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THE TOPPS COMPANY, INC. ANNOUNCES YEAR END RESULTS AND DIVIDEND

 NEW YORK, March 30 /PRNewswire/ -- The Topps Company, Inc., (NASDAQ: TOPP) today reported a loss of $21,386,000, or $.45 per share, for its fourth quarter ended Feb. 27, 1993. This compares with net income of $12,738,000, or $.27 per share, for the same period last year. Net income for the full fiscal year was $19,037,000, or $.40 per share, as compared to $54,474,000, or $1.15 per share, last year.
 Arthur T. Shorin, chairman, stated "The fourth quarter loss stems from a sharp reduction in year-to-year sales for the period and an increase in provisions for returns and inventory obsolescence. As we previously announced, it became evident during the fourth quarter that the market for sports cards was contracting. Accordingly, we cut spending and reduced production to bring them in line with ongoing sales expectations."
 As of Feb. 27, 1993, the company had no long-term debt and stockholders' equity of $54,366,000.
 At its regular meeting today the board of directors declared a quarterly dividend of $.07 per share, payable April 30, 1993, to stockholders of record April 16, 1993.
 Topps is well-known for its collectible picture products, which feature sports and other themes, its Bazooka brand bubble gum and entertaining candy products.
 THE TOPPS COMPANY, INC.
 Consolidated Statement of Operations
 (Amounts in thousands, except share data)
 Year Ended Fourth Quarter Ended
 2/27/93 2/29/92 2/27/93 2/29/92
 Net sales $263,158 $303,187 $40,358 $84,684
 Income (loss) before
 taxes 32,787 89,301 (34,585) 20,067
 Taxes (recovery) on
 income (loss) 13,963 34,827 (12,986) 7,329
 Net income (loss) 19,037 54,474 (21,386) 12,738
 Net income (loss) per
 share $.40 $1.15 $(.45) $.27
 Weighted average
 shares outstanding 47,382,428 47,324,574 47,148,499 47,393,201
 -0- 3/30/93
 /CONTACT: Anna Cordasco of Sard Verbinnen & Co., Inc., 212-687-8080, for the Topps Company, Inc./
 (TOPP)


CO: The Topps Company, Inc. ST: New York IN: HOU SU: ERN

PS-LR -- NY052 -- 1044 03/30/93 12:17 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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