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RIDDELL SPORTS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

    RIDDELL SPORTS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS
    NEW YORK, Nov. 15 /PRNewswire/ -- Riddell Sports, Inc. (NASDAQ: RIDL) today announced third quarter and nine months results.
    For the three months ended Sept. 30, 1991 revenues were $8,235,000 compared with $9,007,000 reported for the comparable period last year. Net income was $463,000, or $.08 per share, compared with income before an extraordinary item of $519,000 or $.13 per share for the third quarter of last year.  Net income for last year's third quarter included income of $36,000 or $.01 per share due to the tax benefit of a net operating loss carryforward, which was fully utilized in 1990.
    Average common shares outstanding during the 1991 period increased by approximately 54 percent, principally as a result of the completion of the company's initial public offering in July.
    Revenues for the nine month period increased 5 percent to $23,739,000 as compared to $22,706,000 in the year-earlier period. Net income for the period was $1,336,000, or $.29 per share, compared with income before an extraordinary item of $1,095,000, or $.28 for the first nine months of 1990.  Net income for last year's nine month period included $345,000 or $.09 per share due to the tax benefit of a net operating loss carryforward, which was fully utilized in 1990.
    The company said that royalty income resulting from trademark licensing programs increased 29 percent and 37 percent in the respective three and nine month periods, principally due to an increase in the licensing of the Riddell trademark.  Offsetting these gains was a decline in sales of varsity football helmets attributable in part to current price competition and an unusually high sales level during the comparable period of 1990.
    Robert Nederlander, chairman and CEO, commented, "We are pleased with the current progress and revenue contribution of our licensing business from both the Riddell and MacGregor trademark rights.  Our recent acquisition of BSN's All American Sports Division in September solidifies our dominant position in the football helmet market and establishes Riddell as the leading reconditioner of football helmets.
    "We are confident that the fourth quarter of the year will exhibit excellent revenue growth, and strong profit contributions from our core business segments.  Exclusive of acquisition-related costs, therefore, we believe the balance of the year will reflect very favorable operating comparisons," Nederlander concluded.
    Riddell Sports, Inc. is the world's leading manufacturer of football helmets, which it sells under the Riddell brand together with a full line of protective athletic equipment for football and other sports. Riddell's All American division is the leading reconditioner of football helmets.  The company also licenses the Riddell and MacGregor trademarks for use on other athletic equipment, apparel and footwear.
    -0-          11/15/91 R
    /CONTACT:  Lynn Morgen or Robert Jones of Morgen-Walke Associates, 212-986-5900, for Riddell Sports/
    (RIDL) CO:  Riddell Sports, Inc. ST:  New York IN:  TEX SU:  ERN JP-TS -- NY009R -- 1460 11/15/91 10:38 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 15, 1991
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