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JOHNSON PRODUCTS REPORTS ANNUAL EARNINGS REACH 15-YEAR HIGH, DECLARES QUARTERLY DIVIDEND

 JOHNSON PRODUCTS REPORTS ANNUAL EARNINGS REACH 15-YEAR HIGH,
 DECLARES QUARTERLY DIVIDEND
 CHICAGO, Oct. 30 /PRNewswire/ -- Johnson Products Co., Inc. (AMEX: JPC) today announced higher sales and improved results for the year ended Aug. 31, 1992.
 Sales for the fiscal year were $41,980,000, up 9 percent from fiscal 1991 sales of $38,406,000. Fiscal 1992 net income was $5,380,000, or $4.49 per share compared to $3,188,000, or $2.67 per share for fiscal 1991. Income from operations increased 48 percent to $6,037,000 for fiscal 1992, from $4,074,000 for fiscal 1991.
 Fourth quarter 1992 net sales were $12,808,000, up 19 percent from the corresponding quarter last year's sales of $10,733,000, versus net income of $1,004,000 or 84 cents per share for the fiscal 1991 fourth quarter. Income from operations increased 136 percent to $2,755,000 for the fourth quarter 1992 compared to $1,166,000 for the corresponding quarter last year.
 Annual net income includes the utilization of a tax loss carryforward credit of $1,953,000 and $1,294,000 for fiscal 1992 and 1991, respectively. During fiscal 1992, the federal tax loss carryforward credit has been fully utilized. Lesser amounts of state and other credit carryovers exist.
 Net income for the fourth quarter 1992 includes the utilization of a tax loss carryforward credit of $1,017,000. Net income for the corresponding quarter in fiscal 1991 includes the utilization of a tax loss carryforward credit of $626,000.
 Joan B. Johnson, chairman of the board and chief executive officer, said, "Income from operations more than doubled while gross margins continued to improve for the quarter ended Aug. 31, 1992. Most sources indicate that sales in our industry were down slightly from the previous year. I am happy to report an annual sales increase of 9 percent despite the overall lackluster performance of the ethnic hair care market."
 The company further announced today that the board of directors has declared a $.07 per share cash dividend, payable to stockholders of record as of the close of business on Nov. 9, 1992. The payment date will be on or about Nov. 23, 1992.
 Johnson Products manufactures and markets personal care products for retail and professional markets domestically and internationally, under such leading brand names as Gentle-Treatment, Ultra Sheen, Sta-Sof-Fro, Sof N' Free and Classy Curl.
 Johnson Products is a publicly traded company listed on the American Stock Exchange under the trading symbol "JPC."
 JOHNSON PRODUCTS CO. INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Income
 (in thousands, except per share data)
 Period ended Three months
 Aug. 31, 1992 1991
 NET SALES $ 12,808 $10,733
 COSTS AND EXPENSES:
 Cost of sales 5,173 5,220
 Selling, general and
 administrative expenses 4,880 4,347
 TOTAL COSTS AND EXPENSES 10,053 9,567
 Income from operations 2,755 1,166
 OTHER INCOME (EXPENSE):
 Interest expense, net (31) (161)
 Other income -- --
 Income before income taxes and
 extraordinary item 2,724 1,005
 Income taxes 1,069 627
 Income before extraordinary
 item 1,655 378
 Extraordinary item:
 Utilization of tax loss
 carryforward 1,017 626
 NET INCOME $2,672 $1,004
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE:
 Income before extraord. item 1.38 0.32
 Extraordinary item 0.85 0.52
 Net income per common and
 common equivalent share 2.23 0.84
 Average number of common and
 common equivalent shares
 outstanding 1,198 1,196
 Period ended Twelve months
 Aug. 31, 1992 1991
 NET SALES $41,980 $38,406
 COSTS AND EXPENSES:
 Cost of sales 17,948 18,167
 Selling, general and
 administrative expenses 17,515 16,165
 Non-recurring operating
 expenses 480 --
 TOTAL COSTS AND EXPENSES 35,943 34,332
 Income from operations 6,037 4,074
 OTHER INCOME (EXPENSE):
 Interest expense, net (304) (810)
 Income before income taxes
 and extraordinary item 5,733 3,264
 Income taxes 2,306 1,370
 Income before
 extraordinary item 3,427 1,894
 Extraordinary item:
 Utilization of tax loss
 carryforward 1,953 1,294
 NET INCOME $ 5,380 $ 3,188
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE:
 Income before Extraord. item 2.86 1.59
 Extraordinary item 1.63 1.08
 Net income per common and
 common equivalent share 4.49 2.67
 Average number of common and
 common equivalent shares
 outstanding 1,198 1,196
 -0- 10/30/92
 /CONTACT: Thomas Polke, VP-Finance of Johnson Products, 312-483-4100/
 (JPC) CO: Johnson Products Co., Inc. ST: Illinois IN: HOU SU: ERN


SH -- NY082 -- 7230 10/30/92 15:21 EST
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Date:Oct 30, 1992
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