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K-TEL ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED MARCH 31, 1993

 MINNEAPOLIS, May 10 /PRNewswire/ -- K-tel International, Inc. reported for the nine months ended March 31, 1993, consolidated net sales of $43,119,000 with operating income of $2,795,000 and net income of $1,849,000 or $.49 per share. Consolidated net sales for the same period last year were $35,087,000 with operating income of $1,943,000 and net income of $1,219,000 or $.34 per share.
 Consolidated net sales increased $8,032,000 or 23 percent for the nine months ended March 31, 1993 and $403,000 or 3 percent for the third quarter. Net income increased $630,000 or 52 percent for the nine months ended March 31, 1993 and $281,000 or 32 percent for the third quarter. Sales and profit increases resulted primarily from increased sales of consumer convenience goods in Europe coupled with improved sales of music product in the United States with minimal advertising costs.
 Net income for the nine month period was affected by $291,000 of exchange loss due mainly to the weakening and devaluation of the British Pound Sterling and the Spanish Peseta against the U.S. dollar in the first and second quarters.
 The Company also reported it has settled all claims made against it by the receiver for K-tel International GmbH (a subsidiary of the Company which entered receivership in 1986) by paying $75,000 and releasing the Company's claim to funds of K-tel GmbH held in escrow by the District Court in Alberta, Canada. The receiver had asserted claims against the Company for approximately $3.1 million plus interest from 1985.
 Operating results for the nine months ended March 31, 1993 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 Nine Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $14,843 $14,440 $43,119 $35,087
 Operating income 1,480 1,149 2,795 1,943
 Income before income taxes 1,524 1,162 2,466 2,028
 Provision for income taxes (376) (295) (617) (809)
 Net income $1,148 $867 $1,849 $1,219
 Income per share of
 common stock $.31 $.24 $.49 $.34
 Weighted average
 shares outstanding 3,763 3,600 3,763 3,600
 -0- 5/10/93
 /CONTACT: Mark Dixon, vice president-finance for K-tel, 612-559-6820/


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

AL -- MN006 -- 6541 05/10/93 14:06 EDT
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Publication:PR Newswire
Date:May 10, 1993
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