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MOMENTUM DISTRIBUTION REPORTS FIRST-QUARTER EARNINGS

 MOMENTUM DISTRIBUTION REPORTS FIRST-QUARTER EARNINGS
 BELLEVUE, Wash., May 1 /PRNewswire/ -- Momentum Distribution Inc. (NASDAQ: MMDI) today reported income of $89,000 (8 cents per share) on sales of $46.5 million for the first quarter ended March 31, 1992. These results compare with a net loss of $464,000 (41-cent loss per share) on sales of $39.1 million for the same period last year.
 Richard E. Engebrecht, Momentum's chief executive officer, said, "We are very pleased with the company's steady progress in improving its financial performance -- progress which allowed Momentum to start the year with a profitable first quarter. Our continued emphasis on controlling operating costs plus increased sales volume account for the modest but favorable first-quarter results."
 Momentum Distribution Inc. distributes supplies and equipment to printers, furniture and bedding manufacturers and related businesses throughout the United States.
 MOMENTUM DISTRIBUTION INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited, dollars in thousands except per-share data)
 Three Months Ended March 31: 1992 1991
 Sales $ 46,450 $ 39,077
 Cost of sales 36,885 30,675
 Gross margin 9,565 8,402
 Operating expenses 9,215 9,022
 Income (loss) from operations 350 (620)
 Interest expense (218) (203)
 Other income - net 84 106
 Income (loss) before income taxes 216 (717)
 Income tax expense (benefit) 127 (253)
 Net income (loss) $ 89 $ (464)
 Income (loss) per share $ 0.08 $ (0.41)
 BUSINESS GROUP INFORMATION
 (Unaudited, dollars in thousands)
 (Excludes unallocated corporate expenses)
 Three months ended March 31: 1992 1991
 Graphics Group:
 Sales $ 26,879 $ 23,605
 Income (loss) from operations 246 (241)
 Textiles Group:
 Sales $ 19,571 $ 15,472
 Income from operations 783 191
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 March 31, Dec. 31,
 1992 1991
 (Unaudited)
 Assets:
 Receivables $ 24,634 $ 22,706
 Inventories 19,792 20,600
 Other 2,811 2,187
 Total current assets 47,237 45,493
 Property and equipment, net 10,110 10,226
 Other assets 2,686 3,159
 Total $ 60,033 $ 58,878
 Liabilities and Shareholders' Equity:
 Bank checks outstanding less cash in bank $ 871 $ 1,722
 Current portion of long-term obligations 149 229
 Accounts payable and other 17,582 16,346
 Total current liabilities 18,602 18,297
 Long-term obligations 11,118 10,453
 Deferred items 1,549 1,552
 Shareholders' equity 28,764 28,576
 Total $ 60,033 $ 58,878
 -0- 5/1/92
 /CONTACT: Richard E. Engebrecht of Momentum Distribution, 206-646-6550; or Valerie Winslow of Hill and Knowlton, 206-682-6944, for Momentum Distribution/
 (MMDI) CO: Momentum Distribution Inc. ST: Washington IN: SU: ERN


LM-SC -- SE008 -- 5524 05/01/92 14:05 EDT
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Publication:PR Newswire
Date:May 1, 1992
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