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EVEREST & JENNINGS INTERNATIONAL REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS

 ST. LOUIS, Aug. 17 /PRNewswire/ -- Everest & Jennings International Ltd. (AMEX: EJ.A; EJ.B) today reported results for the second quarter and six months ended June 30, 1993.
 In the second quarter ended June 30, 1993, on revenues of $23.5 million, the company incurred a loss of $7.8 million, or 86 cents per share, versus a loss of $0.6 million, or 7 cents per share, on revenues of $30.5 million in the second quarter of 1992. In the six months ended June 30, 1993, on revenues of $48.3 million, the company incurred a loss of $10.8 million, or $1.18 per share, versus a loss of $2.7 million, or 30 cents per share, on revenues of $60.2 million in the first six months of 1992.
 Commenting on the results, Robert G. Sutherland, chairman of the board and acting chief executive officer, stated that, as expected, the second quarter proved to be very difficult for the company and this is reflected in the results of operations. As previously reported, the relocation of the company's domestic wheelchair operations from California to St. Louis and the inadequacies of the computerized inventory system led to extended production lead times and lost sales in the first six months of 1993.
 The related shipment delays, ensuing order cancellations and a depressed incoming order rate that negatively impacted results for the first six months are being resolved. The order rate and cancellations have substantially improved in the second quarter 1993 over the first quarter 1993 and the fourth quarter 1992 as dealer confidence is gradually being restored. The order backlog now stands at more historically normal levels. Several marketing initiatives have been introduced and an agreement has been reached with a major buying group which is expected to result in a large volume of sales.
 Sales of Smith & Davis homecare beds in the second quarter and first six months of 1993 are comparable to the prior year. However, institutional bed sales are down primarily as a result of uncertainty in the institutional durable medical equipment market related to the potential impact of healthcare reform programs to be proposed by the Clinton Administration.
 The company is in discussions with BIL (Far East Holdings) Ltd. with respect to the conversion of a substantial amount of debt to equity. The contemplated restructuring of the debt will improve the company's balance sheet, restore stockholders' equity and position the company for future growth.
 Everest & Jennings International is engaged in the design and manufacture of wheelchairs, homecare beds, hospital and nursing home beds and furniture, oxygen concentrators and other durable medical equipment.
 EVEREST & JENNINGS INTERNATIONAL LTD.
 Consolidated Results of Operations
 Three Months Ended June 30, 1993 and 1992
 1993 1992
 (Unaudited)
 Revenues $23,524,000 $30,492,000
 Cost of sales 18,631,000 21,203,000
 Gross profit 4,893,000 9,289,000
 Selling expenses 6,525,000 6,968,000
 General and administrative
 expenses 4,335,000 2,704,000
 Total operating expenses 10,860,000 9,672,000
 Loss from operations (5,967,000) (383,000)
 Interest expense 1,770,000 923,000
 Loss before income taxes (7,737,000) (1,306,000)
 Income tax provisions (benefits) 100,000 (667,000)
 Net loss $(7,837,000) $(639,000)
 Loss per share $(.86) $(.07)
 Weighted average number of shares 9,146,000 9,146,000
 Consolidated Results of Operations
 Six Months Ended June 30, 1993 and 1992
 1993 1992
 (Unaudited)
 Revenues $48,276,000 $60,205,000
 Cost of sales 36,080,000 42,571,000
 Gross profit 12,196,000 17,634,000
 Selling expenses 12,037,000 13,692,000
 General and administrative
 expenses 7,437,000 5,427,000
 Total operating expenses 19,474,000 19,119,000
 Loss from operations (7,278,000) (1,485,000)
 Interest expense 3,345,000 1,841,000
 Loss before income taxes $(10,623,000) $(3,326,000)
 Income tax provisions (benefits) 191,000 (610,000)
 Net loss $(10,814,000) $(2,716,000)
 Loss per share $(1.18) $(.30)
 Weighted average number of shares 9,146,000 9,146,000
 -0- 8/17/93
 /CONTACT: Ralph Wolf of Everest & Jennings, 314-995-7000/
 (EJ)


CO: Everest & Jennings International Ltd. ST: Missouri IN: HEA SU: ERN

MC -- DV002 -- 3526 08/17/93 12:01 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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