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WINDMERE CORPORATION SETTLES ANTITRUST LAWSUIT; ANNOUNCES FIRST QUARTER RESULTS

 WINDMERE CORPORATION SETTLES ANTITRUST LAWSUIT;
 ANNOUNCES FIRST QUARTER RESULTS
 MIAMI LAKES, Fla., May 6 /PRNewswire/ -- Windmere Corporation (NYSE: WND) announced that it had reached a settlement of its antitrust lawsuit today with North American Philips Corporation. Under the settlement, Windmere is expected to receive a $57,000,000 cash payment from North American Philips Corporation on Monday, May 11, 1992, the anticipated closing date. Windmere estimates that its net proceeds from this settlement, after the payment of legal fees, taxes, costs and other anticipated expenses, will be in the $30,000,000-$35,000,000 range.
 David M. Friedson, president and chief executive officer, said, "We are very pleased to conclude this matter on such a favorable note."
 Windmere Corporation announced a net loss for the first quarter ended March 31, 1992, of $904,900 or $.06 per share, as compared with a net loss of $3,555,800 or $.22 per share reported in the first quarter of 1991. Sales in the first quarter of 1992 were $31.6 million, an increase of 21 percent from the sales of $26.1 million reported in the same quarter last year.
 Windmere is a leading manufacturer and distributor of personal care products and other merchandise for the home and professional salons, including hairdryers, curling irons, kitchen appliances, and dental care appliances.
 WINDMERE CORPORATION
 Operating Results
 (unaudited)
 Three months ended March 31 1992 1991
 Sales $31,573,100 $26,136,100
 Net loss before minority interest (960,800) (4,039,400)
 Minority interest 55,900 483,600
 Net loss (904,900) (3,555,800)
 Avg. com. shares and equivs. outstanding 16,189,068 15,887,921
 Net loss per share $(.06) $(.22)
 -0- 5/6/92
 /CONTACT: John Heinlein, treasurer of Windmere, 305-362-2611, or Steven J. Barach of G.A. Kraut Company, 212-696-5600, for Windmere/
 (WND) CO: Windmere Corporation; North American Philips Corporation ST: Florida IN: HOU SU:


KD -- NY097 -- 7360 05/06/92 19:03 EDT
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Publication:PR Newswire
Date:May 6, 1992
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