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FIRST TEAM SPORTS, INC., ANNOUNCES FIRST QUARTER EARNINGS

 MINNEAPOLIS, June 16 /PRNewswire/ -- First Team Sports, Inc. (NASDAQ: FTSP), a manufacturer of in-line roller skates and accessories, today reported sales and earnings for the fiscal 1994 first quarter, ended May 31, 1993.
 Net sales were $8,660,337 for the first quarter, compared with $11,327,922 in the year-earlier period. Net income for the first quarter of fiscal 1994 was $542,324 or $.15 per share, versus $972,961 or $.27 per share in the previous year.
 The company announced in a release on May 3, 1993, that management expected first quarter sales and earnings to be lower than analyst projections due to a production delay in First Team's new USA manufactured line of skates. In addition, a colder than usual spring across the country affected earlier season retail sales.
 David Soderquist, president, stated, "Although we are disappointed that first quarter sales and earnings fell below expectations, we still expect to have another record year. Based on our current backlog of $4.6 million, and our portfolio of customers' projected orders for second and third quarters, we continue to feel confident we can end fiscal 1994 with record sales and earnings. In addition, preliminary indications are very favorable on the performance of our new Made in USA skate line and the new lines of Brett Hull and Katarina Witt ice skates."
 First Team Sports, Inc., manufactures and distributes high quality in-line roller skates and accessories under the trademarks Ultra- Wheels(R) and Skate Attack(R). The company's products are manufactured and assembled to its specifications in the United States and foreign countries. Ultra-Wheels skates are endorsed by company spokespersons Wayne Gretzky, Janet Jones Gretzky, Katarina Witt, Brett Hull, Kurt Browning and Team USA Hockey.
 FIRST TEAM SPORTS, INC.
 SUMMARY CONSOLIDATED FINANCIAL DATA
 (In thousands, except per share data)
 First Quarter Ended
 3/31/93 3/31/92
 Income statement data:
 Sales $8,660,337 $11,327,922
 Gross profit 2,749,624 3,562,522
 Selling, general and
 administrative expenses 1,823,491 1,854,090
 Operating income 926,133 1,708,432
 Interest expense (68,778) (130,569)
 Other income (expense) - net 1,689 12,956
 Income before income taxes 859,044 1,590,819
 Income taxes 316,720 617,858
 Net income $542,324 $972,961
 Net income per common share $.15 $.27
 Weighted average common shares 3,712,313 3,666,089
 3/31/93 2/28/93
 Balance sheet data:
 Assets:
 Receivables - net $9,546,387 $7,349,730
 Inventories 8,396,012 8,332,939
 Total current assets 19,156,546 16,579,009
 Total assets 23,067,818 20,323,893
 Liabilities and equity:
 Short-term debt $6,806,734 $4,628,820
 Total current liabilities 7,526,311 5,403,170
 Long-term debt 1,719,708 1,641,248
 Stockholders' equity 13,821,799 13,279,475
 -0- 6/16/93
 /CONTACT: Robert Lenius of First Team Sports, 612-780-4454/
 (FTSP)


CO: First Team Sports, Inc. ST: Minnesota IN: LEI SU: ERN

DS -- MN005 -- 2451 06/16/93 07:59 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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