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FLEER REPORTS FULL-YEAR AND FOURTH-QUARTER 1991 RESULTS

 FLEER REPORTS FULL-YEAR AND FOURTH-QUARTER 1991 RESULTS
 PHILADELPHIA, Feb. 18 /PRNewswire/ -- Fleer Corp. (NASDAQ: FLER)


today reported sales and earnings for 1991 and the fourth quarter ended Dec. 31, 1991.
 For the year ended Dec. 31, 1991, net sales increased approximately 12 percent to $161,641,000 from $144,332,000 in 1990. Net income for the year was $23,395,000 as compared to $21,563,000 in 1990.
 Earnings per share were $2.47 on 9,456,103 weighted average shares outstanding versus $2.53 per share on weighted average shares outstanding of 8,524,524 for the same period in 1990. Cash and cash equivalents, and marketable securities were $21,388,000 at Dec. 31, 1991.
 Sales for the fourth quarter ended Dec. 31, 1991, increased 14 percent to $28,940,000 from $25,366,000 for the same period in 1990. Net income was $952,000 or $.10 per share as compared to $2,516,000 or $.27 per share in 1990. In the fourth quarter, as a result of shifting consumer interest to higher-priced premium cards, the company experienced higher than expected returns of its basic wax pack product. Returns also were affected in the fourth quarter by retailers' year-end reactions to poor economic conditions and increased competition from a variety of card products for shelf space that existed throughout most of 1991. Paul Mullan, chairman, commented, "as announced at the end of the third quarter, the company has responded to changing market conditions by repositioning its 1992 product line toward the higher quality premium-priced market. It also is limiting the number of cards made available to certain distribution channels."
 Fleer Corp., with operations in North America and Europe, is a leading marketer of sports picture cards (baseball, football and basketball) and confectionery products, including Dubble Bubble gum products.
 FLEER CORP. AND SUBSIDIARIES
 Consolidated Statements of Income
 Operations Data
 12 months ended Dec. 31 1991 1990
 Net sales $161,641,000 $144,332,000
 Cost of sales 97,845,000 79,576,000
 Gross profit 63,796,000 64,756,000
 Selling, general and administrative
 expenses 25,259,000 24,495,000
 Royalties and other income net (461,000) (303,000)
 Net-recurring and other expenses
 Interest income (1,071,000) (120,000)
 Interest expense 113,000 3,269,000
 Equity in net (income) of foreign
 affiliates (107,000) (65,000)
 Income bef. prov. for income taxes 40,063,000 37,480,000
 Provision for income taxes 16,668,000 15,917,000
 Net income 23,395,000 21,563,000
 Earnings per share $2.47 $2.53
 Weighted average shares outstanding 9,456,103 8,524,424
 Three months ended Dec. 31 1991 1990
 Net sales $28,940,000 $25,366,000
 Cost of sales 23,023,000 15,791,000
 Gross profit 5,917,000 9,575,000
 Selling, general and administrative
 expenses 4,680,000 4,554,000
 Royalties and other income net (47,000) (3,000)
 Interest income (278,000) (119,000)
 Interest expense 6,000 483,000
 Equity in net loss of foreign
 affiliates 84,000 77,000
 Income bef. prov. for income taxes 1,472,000 4,583,000
 Provision for income taxes 520,000 2,607,000
 Net income 952,000 2,516,000
 Earnings per share $.10 $.27
 Weighted average shares outstanding 9,456,103 9,456,103
 -0- 2/18/92
 /CONTACT: Matthew J. Harrington of Edelman Worldwide, 212-704-8103, for Fleer/
 (FLER) CO: Fleer Corp. ST: Pennsylvania IN: HOU SU: ERN


SM-KD -- NY102 -- 0128 02/18/92 16:40 EST
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Date:Feb 18, 1992
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