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LIFETIME PRODUCTS, INC. MAKES ANNOUNCEMENT

 DALLAS, June 9 /PRNewswire/ -- Lifetime Products, Inc. (AMEX: LPI) announced today that on June 3, 1993 it disposed of Lifetime Automotive Products, Inc. and Lifetime Cosmetics, Inc. The stock in the two subsidiaries was exchanged for the release of Lifetime Products, Inc. from guarantees of the subsidiaries' secured debt and various other guaranteed obligations, future contingent royalties and cash. The disposed of subsidiaries accounted for approximately $19 million of Lifetime Products' 1992 loss of $22,239,122.
 The remaining operating subsidiary, Lifetime Direct, Inc., continues to experience growth, and was profitable in the first quarter of 1993. Lifetime Direct, Inc. accounted for approximately 60 percent of Lifetime Products' consolidated sales in 1992. The transaction will result in a one time, non-cash gain on disposal of discontinued operations of approximately $13,000,000 before tax, and will reduce the company's debt by approximately $17 million dollars.
 Lifetime Products, Inc. is a Dallas, Texas based direct marketer of consumer products.
 -0- 6/9/93
 /CONTACT: Don Rutledge, vice president and chief financial officer of Lifetime Products, Inc., 214-980-2886/
 (LPI)


CO: Lifetime Products, Inc. ST: Texas IN: SU:

TM -- NY074 -- 0353 06/09/93 18:05 EST
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Publication:PR Newswire
Date:Jun 9, 1993
Words:194
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