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HARLYN PRODUCTS ANNOUNCES 40 PERCENT INCREASE IN NET INCOME ON INCREASE IN NET SALES OF $3,113,000 FOR ITS FISCAL YEAR ENDED JUNE 30, 1993

 LOS ANGELES, Sept. 28 /PRNewswire/ -- Harlyn Products Inc. (AMEX: HRN), the largest special order jewelry manufacturer in the United States, today announced a 40 percent increase in net income from $1,111,000 or $.25 per share for the fiscal year ended June 30, 1992, to $1,560,000 or $.35 per share for the fiscal year ended June 30, 1993. This is the sixth consecutive year that Harlyn has exceeded $1,000,000 in net income. Net sales increased 11 percent during the same period from $27,534,000 to $30,647,000.
 "Excluding the effect of a $409,000 gain on the sale of land during fiscal year 1992, net income increased by 122 percent to $1,560,000 for fiscal year 1993; domestic profitability in particular improved dramatically. Cash flow from operations increased 68 percent to $2,584,000 in fiscal 1993 from $1,541,000 in fiscal 1992 and allowed us to reduce our bank debt by $2,037,000."
 Harold Weisbrod, chairman of the board, commented: "Our international markets continue to expand as we diversify out of the U.S. economy to build a strong, globally focused company. Net sales of our Thailand subsidiary to unaffiliated customers increased by 61 percent to $10,970,000 in fiscal year 1993 from $6,834,000 in fiscal year 1992. We anticipate that the completion of our new Thai facility will enable us to further improve our international position and increase earnings and cash flow due to the grant of a three-year foreign `tax holiday.' In addition, we are pleased to see improvement in the outlook for domestic conditions."
 HARLYN PRODUCTS INC.
 Operating Results
 Fiscal Year Ended June 30,
 1993 1992
 Net sales $30,647,000 $27,534,000
 Income from operations $3,196,000 $1,983,000
 Income before taxes $2,235,000 $1,588,000(a)
 Net income $1,560,000 $1,111,000(a)
 Earnings per share $0.35 $0.25(a)
 Average shares outstanding 4,547,000 4,522,000
 (a) Includes pre-tax income of $682,000 ($.15 per share) or net income of $409,000 ($.09 per share) derived from a gain on the sale of land in the fiscal year ended June 30, 1992.
 -0- 9/28/93
 /CONTACT: Edward Dudziak, president, or Randall Monson, VP-finance, 213-746-0745 (corporate); or Alan Stone & Co., 310-282-8686 (investor relations)/
 (HRN)


CO: Harlyn Products Inc. ST: California IN: SU: ERN

MF-LS -- LA008 -- 6322 09/28/93 11:03 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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