a slow recovery. Nevertheless, Mr. Fritzsche further noted that the company still had a substantial negative net worth in the amount of approximately $5,400,000 due to liabilities related to its discontinued subsidiary, Ideal Security Hardware Corporation, which is currently in a Chapter 7 liquidation.
 Mr. Fritzsche also said that Goodren Products Company, EAC's one remaining operating subsidiary, had an outstanding year with operating income up 60 percent on a sales increase of 25 percent. He further commented that although Goodren continues to operate quite profitably, it will probably not match last year's results based on current sales trends and backlogs.
 EAC INDUSTRIES AND SUBSIDIARIES
 Consolidated Balance Sheets As Of Jan. 31, 1993 And 1992
 Assets
 1993 1992
 Current Assets:
 Cash $ 208,867 $ 129,000
 Notes and accounts receivable -- net of
 allowance for doubtful accounts of
 $12,000 1,235,128 906,000
 Accounts receivable of discontinued
 subsidiary -- net of allowance for doubtful
 accounts of $413,000 --- 343,000
 Inventories 902,346 792,000
 Manufacturing facilities held for sale 1,020,000 ---
 Prepaid taxes and expenses 23,107 577,000
 Current assets related to the sale of
 discontinued subsidiary --- 1,434,000
 Total Current Assets 3,389,448 4,181,000
 Property, Plant And Equipment, Net 502,834 554,000
 Manufacturing Facilities Held For Sale --- 1,100,000
 Cost Of Businesses Acquired In Excess Of
 Related Net Assets 199,500 210,000
 Other Assets 7,000 8,000
 Total $4,098,782 $6,053,000
 Liabilities And Shareholders' Equity
 Current Liabilities:
 Liabilities not subject to compromise:
 Short-term debt $ 647,752 $ 90,000
 Accounts payable 557,661 720,000
 Accrued expenses 1,030,601 895,000
 Reserve for discontinued operations 424,314 1,729,000
 Long-term debt -- current portion 680,000 ---
 Deferred income 545,400 ---
 Income taxes payable 34,000 ---
 Total 3,919,728 3,434,000
 Liabilities subject to compromise:
 Current liabilities of discontinued
 subsidiary 5,400,571 10,952,000
 Total Current Liabilities 9,320,299 14,386,000
 Income Taxes Payable -- Non-Current 218,337 ---
 Deferred Income Taxes --- 501,000
 Commitments And Contingencies
 Shareholders' Equity (Deficit)
 Common stock, $.10 par value; 20,000,000 shares;
 issued 2,319,285 shares 231,929 232,000
 Capital in excess of par value 12,788,838 12,789,000
 Accumulated deficit (16,078,688) (19,473,000)
 Total (3,057,921) (6,452,000)
 Less: Common stock in treasury,
 357,598 shares at cost (2,381,933) (2,382,000)
 Total (5,439,854) (8,834,000)
 Total $ 4,098,782 $ 6,053,000
 EAC INDUSTRIES INC. AND SUBSIDIARIES
 Consolidated Statements Of Operations
 Year Ended Jan. 31 1993 1992
 Net Sales $8,678,486 $6,932,000
 Cost And Expenses:
 Cost of products sold 4,998,753 4,258,000
 Selling, general and administrative exps. 2,368,333 2,382,000
 Total 7,367,086 6,640,000
 Earnings (loss) from operations 1,311,400 292,000
 Equity in net income (loss) of affiliated
 companies --- ---
 Loss on sale of Canadian subsidiaries --- ---
 Earnings (loss) from continuing operations 1,311,400 292,000
 Interest and other costs (60,013) (250,000)
 Earnings (loss) from continuing operations
 before income taxes 1,251,387 42,000
 Provision for income taxes 565,000 55,000
 Income (Loss) From Continuing Operations 686,387 13,000
 Discontinued Operations,
 Net Of Income Tax Benefit:
 Net Gain (Loss) 2,176,623 (3,715,000)
 Net (Loss) From Sales --- (230,000)
 Income (Loss) From Discontinued Operations 2,176,623 (3,945,000)
 Income (Loss) Before Extraordinary Item 2,863,010 (3,958,000)
 Extraordinary Item -- Benefit Of Net Operating
 Loss Carryforward 531,000 ---
 Net Income (Loss) 3,394,010 (3,958,000)
 Income (Loss) Per Share:
 Continuing operations .35 $(.01)
 Discontinued operations 1.11 (2.01)
 Extraordinary Item .27 ---
 Total 1.73 (2.02)
 -0- 10/15/93
 /CONTACT: Peter B. Fritzsche of EAC, 203-865-1661/


CO: EAC Industries, Inc. ST: Connecticut IN: SU: ERN

MP-GK -- NY047 -- 2827 10/15/93 14:58 EDT
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Date:Oct 15, 1993
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