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., +1-914-699-0000, ext. 328 Web site: http://www.michaelanthony.com/

Copyright