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RINGER ANNOUNCES SECOND QUARTER EARNINGS

 MINNEAPOLIS, April 30 /PRNewswire/ -- Ringer Corporation (NASDAQ: RING) today reported sales of $6,454,000 for its second fiscal quarter ended March 31, 1993, compared to $10,096,000 for the same period last year. It reported a net income for the quarter of $237,000 or $.02 per share compared to net income of $1,438,000 or $.16 per share for the same period last year.
 Total net sales for the six-month period ended March 31, 1993, were $9,249,000 compared to $13,104,000 for the same period a year ago. The net loss for the six months ended March 31, 1993, was $379,000 or $.04 per share compared to net income of $255,000 or $.03 per share for the same period last year.
 Commenting on the company's performance, Ringer President Stanley Goldberg explained, "The second quarter sales decline stems from a number of factors. The most significant being retailers changing their ordering patterns in a continuing move toward just-in-time deliveries. Another contributing factor was the elimination of our catalog operations.
 "Since these changes had been anticipated, we implemented several operating expense reductions earlier this year, which offset a major portion of the negative impact the sales decrease had on our bottom line. As a result, the company remains on track to significantly improve our operating performance for this year compared to 1992."
 Ringer Corporation is a leader in developing and marketing environmentally sound, premium performance lawn and garden care products which are offered as alternatives to synthetic chemical fertilizers and pesticides.
 RINGER CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $6,454 $10,096 $9,249 $13,104
 Cost of sales 3,045 3,966 4,491 5,485
 Gross profit 3,409 6,130 4,758 7,619
 Operating expenses:
 Sales and marketing 2,208 3,224 3,425 4,878
 General and administration 519 747 1,086 1,405
 Research and development 488 653 711 1,000
 -- 3,215 4,624 5,222 7,283
 Income (loss) before
 other expense 194 1,506 (464) 336
 Other income (expense) net 43 (68) 85 (81)
 Profit (loss) before
 income tax benefit and
 extraordinary item 237 1,438 (379) 255
 Income tax expense -- (72) -- (72)
 Profit (loss) before
 extraordinary item 237 1,366 (379) 183
 Extraordinary item:
 Tax benefit of net operating
 loss carryforward -- 72 -- 72
 Net income (loss) $237 $1,438 $(379) $255
 Earnings (loss) per common
 and common equivalent share:
 Profit (loss) before
 extraordinary item $.02 $.15 $(.04) $.02
 Extraordinary item -- .01 -- .01
 Net income (loss) $.02 $.16 $(.04) $.03
 -0- 4/30/93
 /CONTACT: Mark Robinow, vice president of finance for Ringer, 612-941-4180/
 (RING)


CO: Ringer Corporation ST: Minnesota IN: CHM SU: ERN

KH -- MN004 -- 3149 04/30/93 11:12 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 30, 1993
Words:485
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