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AMRE, INC. ANNOUNCES RESULTS FOR THE TRANSITION PERIOD ENDED DECEMBER 31, 1991

 AMRE, INC. ANNOUNCES RESULTS FOR THE TRANSITION PERIOD
 ENDED DECEMBER 31, 1991
 DALLAS, March 17 /PRNewswire/ -- AMRE, Inc. (NYSE: AMM), a Dallas- based direct consumer marketer of home improvement products, today announced results for the two months and eight months ended Dec. 31, 1991. Reporting for this period is necessitated by the company's transition from an April 30 fiscal year end to a calendar year end.
 In prior years when the company reported on an April 30 fiscal year basis, the company's contract revenues and net income were lowest in the fiscal third quarter (Nov. 1 to Jan. 31) as a result of the holiday season and poor weather conditions. On a calendar year reporting basis, the company expects its financial results to be lowest in its first quarter (Jan. 1 to March 29). In addition, the company experienced a decline in lead flow late in 1991 resulting in a lack of available leads entering the first quarter of 1992. As a result, the company increased its advertising spending in early 1992 and is now experiencing a significant improvement in leads generated. However, the company still expects to report a loss for its first calendar quarter.
 -- Two Months Results
 For the two months ended Dec. 31, 1991, revenue increased 5.9 percent to $46.4 million from $43.8 million for the same two months last year. The company's interior division contributed $11.3 million in revenues, a 36.4 percent increase over $8.3 million for the two months a year ago. The exterior division's revenues decreased 1.3 percent to $35.0 million from $35.5 million for the same period last year.
 Income from operations for the two months grew to $5.4 million from the $5.0 million for the same period a year ago, an increase of 9.2 percent.
 Net income for the period was $2.4 million or $0.17 per share compared with net income of $3.2 million or $0.23 per share for the same two months a year ago. Net income for the period declined despite a 9.8 percent increase in pre-tax income due to an increase in the effective tax rate to 58 percent which resulted from the non-deductibility of certain expenses related to the previously announced pending settlement of claims and litigation against the company.
 -- Eight Months Results
 For the eight months ended Dec. 31, 1991, revenues increased 9.4 percent to $205.3 million from $187.7 million for the same period last year. The company's interior division contributed $44.7 million in revenues, a 33.7 percent increase over $33.4 million for the eight months a year ago. The exterior division's revenues increased 4.1 percent to $160.6 million from $154.2 million for the same period last year.
 Income from operations for the eight months grew to $18.1 million from $14.8 million for the same period a year ago, an increase of 22.3 percent.
 During this period the company expensed approximately $9.4 million for the previously announced pending settlement of class action litigation and claims against the company. The company also expensed $2.2 million associated with the company's corporate relocation from Irving, Texas to Dallas.
 As a result of these unusual items, the company reported net income for the period of $3.1 million or $0.22 per share compared with net income of $9.9 million or $0.71 per share for the same eight months a year ago. The after-tax impact of the pending settlement of claims and litigation and corporate relocation was a loss of $0.59 per share.
 At Dec. 31, 1991 AMRE had $31.4 million in cash and marketable securities compared with $35.2 million at April 30, 1991.
 Management believes AMRE is North America's largest direct sales and marketing company for siding, coating and kitchen cabinet refacing products.
 AMRE, INC.
 Condensed Statements of Operations
 (In thousands, except per share data)
 Two Months
 Periods ended 1991 1990
 Dec. 31 (unaudited) (unaudited)
 Contract revenues $ 46,355 $ 43,792
 Income from operations 5,440 4,980
 Net Income 2,447 3,228
 Net income per share $ 0.17 $ 0.23
 Weighted average shares outstanding 14,363 13,621
 Eight Months
 Periods ended 1991 (A) 1990
 Dec. 31 (unaudited)
 Contract revenues $ 205,260 $ 187,657
 Income from operations 18,098 14,804
 Net income 3,148 9,890
 Net income per share $ 0.22 $ 0.71
 Weighted average shares outstanding 14,094 13,872
 (A) Results include a net after-tax charge of $0.59 per share for expenses associated with the pending settlement of class-action litigation and claims against the company and the corporate relocation from Irving to Dallas.
 -0- 3/17/92
 /CONTACT: Michael Keane, director of investor relations of AMRE, Inc., 214-819-7000/
 (AMM) CO: AMRE, Inc. ST: Texas IN: SU: ERN


AH-XX -- NY097 -- 8999 03/17/92 18:50 EST
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Date:Mar 17, 1992
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