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GOODY PRODUCTS ELECTS FIVE DIRECTORS AT ANNUAL MEETING

 KEARNEY, N.J., May 19 /PRNewswire/ -- Following its annual meeting of stockholders today, Goody Products, Inc., announced the re-election of four directors and the election of one new director to its board.
 The four directors who were re-elected are: Ronald B. Gordon, Goody Products' president and chief operating officer; James C. Tappan, president of Tappan Capital Partners; Carol R. Goldberg, president of the AVCAR Group, Ltd.; and Henry Nicholas Goodman, partner in the law firm of Quirk and Bakalor.
 Also elected to the board was Kevin E. Walsh, 49, Goody's executive vice president - finance and international operations.
 In other business, Goody's board declared a regular quarterly dividend of $0.05 per share, payable June 21, 1993 to shareholders of record on June 4, 1993.
 In remarks to shareholders, Leonard Goodman, chairman and chief executive officer of Goody, said, "While we face the most difficult environment in decades, our strengths provide us with the means of prospering when times get tough. In 1992, we earned $0.62 per share compared to $0.23 per share in 1991 before 1992's provision for restructuring and FASB charges."
 Mr. Goodman attributed the company's improved financial performance in a difficult business environment to the company's restructuring and cost saving initiatives which are only beginning to come on-line.
 Goody's board also ratified its appointment of KPMG Peat Marwick as the company's independent auditors for the year 1993.
 Separately, Mr. Goodman announced the promotion of corporate controller, Jim Kelly, 50, to the position of company treasurer. In making the announcement, Mr. Goodman said, "Jim Kelly has been a very valuable member of our management for several years and we welcome his expanded role within the company."
 Goody Products, Inc. designs, manufactures and markets a wide variety of hair accessories. Goody owns and operates three additional consumer products subsidiaries and divisions: Opti-Ray, a designer and marketer of high quality fashion sunglasses and reading glasses; Ace Comb, a manufacturer of premium quality hard rubber combs; and Pretty Neat Products, a producer of cosmetic organizers and travel accessories.
 -0- 5/19/93
 /CONTACT: Irv Gozonsky of Goody Products, Inc., 201-997-3000, or Thomas M. Daly Jr., or Josh Pekarsky of Kekst and Company, 212-593-2655, for Goody Products/
 (GOOD)


CO: Goody Products, Inc. ST: New Jersey IN: HOU SU: PER

TM-OS -- NY087 -- 0462 05/19/93 16:36 EDT
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Publication:PR Newswire
Date:May 19, 1993
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