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JOHNSON PRODUCTS REPORTS HIGHER SECOND QUARTER SALES AR?OFITS, DECLARES STOCK SPLIT AND QUARTERLY DIVIDEND

 CHICAGO, March 23 /PRNewswire/ -- Johnson Products Co., Inc. (AMEX: JPC) today announced higher sales and improved results for the second quarter ended Feb. 28, 1993.
 The company further announced today that the board of directors has declared a two-for-one stock split in the form of a 100 percent stock dividend on its common stock to shareholders of record as of the close of business on April 6, 1993. The issue date will be on or about April 20, 1993. Accordingly, all share and per share data presented have been restated for the effects of the split.
 The company also announced today that the board of directors declared a $.05 per share quarterly cash dividend, payable to stockholders of record as of the close of business on April 6, 1993. The payment date will be on or about April 20, 1993. The quarterly cash dividend as adjusted to reflect the effect of the stock split.
 Net sales for the second quarter of fiscal 1993 were $10,528,000, up 13 percent from second quarter fiscal 1992 sales of $9,288,000. Income before extraordinary item increased to $1,179,000 for the second quarter of fiscal 1993 versus $166,000 for the comparable quarter a year earlier. Second quarter 1993 net income was $1,221,000, or $.49 primary and fully diluted per share compared to $264,000, or $.11 primary and fully diluted per share for the same quarter in fiscal 1992. Included in second quarter 1992 net income is a non-recurring charge, which had an impact on net income of $.12 primary and fully diluted per share, relating to the severance expense associated with the previously reported resignation of the company's president.
 Net sales for the six months ended Feb. 28, 1993 were $19,370,000, up 8 percent from $17,907,000 reported in the first six months of fiscal 1992. Net income for the six months ended Feb. 28, 1993 was up 109 percent to $2,043,000 or $.82 primary and fully diluted per share. For the first six months last fiscal year, net income was $978,000 or $.41 primary and fully diluted per share.
 Net income for the six months ended Feb. 28, 1993 includes the utilization of a tax loss carryforward credit of $63,000. Net income for the corresponding period in fiscal 1992 includes the utilization of a tax loss carryforward credit of $354,000. During fiscal 1992, the federal tax loss carryforward credit had been fully utilized. Lesser amounts of state and other credit carryovers exist.
 Joan B. Johnson, chairman of the board and chief executive officer, said, "We anticipated higher sales for the quarter due to a major promotion in the second quarter this year. Looking ahead to the remainder of fiscal 1993, we will continue to shift our emphasis to advertising and building our brands; however, this is a long-term strategy which may not have an immediate sales impact. Our costs and expenses remain under strict control which also accounted for the favorable results."
 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)
 Three Months Ended Six Months Ended
 Feb. 28, Feb. 29, Feb. 28, Feb. 29,
 1993 1992 1993 1992
 Net sales $ 10,528 $ 9,288 $19,370 $17,907
 Costs and Expenses:
 Cost of sales 4,043 4,260 8,017 8,213
 Selling, general & adminis-
 trative expenses 4,512 4,183 8,026 7,941
 Non-recurring operating
 expenses 0 480 0 480
 Total costs & expenses 8,555 8,923 16,043 16,634
 Income from operations 1,973 365 3,327 1,273
 Other Income (Expense):
 Interest expense, net (8) (83) (22) (214)
 Income before income taxes
 and extraord. item 1,965 282 3,305 1,059
 Income taxes 786 116 1,325 435
 Income before extraordinary
 item 1,179 166 1,980 624
 Extraordinary Item:
 Utilization of tax loss
 carryforward 42 98 63 354
 Net income $1,221 $ 264 $2,043 $ 978
 Net Income per Common & Common
 Equivalent Share:
 Primary:
 Income before extraordinary
 item $0.48 $0.07 $0.80 $0.20
 Extraordinary item 0.01 0.04 0.02 0.15
 Net income $0.49 $0.11 $0.82 $0.41
 Fully Diluted:
 Income before extraordinary
 Item $0.48 $0.07 $0.80 $0.26
 Extraordinary Item 0.01 0.04 0.02 0.15
 Net Income $0.49 $0.11 $0.82 $0.41
 Average Number of Common and
 Common Equivalent Shares Outstanding:
 Primary 2,484 2,390 2,478 2,390
 Fully diluted 2,484 2,390 2,480 2,390
 -0- 03/23/93
 /CONTACT: Thomas Polke, VP-Finance of Johnson Products, 312-483-4100/
 (JPC)


CO: Johnson Products Co., Inc. ST: Illinois IN: HOU SU: ERN

AH -- NY050 -- 9261 03/23/93 12:45 EST
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Date:Mar 23, 1993
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