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JOHNSON PRODUCTS REPORTS THIRD QUARTER EARNINGS

 JOHNSON PRODUCTS REPORTS THIRD QUARTER EARNINGS
 CHICAGO, June 25 /PRNewswire/ -- Johnson Products Co., Inc.


(AMEX: JPC) today reported increased earnings for the third quarter ended May 31, 1992.
 Third quarter 1992 net sales were $11,265,000, down less than 1 percent from the corresponding quarter last year's sales of $11,375,000. Net income was $1,731,000 or $1.45 per share, up 69 percent versus net income of $1,027,000 or 86 cents per share for the fiscal 1991 third quarter.
 Net sales for the nine months ended May 31, 1992, were $29,172,000, up 5 percent from $27,673,000 reported in the first nine months of fiscal 1991. Net income for the nine months ended May 31, 1992, was up 24 percent to $2,708,000 or $2.26 per share, including the utilization of a tax loss carryforward credit of $936,000. For the first nine months last fiscal year, net income was $2,184,000 or $1.83 per share, including the utilization of a tax loss carryforward credit of $668,000.
 During the third quarter ended May 31, 1992, the company paid the outstanding debt under its revolving line of credit and began to finance its operations through internally generated funds.
 Joan B. Johnson, chairman of the board and chief executive officer, stated, "After taking into account the utilization of our tax loss carryforward credit, the third quarter net income of $1.73 million represents the best third quarter in the 38-year history of Johnson Products. Despite the improved results, several key brands continued to decline. We recognize this problem and have taken initial steps to reverse this trend through aggressive and creative marketing efforts."
 Johnson Products manufactures and markets personal care products for retail and professional markets in the U.S. and overseas, under such leading brand names as Gentle-Treatment, Ultra Sheen, Sta-Sof-Fro, Sof N' Free and Classy Curl.
 JOHNSON PRODUCTS CO., INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Income
 (dollars in thousands, except per share data)
 Periods Three Months Nine Months
 ended: 5-31-92 5-31-91 5-31-92 5-31-91
 NET SALES $ 11,265 $11,375 $29,172 $27,673
 COSTS AND EXPENSES:
 Cost of sales 4,562 5,387 12,775 12,947
 Selling, Gen. & Adminis-
 trative expense 4,694 4,733 12,635 11,818
 Non-recurring operating
 expenses -- -- 480 --
 TOTAL COSTS AND EXPENSES 9,256 10,120 25,890 24,765
 Income from operations 2,009 1,255 3,282 2,908
 OTHER INCOME (EXPENSE):
 Interest expense, net (59) (187) (273) (649)
 Income before income taxes
 and extraordinary item 1,950 1,068 3,009 3,259
 Income taxes 802 351 1,237 743
 Income before
 extraordinary item 1,148 717 1,772 1,516
 Extraordinary item:
 Utilization of tax loss
 carryforward 583 310 936 668
 NET INCOME $1,731 $1,027 $2,708 $2,184
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE:
 Income before Extraord. item 0.96 0.60 1.48 1.27
 Extraordinary item 0.49 0.26 0.78 0.56
 Net income per common and
 common equivalent share 1.45 0.86 2.26 1.83
 Average number of common and
 common equivalent shares
 outstanding 1,198 1,196 1,198 1,196
 -0- 6/25/92
 /CONTACT: Thomas Polke of Johnson Products, 312-483-4100/
 (JPC) CO: Johnson Products Co. Inc. ST: Illinois IN: HOU SU: ERN


TQ -- NY063 -- 3901 06/25/92 15:29 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jun 25, 1992
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