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RINGER ANNOUNCES THIRD QUARTER RESULTS

 RINGER ANNOUNCES THIRD QUARTER RESULTS
 MINNEAPOLIS, Aug. 3 /PRNewswire/ -- Ringer Corporation


(NASDAQ: RING) today reported net sales of $5,192,000 for its third fiscal quarter ended June 30, 1992, a 42 percent decrease from the $8,989,000 for the same period last year. The company reported a net loss for the quarter of $1,511,000 or $.15 per share compared to a net loss of $449,000 or $.06 per share for the same period last year. The company had announced early in June that it expected sales to be at this level for the third quarter, and that it would not have a profitable fiscal year as a result.
 Net sales for the nine month period ended June 30, 1992, were $18,296,000 compared to $18,485,000 for the same period last year. The net loss for the nine months ended June 30, 1992, was $1,256,000 or $.14 per share compared to a loss in the comparable 1991 period of $2,429,000 or $.36 per share which includes a non-recurring charge of $1,400,000 for expenses related to the voluntary recall of one of its pesticide products.
 Udo E. Schulz, Ringer's president and CEO, expressed the company's disappointment in third quarter results after record sales in the quarter ended March 31, 1992. "Although sales were extremely strong this year as retailers expressed increasing confidence in the quality and recognition of our products, restocking orders, traditionally placed in the quarter ended June 30, were sluggish in all three of the company's key product lines. Consumer demand for our products during the spring selling season was much lower than anticipated by either the company or retail distributors, reflecting consumer price sensitivity toward premium priced products. Also, while consumers remain concerned about the environment, they are now being confronted with numerous messages about 'green' products that may be creating confusion. The company expects sales to continue below last year's levels during its fourth quarter." Schulz noted that "The company is currently investigating new product pricing and communication strategies focused on renewing sales momentum in 1993. At the same time we are streamlining our business to bring overhead in line with current sales trends."
 Ringer Corporation is a developer and leading marketer of environmentally compatible, premium performance lawn and garden care products which are offered as alternatives to synthetic chemical fertilizers and pesticides.
 RINGER CORPORATION
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 (Unaudited)
 Third Quarter Ended Nine Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $5,192 $8,988 $18,296 $18,485
 Cost of goods sold 2,430 4,120 7,915 8,380
 Gross profit 2,762 4,868 10,381 10,105
 Operating expenses:
 Sales and marketing 3,274 4,366 8,152 8,814
 General and administrative 688 615 2,093 1,518
 Research and development 270 293 1,270 746
 Cost of product recall -- -- -- 1,448
 -- 4,232 5,274 11,515 12,526
 Loss before other
 income (expense) (1,470) (406) (1,134) (2,421)
 Other income (expense), net (41) (43) (122) (8)
 Loss before income taxes and
 extraordinary item (1,511) (449) (1,256) (2,429)
 Income tax benefit 72 -- -- --
 Loss before
 extraordinary item (1,439) (449) (1,256) (2,429)
 Extraordinary item(a) (72) -- -- --
 Net loss $(1,511) $(449) $(1,256) $(2,429)
 Loss per weighted average
 common share before
 extraordinary item $(.14) $(.06) $(.14) $(.36)
 Extraordinary item (.01) -- -- --
 Net loss per weighted average
 common share $(.15) $(.06) $(.14) $(.36)
 Weighted average common
 shares outstanding 9,925,739 7,749,000 9,113,338 6,714,000
 (a) Reversal of benefit of net operating loss carryforwards.
 -0- 8/3/92
 /CONTACT: Mark Robinow of Ringer, 612-941-4180/
 (RING) CO: Ringer Corporation ST: Minnesota IN: CHM SU: ERN


AL -- MN016 -- 6212 08/03/92 13:41 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
Words:650
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