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RINGER ANNOUNCES YEAR END RESULTS

 RINGER ANNOUNCES YEAR END RESULTS
 MINNEAPOLIS, Dec. 19 /PRNewswire/ -- Ringer Corporation


(NASDAQ: RING) today reported net sales of $21,207,000 for its fiscal year ended Sept. 30, 1991, a 54 percent increase over the $13,787,000 for the same period last year. The company reported a net loss for the year of $4,775,000 or $.65 per share which includes non-recurring charges of $1,813,000. For the 1990 fiscal year the company reported a net loss of $997,000 or $.21 per share.
 Sales for the fourth quarter ended Sept. 30, 1991, were $2,722,000 compared to $2,770,000 for the same period a year ago. As announced shortly after the close of the fourth quarter, sales during the period encountered the same depressed level of discretionary spending that has affected retail sales and the economy in general. The company reported a loss for the quarter of $2,346,000 or $.27 per share versus a loss of $597,000 or $.12 per share in the fourth quarter of fiscal 1990.
 In addition to the lower than expected sales, the fourth quarter loss includes a charge to cost of sales of $200,000 for inventory obsolescence reserves associated with the combination of the company's Safer(R) and Attack(R) pest control product lines. Further, the fourth quarter loss also includes a $365,000 non-recurring charge for the write down of intangible assets associated with the acquisition of the assets of Reuter Laboratories in 1989. The company elected to reduce intangible assets due to the combination of the Safer and Attack pest control product line in August, 1991.
 The year end loss includes a non-recurring charge of $1,448,000 for expenses related to the voluntary recall of the company's Grub Attack(R) product. The 1991 financial results of Ringer Corporation include the operations of Safer, Inc., for the last eight months of the year ended Sept. 30, 1991.
 Commenting on the fiscal year's performance, Udo E. Schulz, Ringer's president and chief executive officer, said, "During 1991 Ringer Corporation significantly expanded distribution. We have made the investment to become the nation's leading supplier and marketer of natural lawn and garden products. All costs and expenses of the two Ringer acquisitions appear to be behind us. With our added focus on low overhead and a lean expense structure the company is well positioned for improved financial results in 1992."
 Ringer Corporation is a developer and leading marketer of environmentally compatible, premium performance turf and garden care products based on promoting natural growth processes.
 RINGER CORPORATION
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Dollars in thousands, except per share amounts)
 Year Ended 4th Quarter Ended
 9/30/91 9/30/90 9/30/91 9/30/90
 Net sales $21,207 $13,787 $2,722 $2,769
 Cost of sales 10,244 6,162 1,865 1,373
 Gross profit 10,963 7,625 857 1,396
 Operating expenses:
 Sales and marketing 10,701 6,981 1,886 1,700
 General and administrative 2,248 1,036 730 291
 Research and development 1,088 564 342 118
 Other operating expenses 1,813 -- 365 --
 -- 15,850 8,581 3,323 2,109
 Operating income (loss) (4,887) (956) (2,466) (713)
 Other income (expense) 112 (40) 120 116
 Net income (loss) $(4,775) $(996) $(2,346) $(597)
 Income (loss) per common share $(.65) $(.21) $(.27) $(.12)
 Average common shares and
 common equivalent shares
 outstanding 7,307,120 4,688,045 8,697,591 4,795,456
 -0- 12/19/91
 /CONTACT: Mark Robinow of Ringer Corporation, 612-941-4180/
 (RING) CO: Ringer Corporation ST: Minnesota IN: SU: ERN


AL -- MN015 -- 4119 12/19/91 17:19 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 19, 1991
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