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JACLYN INC. REPORTS RESULTS

 WEST NEW YORK, N.J., Sept. 21 /PRNewswire/ -- Jaclyn, Inc. (AMEX: JLN) today reported results of operations for the year ended June 30, 1993.
 Revenues for the year were $63,974,000 compared to $65,908,000 for fiscal 1992. For the year ended June 30, 1993 the company is reporting a net loss of $379,000 equal to $.14 per share. Included in the loss is a pretax charge of $2,000,000 for a product recall and net of the cumulative effect of a change in the method of accounting for income taxes of $750,000. In the fiscal year ended June 30, 1992 the company earned $1,383,000 equal to $.52 per share.
 Mr. Allan Ginsburg, chairman of the board of Jaclyn, stated that the loss for fiscal 1993 was due primarily to the voluntary recall of the Barney(R) product line regarding a problem with certain of its components. The problem has since been addressed and we are now shipping a large backlog of Barney orders. Jaclyn's financial strength has enabled us to weather this turbulent period and we feel that we are well positioned to move forward in sales and earnings.
 Jaclyn, Inc. is a designed, manufacturer and marketed of ladies' handbags and related products.
 JACLYN, INC.
 Consolidated Statement of Earnings
 For fiscal year ended June 30, 1993 1992
 Revenues $63,974,000 $65,908,000
 (Loss)/Earnings before
 income taxes (1,915,000)(A) 1,819,000
 Income taxes (benefit)/expense (786,000) 436,000
 Cumulative effect of change in
 accounting for income taxes (750,000) --
 Net (loss)/earnings ($379,000) $1,383,000
 Net (loss)/earnings per
 common share ($.14) $.52
 (A) Includes a pretax charge of $2,000,000 for a product recall.
 -0- 9/21/93
 /CONTACT: Murray Richman, secretary/treasurer of Jaclyn, 201-868-9400/


CO: Jaclyn, Inc. ST: New Jersey IN: REA SU:

SH-SM -- NY036 -- 4153 09/21/93 12:09 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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