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GALOOB TOYS REPORTS THIRD QUARTER RESULTS

 SOUTH SAN FRANCISCO, Calif., Oct. 21 /PRNewswire/ -- As expected, Lewis Galoob Toys Inc. (NYSE: GAL, GALPR) today reported a third quarter loss. Net revenues were $37,692,000, a 22 percent decline from third quarter 1992 net revenues of $48,324,000. The third quarter net loss applicable to common shares was $1,170,000, or $.12 per common share, compared to a net profit applicable to common shares of $747,000, or $.08 per common share, for the same period in 1992.
 Domestic net revenues were $21,856,000, compared to $27,688,000 in the third quarter of 1992. International net revenues were $15,836,000, compared to $20,636,000 in 1992.
 Worldwide third quarter sales of the company's core brands -- Micro Machines(R) and Z-Bots(TM) miniature vehicles, robots and accessories -- rose 58 percent over 1992. A 73 percent third quarter decline in sales of the Game Genie(TM) video game enhancer line more than offset this increase.
 For the nine-month period ended Sept. 30, 1993, the net loss applicable to common shares was $7,663,000, or $.80 per common share, compared to $5,759,000, or $.61 per common share, for the first nine months of 1992. Net revenues for the period declined by almost 23 percent to $91,802,000, from $118,904,000 for the first nine months of 1992.
 "As noted before, results year to date and the potential for the year have been adversely affected by the continued environment of deferred orders and heightened inventory controls by retailers," stated Mark Goldman, president and chief executive officer. "Despite this environment, we are experiencing substantial growth of Micro Machines. Soon-to-be-shipped additions to Micro Machines featuring `Star Trek(R),' `Star Trek(R) The Next Generation(TM),' `Star Trek(R) Deep Space 9(TM)' and `Star Wars(R)' vehicles and playsets, will provide additional momentum to the line. Later in the fourth quarter, shipment will begin of our `Biker Mice From Mars(TM)' toy line based on the popular new TV animated action series."
 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
 (Unaudited)
 (In thousands, except per share amounts)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net revenues $37,692 $48,324 $91,802 $118,904
 Costs of product sold
 and operating expenses 37,614 46,069 96,031 118,949
 Earnings (loss)
 from operations 78 2,255 (4,229) (45)
 Expenses related to the
 resignations of former
 officers --- --- --- (2,152)
 Interest and other
 income (expense) (467) (527) (1,089) (1,017)
 Earnings (loss)
 before income taxes (389) 1,728 (5,318) (3,214)
 Provision for income
 taxes --- 200 --- 200
 Net earnings (loss) (389) 1,528 (5,318) (3,414)
 Preferred stock dividends
 paid --- --- --- 782
 Net earnings (loss) after
 dividends paid (389) 1,528 (5,318) (4,196)
 Preferred stock dividends
 in arrears 781 781 2,345 1,563
 Net earnings (loss)
 applicable to common
 shares ($1,170) $747 ($7,663) ($5,759)
 Net earnings (loss) per
 common share ($0.12) $0.08 ($0.80) ($0.61)
 Common shares
 outstanding - average 9,547 9,390 9,546 9,384
 -0- 10/21/93
 /CONTACT: Simon Halls of Baker/Winokur/Ryder, 310-277-6200/
 (GAL GALPR)


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

NY-JL -- LA027 -- 5444 10/21/93 16:45 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
Words:594
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