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QUALITY PRODUCTS, INC. ANNOUNCES $(.03) NET LOSS PER SHARE FOR THE QUARTER ENDED MARCH 31, 1992

 QUALITY PRODUCTS, INC. ANNOUNCES $(.03) NET LOSS PER
 SHARE FOR THE QUARTER ENDED MARCH 31, 1992
 TAMPA, Fla., May 19 /PRNewswire/ -- Quality Products, Inc. (NASDAQ: QYPI) today reported a 1st Quarter 1992 net loss of $(156,007) on revenues of $1,258,754 compared to restated 1st Quarter 1991 net income of $264,014 on revenues of $829,861. The 1991 net income included a loss from continuing operations of $(171,246) and an extraordinary gain on the extinguishment of debt of $435,260. Earnings per share information follows:
 March 31,
 1992 1991
 Income (loss) from continuing operations $(156,007) $(171,246)
 Per Share $(.03) $(.04)
 Extraordinary gain on debt extinguishment --- $ 435,260
 Per Share --- $.09
 Net income (loss) $(156,007) $ 264,014
 Per Share $(.03) $.05
 Weighted average common
 shares outstanding 5,589,471 4,785,471
 Despite a 52 percent increase in sales, the company reported a loss from operations which was largely the result of professional fees of more than $100,000 incurred in connection with the pending litigation with the Huntington National Bank. Other factors contributing to the company's loss from operations were $72,500 in accrued interest on subordinate debentures, and depreciation and amortization expense of $119,208.
 The company historically has achieved a gross profit from its manufacturing operation, but selling, general and administrative expenses ("S,G,&A") have generally exceeded that profit. To reduce these costs, the company has undertaken a massive restructure and reorganization of it's Multipress Division. During March of 1992 personnel reductions complemented by job integration and staggered work weeks were implemented which should save the company approximately $112,500 in payroll and related expenses each quarter. Additionally, upon completion of the settlement with Huntington National Bank, the company expects to drastically reduce its legal fees which have totalled nearly $85,000 during the first three months of 1992. Interest expense will also decline upon completion of this settlement, as the company will no longer be required to accrue interest on the $2,900,000 debentures of $290,000 a year.
 -0- 5/19/92
 /CONTACT: Steve Springer of Quality Products, Inc., 614-228-8120/
 (QYPI) CO: Quality Products, Inc. ST: Florida IN: MNG SU: ERN


BM -- CL013 -- 1991 05/19/92 16:00 EDT
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Publication:PR Newswire
Date:May 19, 1992
Words:373
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