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BAREFOOT INC. REPORTS HIGHER INCOME AND REVENUES FOR THIRD QUARTER AND NINE MONTHS

                BAREFOOT INC. REPORTS HIGHER INCOME AND
               REVENUES FOR THIRD QUARTER AND NINE MONTHS
    WORTHINGTON, Ohio, Feb. 4 /PRNewswire/-- Barefoot Inc. (NASDAQ-NMS: BARE) today reported that income before extraordinary items for the third quarter ended Dec. 31, 1991, was up approximately $1,100,000 over the year earlier period.
    Income before extraordinary items for the fiscal 1992 third quarter was $1,351,000, or 19 cents per share, up from $256,000, or 5 cents per share, in the quarter ended Dec. 31, 1990.  Revenues for the fiscal 1992 period were $8,257,000, an increase of 4 percent over $7,971,000.  Net income after extraordinary items for the 1992 quarter was $267,000, or 4 cents per share, on 7,209,000 weighted average common shares, compared with $256,000 or 5 cents per share, on 5,296,000 weighted average common shares.
    For the nine months ended Dec. 31, 1991, income before extraordinary items rose 43 percent to $10,952,000, or $1.86 per share, from $7,653,000, or $1.45 per share, for the prior year period.  Total revenues rose 13 percent to $37,057,000 from $32,900,000.  Net income after extraordinary items for the fiscal 1992 nine months was up 29 percent to $9,868,000, or $1.67 per share, from $7,653,000, or $1.45 per share.
    Barefoot Inc. completed an initial public offering on Oct. 23, 1991, and proceeds were used to pay down debt.  The expenses reflected as extraordinary items totaled $1,084,000, or 15 cents per share, in the fiscal 1992 third quarter (19 cents per share in the nine months) were prepayment fees paid to former lenders and the write-off of the remaining unamortized balance of deferred loan costs.
    Chief Financial Officer  Michael R. Goodrich said, "The extraordinary expenses related to the early retirement of debt were expected and were in line with estimates made at the time of the company's initial public offering."
    He said third quarter results benefited from reduced interest expense resulting from lower debt as well as a smaller non-recurring benefit from an early subordinated debt payment.  He noted that year-to- date results also showed improvement as operating profit (income before interest, taxes, and extraordinary items) increased $1,950,000 (16.2 percent), and improved from 36.7 percent of total revenues at Dec. 31, 1990, to 37.8 percent of total revenues at Dec. 31, 1991.
    Barefoot Inc. announced in January that it had completed the acquisition of lawn care businesses located in Cleveland, Wooster, Akron and Canton, Ohio, effective Jan. 3, 1992.  At that time the company also announced it intended to complete the acquisition of four "branchises," Barefoot-managed franchises, on March 1, 1992.
    Headquartered in Worthington, Barefoot Inc. is one of the nation's leading professional lawn care service companies.  Operating through its wholly-owned subsidiary, Barefoot Grass Lawn Service, Inc., it provides residential lawn care services through periodic applications of fertilizer and control products in 63 metropolitan markets, primarily in the Central and Eastern United States.  Of these markets, 24 are served by company-owned branches, 29 by franchises and 10 by franchises which are managed by the company under management agreements.
                             BAREFOOT INC.
                            INCOME STATEMENT
                  (In thousands except per share data)
                              (Unaudited)
    Period ended                    Three months         Nine months
     Dec. 31                       1991      1990       1991      1990
    REVENUES:
    Net service revenues          $7,517    $7,429     $34,922   $31,138
    Franchise fees and
    royalty income                   740       542       2,135     1,762
    Total Revenues                $8,257    $7,971     $37,057  $32,900
    COSTS AND EXPENSES:
    Costs of services provided    $3,274    $3,084     $12,651  $11,456
    General and Administrative     2,414     2,404       7,002    6,368
    Marketing                        650       597       2,804    2,350
    Amortization of intangibles      167       220         586      663
    Total Costs and Expenses      $6,505    $6,305     $23,043  $20,837
    INCOME BEFORE INTEREST,
    TAXES & EXTRAORDINARY
    ITEMS                          1,752     1,666      14,014   12,063
    Interest Expense                 401     1,410       3,062    4,410
    INCOME BEFORE EXTRA-
    ORDINARY ITEMS                 1,351       256      10,952   7,653
    Extraordinary Items            1,084        -        1,084      -
    NET INCOME                    $  267     $  256    $ 9,868 $ 7,653
    PER SHARE DATA:
    Income Before Extraordinary
    Items                         $   .19     $ .05     $  1.86  $ 1.45
    Extraordinary Items               .15        -          .19      -
    NET INCOME                    $   .04     $ .05     $  1.67  $ 1.45
    WEIGHTED AVERAGE
    COMMON SHARES                   7,209     5,296       5,903   5,296
    -0-       2/4/92
    /CONTACT: Michael R. Goodrich, chief financial officer of Barefoot Inc., 614-846-1800/
    (BARE) CO:  Barefoot Inc. ST:  Ohio IN:  HOU SU:  ERN SH-AH -- NY025 -- 6668 02/04/92 12:01 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 4, 1992
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