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WINDMERE CORPORATION ANNOUNCES SECOND QUARTER RESULTS

 WINDMERE CORPORATION ANNOUNCES SECOND QUARTER RESULTS
 MIAMI, Aug. 12 /PRNewswire/ -- Windmere Corporation (NYSE: WND)


announced today a net profit for the second quarter of $29.5 million or $1.81 per share, which reflects an extraordinary litigation gain of approximately $29.7 million and a pre-tax non-recurring $1.1 million loss on the sale of a subsidiary. The company generated an operating profit of approximately $1.0 million during the second quarter, excluding the non-recurring loss and the extraordinary gain. This compares with a net loss of $7.3 million or $.46 per share reported for the second quarter a year ago, which includes a $2.0 million charge taken for the restructuring of the company's manufacturing operation. Sales for the second quarter were $43.7 million as compared with sales of $23.6 million reported for the second quarter of 1991.
 For the six months ended June 30, 1992, the company reported a profit of $28.6 million or $1.75 per share, compared to a loss of $10.8 million or $.68 per share for the same period last year. Sales for the six months were $75.3 million compared to sales of $49.7 million recorded a year ago.
 David M. Friedson, president and chief executive officer, said, "The cash flow from the extraordinary gain has strengthened our balance sheet. The company's net worth is $129.4 million and its debt, net of restricted cash deposits supporting the debt, is $7.8 million." Friedson, commenting further on the second quarter results, said, "We are encouraged by the higher sales volume, which we achieved despite a continuing weak U.S. retail sales environment."
 Windmere is a leading manufacturer and distributor of personal care products and other merchandise for the home and professional salons, including hair dryers, curling irons, kitchen appliances and dental care appliances.
 WINDMERE CORPORATION
 Operating Results
 (unaudited)
 Periods Ended Three months Six months
 June 30 1992 1991 1992 1991
 Sales $43,714,200 $23,567,600 $75,287,300 $49,703,700
 Net earnings (loss)
 after tax and before
 minority interest and
 extraordinary item 253,300 (8,607,600) (707,500)(12,647,000)
 Minority interest (390,900) 1,322,200 (335,000) 1,805,800
 Extraordinary item 29,648,800 0 29,648,800 0
 Net earnings (loss) 29,511,200 (7,285,400) 28,606,300 (10,841,200)
 Net earnings (loss)
 per share:
 Before extraordinary
 item (.01) (.46) (.07) (.68)
 Extraordinary item 1.82 -- 1.82 --
 Total 1.81 (.46) 1.75 (.68)
 Avg. common shares and
 equivalents outstg. 16,494,941 16,086,607 16,342,005 15,987,264
 -0- 8/12/92
 /CONTACT: John Heinlein, treasurer of Windmere, 305-362-2611/
 (WND) CO: Windmere Corporation ST: Florida IN: HOU SU: ERN


SB-LR -- NY064 -- 6252 08/12/92 14:22 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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