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ERO, INC. REPORTS THIRD QUARTER RESULTS

 MOUNT PROSPECT, Ill., Oct. 19 /PRNewswire/ -- ERO, Inc. (NASDAQ: EROI) today reported sales results for the third quarter ended Sept. 30, 1993, of $24,520,000, compared to $29,113,000 the prior year. Sales for the first nine months of 1993 were $66,392,000, compared to $69,900,000 the prior year.
 Net income for the quarter was $402,000 or $0.04 per share, compared to $1,876,000 or $0.18 per share a year ago. Net income for the first nine months was $1,316,000 or $0.13 per share, compared to a net loss of $2,337,000 or $0.25 per share a year ago. The 1992 results include an extraordinary expense for the early extinguishment of debt of $1,558,000 ($0.17 per share) and the cumulative effect of the change in accounting for income taxes of $1,911,000 ($0.20 per share).
 Robert J. Lipsig, chairman, stated, ``The weakness we had experienced in the first six months continued in the third quarter. Our Slumber Shoppe revenues decreased from the prior year as a result of our not having one of the most popular licenses for these products. This weakness will continue in the fourth quarter and therefore the company does not currently expect to meet 1992's sales of $101 million and earnings of $.50 per share. We continue to be optimistic about the prospects for 1994, because we have several strong new licenses and major retailers have indicated plans to expand their offering of ERO Water Sport products.''
 ERO, Inc. is a leading marketer of exclusive consumer leisure products. The company manufactures and imports the following principal product lines: slumber products, including indoor sleeping bags and play tents; water sports products including flotation devices and swim accessories; back-to-school products, including backpacks and school bags; sport bags; soft-sided coolers;
and room decorations. ERO's products are sold to all major mass merchandisers.
 ERO, INC. SUMMARY STATEMENT OF OPERATIONS
 Quarter ended Sept. 30, 1993 1993 1992
 Revenues $24,520,000 29,113,000
 Net income 402,000 1,876,000
 Average shares 10,426,000 10,489,000
 Earnings per share:
 Net Income $0.04 $0.18
 Nine Months ended Sept. 30, 1993 1993 1992
 Revenues $66,392,000 $69,900,000
 Income before extraordinary charge 1,316,000 1,132,000
 Extraordinary charge -- (a)(1,558,000)
 Income before cumulative effect of
 accounting change 1,316,000 (426,000)
 Cumulative effect of accounting change -- (b)(1,911,000)
 Net income (loss) $1,316,000 ($2,337,000)
 Average shares 10,462,000 9,290,000
 Earnings per share:
 Income before extraordinary charge $0.13 $0.12
 Extraordinary charge -- (a)($0.17)
 Cumulative effect of accounting change -- (b)($0.20)
 Net income (loss) $0.13 ($0.25)
 NOTE: Figure in parentheses are losses
 (a) Losses from early debt repayment
 (b) Cumulative effect of the change in accounting for income taxes
 -0- 10/19/93
 /CONTACT: William A. Klettke, executive vice president of ERO Inc., 708-803-9200, ext. 351/
 (EROI)


CO: ERO, Inc. ST: Illinois IN: HOU LEI SU: ERN

LD -- NY110 -- 4265 10/19/93 18:35 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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