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GALOOB REPORTS FIRST PROFITABLE FOURTH QUARTER SINCE 1989

 SOUTH SAN FRANCISCO, Calif., Feb. 8 /PRNewswire/ -- Lewis Galoob Toys, Inc. (NYSE: GAL; GALPR) today reported a fourth quarter profit for 1992. Net income after dividends declared was $967,000 compared to a loss after dividends declared of $661,000 in the fourth quarter of 1991. Net earnings per common share were two cents for the fourth quarter of 1992 compared to a net loss per common share of seven cents in the prior year period.
 Net revenues for the fourth quarter rose by three percent to $47,376,000 compared to $45,817,000 in the fourth quarter of 1991. Fourth quarter 1992 sales were led by the Game Genie(TM) video game enhancer and Micro Machines(R), the company's core brand of collectible miniature vehicles. Micro Machines sales for the quarter increased by 53 percent to $12,177,000 from $7,979,000 in the fourth quarter of 1991. Game Genie sales for the fourth quarter increased by 13 percent from the prior year period to $25,635,000. In the fourth quarter, the company extended the Game Genie line by introducing Game Genies for the Nintendo Super NES(R) and Game Boy(TM) Systems.
 For the full year, Galoob reported sharply reduced losses. The net loss after dividends declared was $3,229,000 compared to $10,667,000 in 1991, representing a 70 percent improvement. The 1992 net loss per common share was reduced to 59 cents, representing 48 percent improvement from the $1.14 loss per common share recorded in 1991. Net revenues for all of 1992 increased by 10 percent to $166,280,000 from $150,636,000 in 1991.
 A spokesman for the company stated: "Fourth quarter results were consistent with our goal to improve performance through increased sales and cost controls and allowed us to end the year with two consecutive profitable quarters. Especially gratifying is the continuing resurgence of Micro Machines. Significant progress has been made at this mid-point of our two year strategic reorganization. Although there is still much to be accomplished, our goal remains to achieve consistent profitability by the end of 1993."
 The company also noted that performance in this past quarter may not be indicative of results in future quarters.
 Lewis Galoob Toys, Inc. designs, develops, markets and sells quality toy and video game products worldwide.
 LEWIS GALOOB TOYS, INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Operations
 (In thousands except per share amounts -- Unaudited)
 Periods ended Three Months Twelve Months
 Dec. 31 1992 1991 1992 1991
 Net revenues $47,376 $45,817 $166,280 $150,636
 Costs of product sold
 and operating expenses 46,048 44,328 164,997 153,614
 Earnings (loss)
 from operations 1,328 1,489 1,283 (2,978)
 Expenses related to the
 resignations of former
 officers -- (1,043) (2,152) (3,807)
 Interest and other
 income (expense) (323) (525) (1,340) (755)
 Earnings (loss) before
 income taxes 1,005 (79) (2,209) (7,540)
 Provision for income taxes 38 (200) 238 --
 Net earnings (loss) 967 121 (2,447) (7,540)
 Preferred stock dividends
 declared -- 782 782 3,127
 Net earnings (loss) after
 dividends declared 967 (661) ($3,229) ($10,667)
 Net earnings (loss) per
 common share (A) $0.02 ($0.07) ($0.59) ($1.14)
 Common shares outstanding
 -- average 9,460 9,347 9,400 9,325
 (A) Net earnings (loss) per common share calculation includes a provision for the preferred stock dividends in arrears of $782,000 for the three months ended Dec. 31, 1992 and $2,345,000 for the twelve months ended Dec. 31, 1992.
 -0- 2/8/93
 /CONTACT: Mark Shepherd, senior vice president-finance and chief financial officer of Lewis Galoob Toys, Inc., 415-952-1678, ext. 2225 or Barry M. Schwartz, president of Schwartz Public Relations Assoc., Inc., 212-677-8700 or 212-664-7613/
 (GAL)


CO: Lewis Galoob Toys, Inc. ST: California IN: SU: ERN

SM -- NY016 -- 3917 02/08/93 08:30 EST
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Date:Feb 8, 1993
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