Michael Anthony Jewelers, Inc. Announces Vote on Reverse Stock Split

Michael Anthony Jewelers, Inc. Announces Vote on Reverse Stock
Split 


MT. VERNON, N.Y., Nov. 11  /PRNewswire-FirstCall/ -- Michael Anthony Jewelers,
Inc. announced that its Board of Directors has approved, subject to stockholder
approval, a 1:1,500 reverse stock split of its common stock.  The Company has
scheduled a special meeting for December 13, 2004 for stockholders to consider
approval of the reverse stock split.

If approved by the Company's stockholders, the reverse stock split will result
in every 1,500 shares of Michael Anthony Jewelers, Inc. common stock being
combined into one share of common stock.  The reverse stock split will reduce
the total number of fully diluted outstanding shares (without regard to
redemption of fractional shares) from 6,267,438 to approximately 4,200.
Fractional shares resulting from the reverse stock split, will be purchased by
the Company at a price of $2.17 per pre-split share.  There can be no assurance
that the reverse stock split will be approved by stockholders and, if approved,
there can be no assurance that the reverse stock split will be consummated.

In connection with announcing the proposed split, the Company also announced
its unaudited results of operations for the nine months ended September 25,
2004.  Net sales for the nine months ended September 25, 2004 were
approximately $68.9 million compared to approximately $62.2 million for the
nine months ended September 27, 2003.  Net loss was approximately $336,000
compared to a net loss of approximately $2.4 million for last year's comparable
period.  Net loss for the nine months ended September 25, 2004 per share was
$.05 compared to a net loss of $.39 per share for last year's comparable
period.

About Michael Anthony Jewelers

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)
                  (In thousands, except per share data)

                                         For the Nine Months Ended
                                  September 25, 2004  September 27, 2003

  Net sales                               $68,922         $62,169
  Gross profit on sales                    14,521          11,263
  Selling, general and
   administrative expenses                 13,452          13,799
  Other expense                             1,580           1,422
  Loss before taxes                         (505)         (3,958)
  Net loss                                 $(336)        $(2,447)
  Loss per share
  - basic and diluted                      $(.05)          $(.39)
  Weighted average number of
   shares outstanding
    - basic and diluted                     6,267           6,256



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:  Michael A. Paolercio, Treasurer of Michael Anthony Jewelers,

Inc., [phone], ext. 328



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

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