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UNIVERSAL INTERNATIONAL ANNOUNCES FOURTH QUARTER RECORD REVENUES AND EARNINGS; ANNUAL RECORDS ARE ALSO SET IN 1991

UNIVERSAL INTERNATIONAL ANNOUNCES FOURTH QUARTER RECORD REVENUES AND
 EARNINGS; ANNUAL RECORDS ARE ALSO SET IN 1991
 MINNEAPOLIS, Feb. 20 /PRNewswire/ -- Universal International, Inc. (NASDAQ: UNIV) today announced record results for its fourth quarter and year ended Dec. 31, 1991.
 Revenues for the fourth quarter were $16,306,000 versus $9,641,000 in 1990 while net earnings were $396,000 compared to $157,000. Earnings per share for the quarter were $.10 versus $.05 in 1990. Both revenues and earnings were record amounts for a fourth quarter. Net earnings for the quarter were impacted by expenses of approximately $127,000 (on an after tax basis) relating to the termination of Universal's pension plan in 1991.
 Year end revenues were $61,601,000 versus $38,340,000 in 1990 and earnings increased to $1,992,000 compared to $1,370,000. Earnings per share for the year were $.54 in 1991 versus $.57 in 1990. While both the revenues and earnings were at record levels, earnings per share was impacted by the dilutive effect of offerings of Universal's common stock in October 1990 and July 1991. Net earnings for the year were impacted by expenses of approximately $186,000 (on an after tax basis) relating to the termination of the pension plan.
 Mark Ravich, chief executive officer, in announcing the results stated: "We are pleased with the results of the fourth quarter, especially considering that they include the start-up costs associated with the 'Only Deals' concept as well as the final expenses associated with the termination of our pension plan. During the quarter we launched our 'Only Deals' retail concept by opening seven stores and achieved record performance from our wholesale operations. We look forward to 1992 as a year of rapid expansion for our retail operations and managed growth in our wholesale operations. With the net proceeds of approximately $12,000,000 from a private placement of common stock to institutional investors in January 1992, and recent additions to our management team, we are prepared to move forward aggressively."
 After giving effect to the recent private placement Universal has 4,893,328 shares of common stock outstanding.
 In addition, Universal announced the execution of leases for two new stores which are expected to open in April 1992. The stores will be a 7,500 square foot strip center location in Woodbury, Minn. and a 4,200 square foot regional mall location in Rochester, Minn.
 Universal International, Inc. is one of the nation's oldest and largest buyers and sellers of quality close-out merchandise at the wholesale level and operates a chain of "Only Deals" retail stores that offer merchandise priced from $1.00 to $10.00. Universal's shares are traded on the NASDAQ/NMS market under the symbol UNIV.
 UNIVERSAL INTERNATIONAL, INC.
 SELECTED CONSOLIDATED INCOME STATEMENT
 AND BALANCE SHEET INFORMATION
 (In thousands, except earnings per share)
 Three Months Ended Years Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenues $16,306 $9,641 $61,601 $38,340
 Gross margin 4,059 1,890 13,011 7,712
 Net income (a) $396 $157 $1,992 $1,370
 Earnings per share $.10 $.05 $.54 $.57
 Weighted average shares
 outstanding 4,045 2,979 3,702 2,422
 (a) Expenses (on an after tax basis) of $127,000 and $186,000 are included in the fourth quarter and year end results of 1991. This relates to the termination of the company's pension plan in June of 1991.
 12/31/91 12/31/90
 Working capital $13,617 $7,969
 Total assets 29,359 16,827
 Shareholders' equity 15,877 8,222
 -0- 2/20/92
 /CONTACT: Mark Bartholomay of Universal International, 612-533-1169/
 (UNIV) CO: Universal International, Inc. ST: Minnesota IN: REA SU: ERN


AL -- MN014 -- 1148 02/20/92 17:23 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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