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KRELITZ INDUSTRIES, INC. REPORTS SALES AND EARNINGS AND DEFINITIVE BANK AGREEMENT

 KRELITZ INDUSTRIES, INC. REPORTS SALES AND EARNINGS
 AND DEFINITIVE BANK AGREEMENT
 MINNEAPOLIS, Sept. 1 /PRNewswire/ -- Krelitz Industries (NASDAQ: KRLZ) announced today that net sales for the fiscal year ended May 2, 1992 were $249,611,000, compared with $254,451,000 reported in fiscal 1991. Net loss for fiscal 1992 was $3,758,000, or $1.08 per share, compared to a loss of $1,703,000, or $.49 per share, for fiscal 1991.
 For the fourth quarter, sales were $62,693,000 compared to sales of $58,853,000 for the same period a year ago. Net loss was $2,748,000, or $.79 per share, in the fourth quarter of 1992 versus a loss of $2,338,000, or $.67 per share, in the fourth quarter of 1991.
 The fiscal 1992 net loss is primarily a result of increased selling, general and administrative expenses. These expenses include internal nonrecurring computer systems costs of approximately $1 million which had been incurred through fiscal 1992 that, based on an assessment by management, were determined not to have a continuing benefit to the company.
 On Aug. 19, 1992, the company signed a definitive two year renewal agreement for its bank line of credit. The company continues to have a $24,000,000 line of credit, which bears interest at prime plus 1.5 percent and is available through May 1995.
 Krelitz Industries, Inc. is a large independent drug wholesaler based in the Upper Midwest. The company also distributes general merchandise and develops and markets computerized pharmacy management and point of sale systems. The company's common stock is traded nationally over-the-counter under the NASDAQ symbol: KRLZ.
 KRELITZ INDUSTRIES, INC. SELECTED CONSOLIDATED FINANCIAL DATA
 (In thousands except share and per-share amounts)
 Fourth Quarter Ended Fiscal Year Ended
 5/2/92 4/27/91 5/2/92 4/27/91
 Net sales $62,693 $58,853 $249,611 $254,451
 Operating income (loss) $(2,035)(a) $(2,977) $(2,714) $(576)
 Income (loss) from
 continuing operations,
 net of taxes $(2,748) $(2,387) $(3,758) $(1,769)
 Net income (loss) $(2,748) $(2,338) $(3,758) $(1,703)
 Income (loss) per share
 of common stock:(b)
 Continuing operations $(.79) $(.69) $(1.08) $(.51)
 Discontinued operations - .01 - (.02)
 Net income (loss) $(.79) $(.67) $(1.08) $(.49)
 Weighted average number
 of shares outstanding(b) 3,473,481 3,473,481 3,473,481 3,473,481
 (a) Includes internal nonrecurring computer systems costs of approximately $990,400.
 (b) Weighted average number of shares outstanding and per share amounts have been restated to reflect a three-for-two stock split in November 1991.
 -0- 9/1/92
 /CONTACT: Barry M. Krelitz of Krelitz Industries, 612-339-7401/
 (KRLZ) CO: Krelitz Industries, Inc. ST: Minnesota IN: MTC SU: ERN


MA -- MN010 -- 5564 09/01/92 15:55 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
Words:466
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