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UNIVERSAL INTERNATIONAL ANNOUNCES RESULTS

 MINNEAPOLIS, April 30 /PRNewswire/ -- Universal International, Inc. (NASDAQ-NMS: UNIV) today announced that revenues for the first quarter ended March 31, 1993 were $12,833,000 versus $15,704,000 in 1992. During the 1993 first quarter Universal incurred a net loss of $1,450,000 or $.30 per share, versus a net loss of $249,000, or $.05 per share in 1992. The loss, which was in line with the company's March 1, 1993 press release, was primarily due to the continued costs of reducing overall corporate inventory levels and a loss at Only Deals, Inc., the company's retail chain, which is typical of retail operations during the first quarter of the year. The reduction in sales in the wholesale business occurred as a result of discontinuing certain unprofitable lines. The company expects its financial performance to improve during the second and third quarters and to achieve profitability in the fourth quarter.
 Mark H. Ravich, chief executive officer, in announcing these changes commented: "We are continuing to aggressively pursue the inventory and expense reduction program started in the fourth quarter of 1992 and expect to be substantially finished with our efforts by the end of the second quarter of 1993. With our management team and systems now in place we feel well positioned to return to profitability by the end of 1993."
 Universal International, Inc. buys and sells quality "close-out" merchandise in its wholesale business and is developing a chain of Only Deals retail stores that offer "close-out" merchandise. Universal's shares are traded on the NASDAQ National Market System under the symbol UNIV.
 UNIVERSAL INTERNATIONAL, INC.
 Selected Consolidated Income
 Statement and Consolidated Balance Sheet Information
 (in thousands, except earnings per share)
 Three Months Ended
 3/31/93 3/31/92
 Revenues $12,833 $15,704
 Gross margin 2,535 2,895
 Income (loss) before income taxes (1,450) (396)
 Net income (loss) $(1,450) $(249)
 Earnings (loss) per share $(.30) $(.05)
 Weighted average shares outstanding 4,893 4,608
 3/31/93 3/31/92
 Working capital $26,383 $27,345
 Total assets $35,866 $34,902
 Shareholders' equity $22,919 $27,510
 -0- 4/30/93
 /CONTACT: Mark H. Ravich of Universal International, 612-533-1169/
 (UNIV)


CO: Universal International, Inc. ST: Minnesota IN: REA SU: ERN

AL -- MN009 -- 3383 04/30/93 16:19 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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