Michael Anthony Jewelers, Inc. Reports Third Quarter, Nine Months Results

Michael Anthony Jewelers, Inc. Reports Third Quarter, Nine Months Results 


MT. VERNON, N.Y., Dec. 5  /PRNewswire-FirstCall/ -- Michael Anthony Jewelers,
Inc. , a leading marketer and manufacturer of gold jewelry, today reported
results for the third quarter and nine months ended November 1, 2003.

Sales for the third quarter were $29,160,000, compared to sales of $39,593,000
in the prior year.  Third quarter net loss was $154,000 or $.02 per share on
6,256,000 weighted average shares outstanding, compared to $580,000 or $.09 per
share on 6,245,000 weighted shares outstanding.

Sales for the nine month period were $70,216,000, compared to sales of
$90,023,000 in the prior year.  The net loss for the nine month period was
$1,555,000 or $.25 per share on 6,251,000 weighted average shares outstanding,
compared to $2,622,000 or $.42 per share on 6,241,000 weighted average shares
outstanding in last year's comparable period.

Commenting on the Company's performance for the quarter, Michael Paolercio,
Chief Executive Officer stated, "Although our revenues continue to lag behind
last year, our expenses are down dramatically.  For the quarter, our selling,
general and administrative expenses were down over $2 million, or 29%, from last
year's comparable period.  For the nine-month period," Mr. Paolercio continued,
"selling, general and administrative expenses were down over $4 million, or 23%,
from last year's comparable period."  Mr. Paolercio noted that the sharp
reductions in operating expenses enabled the Company to report smaller losses in
both the quarter and nine-month periods.

Mr. Paolercio also stated, "While we continue to work hard at controlling the
expense side of the business, we expect that our revenues will not grow as
originally planned.  In addition, rising gold prices may negatively impact
consumer demand for our products."  Mr. Paolercio concluded by saying, "In our
efforts to return the Company to profitability we will continue to execute our
manufacturing consolidation and restructuring plan and realign our expenses to
current revenue expectations."

In other news, Mr. Paolercio announced that Allan Corn, the Company's chief
financial officer for the past sixteen years, will be retiring at the end of the
year.  He will retain his seat on the Board of Directors.  "Allan's contribution
to Michael Anthony has been immeasurable," said Mr. Paolercio. "We thank him for
all his hard work and dedication."

Michael Anthony Jewelers is a leading designer, marketer and manufacturer of
branded affordable fine jewelry and watches, whose customers include jewelry
chain stores, discount stores, department stores, television shopping networks,
and wholesalers.

                      MICHAEL ANTHONY JEWELERS, INC.
                     Financial Highlights (Unaudited)

                                  For the Three Months Ended
                            November 1, 2003            November 2, 2002

  Net sales             $29,160,000      100.0%      $39,593,000     100.0%
  Gross profit on sales   5,453,000       18.7         7,584,000      19.2
  Selling, general and
   administrative
   expenses               5,639,000       19.3         7,894,000      20.0
  Other expense              63,000         .2           627,000       1.6
  Loss before taxes        (249,000)       (.9)         (937,000)     (2.4)
  Net loss                 (154,000)       (.5)         (580,000)     (1.5)
  Loss per share              ($.02)                       ($.09)
   - basic and diluted

  Weighted average number
   of shares outstanding
   - basic and diluted    6,256,000                    6,245,000


                                     For the Nine Months Ended
                            November 1, 2003            November 2, 2002
  Net sales             $70,216,000      100.0%      $90,023,000     100.0%
  Gross profit on sales  13,157,000       18.7        16,609,000      18.4
  Selling, general and
   administrative
   expenses              14,743,000       21.0        19,196,000      21.3
  Other expense             922,000        1.3         1,644,000       1.8
  Loss before taxes      (2,508,000)      (3.6)       (4,231,000)     (4.7)
  Net loss               (1,555,000)      (2.2)       (2,622,000)     (2.9)
  Loss per share              ($.25)                       ($.42)
   - basic and diluted
  Weighted average number
   of shares outstanding
   - basic and diluted    6,251,000                    6,241,000




Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements.  These uncertainties include general economic
conditions, jewelry industry conditions, the effects of competition and the
success of new products and programs. 

DATASOURCE: Michael Anthony Jewelers, Inc.



CONTACT:  Allan Corn, Chief Financial Officer of Michael Anthony

Jewelers, Inc., [phone], ext. 464



Web site:  http://www.michaelanthony.com/ 

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