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K-TEL ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED DEC. 31, 1992

 MINNEAPOLIS, Feb. 18 /PRNewswire/ -- K-tel International, Inc. reported for the six months ended Dec. 31, 1992, consolidated net sales of $28,276,000 with operating income of $1,315,000 and net income of $701,000 or $.19 per share. Consolidated net sales for the same period last year were $20,647,000 with operating income of $794,000 and net income of $352,000 or $.10 per share.
 Consolidated net sales increased $7,629,000 or 37 percent for the six months ended Dec. 31, 1992, and $2,370,000 or 17 percent for the second quarter. Net income increased $349,000 or 99 percent for the six months ended Dec. 31 1992, and $321,000 or 114 percent for the second quarter. Sales and profit increases were primarily a result of increased sales of consumer convenience goods in Europe coupled with improved sales of music product in the United States.
 Net income for the six months was affected by $361,000 of foreign exchange losses due mainly to the weakening and devaluation of the British Pound Sterling and the Spanish Peseta against the U.S. dollar. Foreign exchange losses were insignificant for the prior year comparable period.
 Operating results for the first half of the fiscal year are not necessarily indicative of the results that may be expected for the year as a whole.
 K-TEL INTERNATIONAL, INC.
 SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
 (Unaudited, in thousands except per share data)
 Three Months Ended Six Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $16,018 $13,648 $28,276 $20,647
 Operating income 971 214 1,315 794
 Income before income taxes 789 631 942 866
 Provision for income taxes (186) (349) (241) (514)
 Net income $603 $282 $701 $352
 Income per share of
 common stock $.16 $.08 $.19 $.10
 Weighted average shares
 outstanding 3,763 3,600 3,763 3,600
 -0- 2/18/93
 /CONTACT: Mark Dixon, CFO of K-tel International, 612-559-6820/


CO: K-tel International, Inc. ST: Minnesota IN: REA, ENT SU: ERN

DS -- MN010 -- 7959 02/18/93 14:01 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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