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EZCONY ANNOUNCES YEAR-END RESULTS, INVESTMENTS MADE IN DISTRIBUTION NETWORK

 MIAMI, Feb. 17 /PRNewswire/ -- Ezcony Interamerica, Inc. (NASDAQ: EZCOF) today announced net income of $1.0 million, or 28 cents per share on 3.57 million shares outstanding, for the year ended Dec. 31, 1992. This compares to 1991 year-end earnings of $2.6 million, 86 cents per share on 3 million shares outstanding.
 Sales decreased by 10.9 percent to $111.4 million from $125 million in 1991.
 For the fourth quarter ended Dec. 31, 1992, Ezcony lost $1.0 million or 22 cents per share on 4.5 million shares outstanding, compared to earnings of $400,000, or 15 cents per share on 3 million shares outstanding, for the quarter ended Dec. 31, 1991. Sales for the fourth quarter decreased by 38 percent to $23.1 million from $37.2 million for the three months ended Dec. 31, 1992.
 "We have been aggressively restructuring our distribution network and seeking the best possible financing arrangements," said Ezra Cohen, Ezcony's chief executive officer. "We expect these investments will provide the platform for sales growth for Ezcony in the future. Our market is the Latin American consumer, and as governments adopt free- market policies there will be an ever-increasing demand for consumer electronics by an emerging affluent population."
 Ezcony is a major independent distributor of consumer electronics in Latin America, handling such lines as Sony, Pioneer, AIWA and its own brand, ELTEC.
 The fourth quarter loss was the result of several factors that are believed to be non-recurring, including a major change in its Mexican distribution network and an unusual sales disruption in Venezuela. Also during the period interest charges were higher because of a temporary slowdown of accounts receivable collection and there was pressure on margins associated with the increased competition from other distributors in sales to Mexico. The company has made significant progress in its effort to reduce its dependence on the Sony product line, which accounted for 53 percent of sales in 1992 compared to 67 percent in 1991.
 Ezcony severed its relationships with Japan Electronics, its sole distributor to Mexico, and expanded its channels to include eight distributors for that country. Future sales in Mexico are expected to be principally on a prepaid basis, which in turn will reduce finance charges and allow Ezcony to increase its sales in Mexico.
 As part of its negotiations, the company had agreed to take back approximately $4.3 million worth of merchandise from Japan Electronics, and incurred higher transit and storage costs related to that action. By Dec. 31, 1992, all but approximately $700,000 of that merchandise has been sold.
 Political unrest in Venezuela also disrupted the shipment of $1.3 million worth of ELTEC equipment. Following an attempted coup in that country, Ezcony elected to accept the return of merchandise, which had already been invoiced, rather than risk a collection problem in the future. As of February 1993, that customer resumed purchasing ELTEC products and Ezcony does not anticipate any future disruptions in its sales to this customer.
 Also during the fourth quarter the company incurred higher interest charges to finance receivables. A limited number of customers delayed payments until January and February 1993 when exchange rates became more favorable to them.
 Ezcony has been increasing sales of the ELTEC product line to Mexico, and anticipates further acceptance by consumers in that market. As part of efforts to build its sales in Mexico, Ezcony made ELTEC product available at margins that were below normal, and also used incentive pricing to entice consumer acceptance of the product line.
 Ezcony management is pleased with general consumer acceptance of ELTEC products, which in 1992 accounted for 22 percent of total sales, or $24 million annually, up from 16 percent of total sales, or $20 million, in 1991. Ezcony enjoys higher margins from its proprietary ELTEC brand.
 "During the first half of this year, we believe that import restrictions in some countries will impact sales during the first half," Cohen said. "But we're confident that the continued adoption of open economies throughout the Latin American region will make comparisons in the second half of the current year favorable against 1992."
 The company also embarked on a cost reduction program that should lower operating costs by $700,000 during 1993, and favorable financing terms should further reduce costs.
 Since its public offering in August 1992, the company has obtained $9 million in new credit facilities and has sufficient financing in place to sustain sales at 1992 levels. The company also terminated its relationships with two banks because of unfavorable terms, reducing credit facilities by $2.5 million. With its new sales network in Mexico, which has diversified the company's credit exposures in that country, Ezcony expects that it will be able to obtain additional favorable credit lines.
 EZCONY INTERAMERICA, INC.
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Sales $ 23,058 $37,220 $111,374 $125,012
 Net Earnings
 (loss) $ (1,004) $ 437 $ 1,008 $ 2,579
 Earnings Per
 Share $ (.22) $ .15 $ .28 $ .86
 Average Number
 of Shares
 Outstanding 4,500 3,000 3,574 3,000
 ($000's omitted expect per share amounts)
 -0- 2/17/93
 /CONTACT: Candido Sosa Jr., chief financial officer of Ezcony Interamerica, 305-599-1352/
 (EZCOF)


CO: Ezcony Interamerica, Inc. ST: Florida IN: HOU SU: ERN

SS-JB -- FL006 -- 7421 02/17/93 14:39 EST
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Date:Feb 17, 1993
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