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MICHAEL ANTHONY REPORTS THIRD QUARTER/NINE MONTHS RESULTS

 MICHAEL ANTHONY REPORTS THIRD QUARTER/NINE MONTHS RESULTS
 MOUNT VERNON, N.Y., May 14 /PRNewswire/ -- Michael Anthony Jewelers, Inc. (AMEX: MAJ), a leading manufacturer and marketer of 14-karat gold jewelry, today reported results for the third quarter and nine months ended March 31, 1992.
 The company had a third quarter net loss of $104,000 or two cents per share on net sales of $23,200,000 compared to net income of $249,000 or 4 cents per share on net sales of $22,383,000 for the same period last year.
 For the nine months, the net income was $1,324,000 or 20 cents per share on net sales of $90,667,000 versus net income of $3,216,000 or 54 cents per share on net sales of $94,831,000 for the initial nine months of fiscal 1991.
 "As anticipated, results continued to be impacted by generally weak economic conditions. We increased our advertising and promotional activities which did help raise sales for the period. However, the product mix was weighted toward the less expensive items," Michael Paolercio, president and chief executive officer, commented. "In addition, we maintained highly conservative credit policies, helping to minimize our exposure to retailers in financial difficulty, and we added to our bad debt reserve," he said.
 "Aggressive marketing has expanded our customer base, produced solid growth in licensed product sales and generated strong initial results for our family jewelry program, now being expanded nationally," Paolercio added. "We believe we are well positioned to benefit from any improvement in the economy and are optimistic that we will achieve significant gains in operating results in fiscal 1993," he concluded.
 MICHAEL ANTHONY JEWELERS, INC.
 Financial Highlights (Unaudited)
 Period ended Three months Nine months
 March 31 1992 1991 1992 1991
 Net sales $23,200,000 $22,383,000 $90,667,000 $94,831,000
 Income (loss) before
 income taxes (96,000) 418,000 2,270,000(A) 5,366,000
 Net income (loss) (104,000) 249,000 1,324,000 3,216,000
 Earnings (loss)
 per share ($.02) $.04 $.20 $.54
 Weighted average
 number of shares
 outstanding 6,554,000 6,288,000 6,554,000 6,005,000
 (A) Includes a one-time charge of $500,000.
 -0- 5/14/92
 /CONTACT: Allan Corn of Michael Anthony Jewelers, 914-699-0000 ext. 464/
 (MAJ) CO: Michael Anthony Jewelers, Inc. ST: New York IN: REA SU: ERN


TQ-OS -- NY034 -- 0142 05/14/92 10:54 EDT
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Publication:PR Newswire
Date:May 14, 1992
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