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NUMEX CORP. REPORTS 1ST QUARTER FISCAL YEAR 1993 RESULTS

 NUMEX CORP. REPORTS 1ST QUARTER FISCAL YEAR 1993 RESULTS
 BEVERLY HILLS, Calif., Sept. 25 /PRNewswire/ -- Numex Corp. (OTC: NUMX) today reported net sales of $2,596,000 in the first quarter of fiscal 1993, ended June 30, 1992, an increase of 31 percent, compared with net sales of $1,976,000 in last year's first quarter. Net income was $50,500, or $0.01 a share, vs. net income of $392,700, or $0.12 a share, last year.
 Announcing the first quarter results, Gerald A. Bagg, president, said that gross profit rose approximately 28 percent in the fiscal 1993 quarter to $1,997,000, driven by the higher net sales. He said that selling, general and administrative expenses rose 69 percent to $1,947,000 in the fiscal 1993 first quarter, compared with the fiscal 1992 quarter, as television advertising expenditures increased by $580,000, salary expense rose by $140,000 and legal expense increased by approximately $100,000.
 The increase in net sales in the fiscal 1993 quarter resulted from the increased television advertising expenditures, Bagg said. He added that television advertising expenditures rose as a percentage of net sales from 33 percent in the quarter ended June 30, 1991 to 48 percent for the fiscal 1993 quarter because of increases in television air-time costs and a lowering of the sales-per- advertising dollar ratio.
 He noted that the quarter ended June 30, 1991 was the first full quarter of the Numex marketing program, and the level of product returns to be expected had not yet been determined. Based upon an initial estimate, sales returns were recorded at 2 percent of gross sales, he said. From the company's subsequent experience, net revenues for the June 30, 1992 quarter were calculated based upon an accrual of 15 percent of gross sales to cover returns.
 Bagg said that a new half-hour television commercial is being produced which will be on the air within the next few weeks.
 Numex Corp. is a retail product development and marketing company headquartered in Beverly Hills, with its operating divisions located in Cerritos, Calif. Its common shares are traded Over The Counter, under the symbol NUMX.
 NUMEX CORP. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
 June 30,
 1992 1991
 Net sales $2,596,393 $1,976,475
 Cost of sales 599,167 421,939
 Gross profit 1,997,226 1,554,536
 Selling,
 general and
 administrative
 expense (1,947,065) (1,150,442)
 Income from
 operations 50,061 404,094
 Interest expense,
 net 317 (19,955)
 Other income --- 8,540
 Net income $50,478 $392,679
 Net income per
 common share $0.01 $0.12
 Weighted average
 common shares
 outstanding 3,620,358 3,345,100
 -0- 9/22/92
 /CONTACT: Gerald A. Bagg, president of Numex, 310-865-4755; or William F. Coffin of Financial Relations Board, Los Angeles, 818-783-2400, for Numex/
 (NUMX) CO: Numex Corp. ST: California IN: REA SU: ERN


BP -- LA019 -- 3624 09/25/92 16:06 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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