CARSON, Calif.--Beach Patrol Inc. said it has postponed its planned initial public offering due to weak market conditions.
Brian Zientek, president of the swimwear manufacturer, said, "While Beach Patrol has enjoyed record earnings and record sales in fiscal 1994, the stock market is too tumultuous now, and we feel that we can achieve greater value for our shareholders by waiting until the market gets stronger and more stable."
The company, which filed a registration statement with the Securities and Exchange Commission in June, had planned to raise $9.9 million from the sale of one million shares. Two stockholders--Zientek and company chairman Ronald N. Stern--planned to sell another one million shares. Zientek planned to sell 60,000 shares, and Stern, 940,000 shares, through Westland Apparel Group Ltd., of which Stern is chairman and president.
In the nine months ended March 31, Beach Patrol had sales of $33.7 million and net earnings of $2.3 million. Its brand names include Daffy Waterwear, Tango Rose, Rebel Beach, Baja Blue, Swim Systems and Amber Bay.
--Fairchild News Service

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