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MR. COFFEE ANNOUNCES 1993 FIRST QUARTER FINANCIAL RESULTS

 CLEVELAND, April 15 /PRNewswire/ -- Mr. Coffee, inc., (NASDAQ: JAVA) today announced significant growth in net sales and income before extraordinary loss for the first quarter that ended March 28, 1993. The extraordinary loss resulted from the early repayment of debt as part of a refinancing, which will significantly reduce future borrowing costs.
 Net sales for the first 13 weeks of 1993 increased 25 percent to $35.9 million from $28.8 million recorded in the first quarter of 1992. Strong growth in unit volume of coffeemakers and teamakers was primarily responsible for the increase. Sales growth was also favorably influenced by shipments of the Mr. Coffee(R) Water Filter and the Potato Perfect(TM) Quick Potato Baker by Mr. Coffee(R).
 Quarterly income before extraordinary loss in 1993 was $968,000, or $0.12 per share, a 148 percent increase from net income of $390,000, or $0.05 per share, in the first quarter of 1992. To reduce borrowing costs in future periods, Mr. Coffee refinanced all of its outstanding Senior Term Notes and Senior Subordinated Extendible Reset Notes in March 1993. Because of the early repayment of debt, an extraordinary loss of $2.0 million ($1.2 million net of income taxes), or $0.15 per share, was recorded in the first quarter of 1993 for legal fees, prepayment premiums and the write-off of deferred financing costs and original issue discounts. The net loss in the first quarter of 1993 was $256,000, or $0.03 per share.
 Peter C. McC. Howell, Mr. Coffee's president and chief executive officer, stated, "We are very pleased to have repaid in full the burdensome financing that had been with the company since 1988. We eliminated $13 million of debt that had an interest rate of 16.5 percent and replaced it with debt that currently carries interest at approximately half that rate. Assuming the prime rate remains constant, the entire debt refinancing will reduce annual interest expense by approximately $1 million."
 Howell continued, "Business is off to a good start in 1993. Assuming spending trends for consumer appliances remain positive, we are looking forward to a solid year. We are also optimistic about our aggressive marketing and advertising campaign for the Mr. Coffee(R) Water Filter, which commences next week."
 Mr. Coffee, inc. is the leading manufacturer of automatic drip coffeemakers in the United States. The company offers an extensive line of automatic drip coffeemakers, coffee filters, and other countertop kitchen appliances. The company also manufactures THE ICED TEA POT(TM), the Potato Perfect(TM) Quick Potato Baker by Mr. Coffee(R), and the Mr. Coffee(R) Water Filter.
 MR. COFFEE, INC.
 Condensed Statements of Operations (unaudited)
 (In thousands, except per share data)
 Quarters Ended
 March 28, March 29,
 1993 1992
 Net Sales $35,903 $28,811
 Income before income taxes
 and extraordinary loss 1,778 781
 Income taxes 810 391
 Income before extraordinary
 loss 968 390
 Extraordinary loss, net 1,224 --
 Net income (loss) $(256) $390
 Earnings (loss) per common share:
 Income before extraordinary
 loss $0.12 $0.05
 Extraordinary loss, net 0.15 --
 Net income (loss) $(0.03) $0.05
 Weighted average number of common
 shares and equivalents 8,258 8,224
 -0- 4/15/93
 /CONTACT: Richard C. Adamany, senior vice president and chief financial officer of Mr. Coffee, inc., 216-464-4000/
 (JAVA)


CO: Mr. Coffee, inc. ST: Ohio IN: MFG SU: ERN

AR -- CL010 -- 6068 04/15/93 09:30 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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