Jim Hjelm's reports record earnings for first quarter

Business Wire, March 18, 1997

NEW YORK--(BUSINESS WIRE)--March 18, 1997--Jim Hjelm's Private Collection Ltd. (NASDAQ:JHPC), a designer, manufacturer and marketer of wedding apparel, today said that, for the first quarter of fiscal 1997 ended January 31, revenues were $3,202,533, a 38 percent increase on revenues of $2,313,124 for the same quarter in 1996.

Net income for the first quarter of fiscal 1997 totalled a record $195,288, or 10 cents per share, a 150 percent improvement on net income of $78,159, or 6 cents per share, for the comparable quarter last year.

Joseph L. Murphy, president and CEO, attributed JHPC's improved earnings in the quarter primarily to increased sales contributed by the company's Occasions bridesmaids dresses as well as from its bridal lines, including Lazaro, Jim Hjelm Visions and Couture. He added that the company's realignment of its various product lines, with greater focus on higher margin and trend-conscious styling, also resulted in improved first quarter earnings.

Murphy said he expects strong earnings growth to continue in the quarters ahead.

Jim Hjelm's Private Collection Inc., founded in 1987 and based in New York City, is the nation's only publicly traded manufacturer of wedding apparel. In addition to the Occasions, Lazaro, Jim Hjelm's Visions and Couture lines, the company also markets Jim Hjelm's Private Collection.

                Consolidated Statement of Operations
                    For the First Quarter Ended
                 January 31, 1997 and January 31, 1996
                             (Unaudited)

                              January 31,    January 31,
                                 1997           1996

Net sales                    $ 3,202,533     $2,313,124
Income from continuing
 operations before provision
 for income tax                  382,918        123,159
Net income                       195,288         78,159
Net income per common and
 equivalent share                    .10            .06
Primary and fully diluted
 common shares outstanding
Primary                        1,875,878      1,390,122
Fully diluted                  1,879,090      1,390,122