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GALOOB REPORTS FIRST QUARTER RESULTS

 SOUTH SAN FRANCISCO, April 28 /PRNewswire/ -- As expected, Lewis Galoob Toys, Inc. (NYSE: GAL, GALPR), today reported an increased loss on lower sales for the first quarter 1993 compared to the first quarter of last year. The company announced a first quarter 1993 net loss applicable to common shares of $2,221,000 compared to $1,564,000 in the first quarter of 1992. Net loss per common share was $0.23 for the first quarter of 1993 versus $0.17 in the first quarter of 1992.
 Net sales for the first quarter were $27,341,000, 35 percent below the prior year period net sales of $41,786,000. The lower sales volume was due primarily to two reasons. First, sales of the company's Game Genie(TM) video game enhancer were $9.2 million compared to $14.8 million in the first quarter of 1992. Second, the company noted a trend among several major U.S. retailers of placing orders and scheduling shipments later in the year than in prior years. All of the company's increased net loss and the resultant net loss per common share were directly attributable to lower sales volume, offset in part by improved gross margins.
 Stated Mark Goldman, president and chief executive officer, "We do not believe that the first quarter outcome is necessarily indicative of full year 1993 results. Domestic retail sales to consumers of the Game Genie product line and our core brand Micro Machines(R) miniature vehicles are running well ahead of last year. Our most important 1993 new product introduction, Z-Bots(TM), has been successful with consumers beyond our expectations. We believe that these successes with consumers will naturally convert into an improvement in the rate of sales to retailers, particularly in the second half of the year."
 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 (Unaudited)
 (In thousands, except per share amounts)
 Three months ended March 31 1993 1992 1991
 Net revenues $27,341 $41,786 $27,348
 Costs of product sold and
 operating expenses 28,346 40,602 29,719
 Earnings (loss) from operations (1,005) 1,184 (2,371)
 Expenses related to the resignations
 of former officers -- (1,662) --
 Interest and other income (expense) (434) (304) 21
 Earnings (loss) before income taxes (1,439) (782) (2,350)
 Provision for income taxes -- -- --
 Net earnings (loss) (1,439) (782) (2,350)
 Preferred stock dividends declared -- 782 782
 Net earnings (loss) after dividends
 declared (1,439) (1,564) (3,132)
 Preferred stock dividends in arrears 782 -- --
 Net earnings (loss) applicable
 to common shares $(2,221) $(1,564) $(3,132)
 Net earnings (loss) per common share $(0.23) $(0.17) $(0.34)
 Common shares outstanding average 9,546 9,376 9,317
 -0- 4/28/93
 /CONTACT: Mark Shepherd of Galoob, 415-952-1678, ext. 2225; or Simon Halls or Paul Baker of Baker/Winokur/Ryder, 310-278-1460, for Galoob/
 (GAL)


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

GK-OS -- NY010 -- 1836 04/28/93 09:25 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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