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MR. COFFEE ANNOUNCES SECOND QUARTER AND FIRST HALF FINANCIAL RESULTS

 MR. COFFEE ANNOUNCES SECOND QUARTER
 AND FIRST HALF FINANCIAL RESULTS
 CLEVELAND, July 24 /PRNewswire/ -- Mr. Coffee, inc. (NASDAQ: JAVA) today announced financial results for the second quarter and first half of 1992.
 For the second quarter ended June 28, 1992, net sales were $35.3 million, an increase of five percent from $33.7 million in the corresponding period a year ago. Net income in the second quarter of 1992 was $301,000, compared with $308,000 in the second quarter a year earlier. Net income per common share was $0.03 for both periods. Profitability during the second quarter of 1992 was impacted by the company's significant investment in national advertising for THE ICED TEA POT(TM).
 Peter C. McC. Howell, president and chief executive officer, stated, "Overall, business is showing signs of improvement. Sales of THE ICED TEA POT(TM) recovered from a slow start in the first quarter as effective advertising revitalized this important product. Automatic drip coffeemaker sales also continued to improve. Additionally, we began shipping Mr. Coffee's Water Filter in the second quarter."
 For the first 26 weeks of 1992, net sales were $64.1 million and net income was $691,000, or $0.08 per share. In the prior year's first half, net sales were $67.2 million, while net income was $171,000, or $0.01 per share.
 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), a unique iced tea maker.
 MR. COFFEE, INC.
 Condensed Statements of Operations (unaudited)
 (In thousands, except per share data)
 Thirteen Weeks Ended
 June 28, June 30,
 1992 1991
 Net Sales $35,309 $33,698
 Income before income taxes 601 581
 Provision for income taxes 300 273
 Net income 301 308
 Preferred stock dividends
 and accretion (1) (55)
 Net income applicable to
 common shares $ 300 $ 253
 Net income per share $ 0.03 $ 0.03
 Number of common and common
 equivalent shares used in
 computing net income
 per share 8,232 8,045
 Twenty-six Weeks Ended
 June 28 June 30,
 1992 1991
 Net sales $64,120 $67,154
 Income before income taxes 1,382 378
 Provision for income taxes 691 207
 Net income 691 171
 Preferred stock dividends
 and accretion (2) (108)
 Net income applicable to
 common shares $ 689 $ 63
 Net income per share $ 0.08 $ 0.01
 Number of common and common
 equivalent shares used in
 computing net income
 per share 8,228 8,045
 -0- 7/24/92
 /CONTACT: Richard C. Adamany, senior vice president and chief financial officer of Mr. Coffee, inc., 216-464-4000/ CO: Mr. Coffee, inc. ST: Ohio IN: SU: ERN


KK -- CL004 -- 2950 07/24/92 10:13 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
Words:468
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