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BAREFOOT INC. REPORTS SECOND-QUARTER RESULTS: REVENUES UP 21 PERCENT; NET INCOME UP 47 PERCENT

 BAREFOOT INC. REPORTS SECOND-QUARTER RESULTS:
 REVENUES UP 21 PERCENT; NET INCOME UP 47 PERCENT
 WORTHINGTON, Ohio, Oct. 28 /PRNewswire/ -- Barefoot Inc. (NASDAQ-NMS: BARE) today reported higher earnings for its fiscal second quarter ended Sept. 30, 1992. Net income for the quarter was $7,294,000, up 47 percent over the prior year's second-quarter net income of $4,956,000. For the first six months of fiscal 1993, net income was $13,759,000, up 43 percent over the prior-year period's net income of $9,602,000.
 Revenues for the second quarter rose 21 percent to $17,334,000 from $14,358,000 in the prior year. Earnings before interest and taxes rose 22 percent to $7,614,000 in the current quarter from $6,242,000 in the prior-year second quarter. Interest expense declined to $321,000 from $1,286,000 due to lower debt balances in the current period.
 For the first six months of fiscal 1993, revenues increased 20 percent to $34,495,000 from the prior-year period's $28,800,000. Earnings before interest and taxes increased 18 percent to $14,491,000, up from $12,263,000 in the prior-year period. Interest expense declined to $732,000 from $2,661,000.
 Net income for the three-month and six-month periods ended Sept. 30, 1992, are after an extraordinary credit for the utilization of tax loss carryforwards which offset completely the income tax provisions for the periods. In the prior-year periods, no income tax expense was recorded due to tax losses incurred in the year ended March 31, 1992. Thus, in all periods presented net income is untaxed and therefore the relevant comparison.
 Earnings per share for the three months ended Sept. 30, 1992, and 1991, were $.94 for both periods even though the current quarter's per- share result was affected by the higher average shares outstanding which increased 49 percent to 7,799,000 shares in the 1993 second quarter, up from 5,246,000 shares in the fiscal 1992 second quarter. For the first six months, per-share earnings were $1.76 compared to the prior year's $1.83. This was also the result of significantly more average shares outstanding.
 The company's strong earnings have generated significant free cash flow. In August 1992, Barefoot used a portion of this available cash to repay $4 million of its Subordinated Notes. Since the initial public offering of its stock in October 1991, Barefoot has repaid $12,300,000 of the Subordinated Notes and all senior bank indebtedness, totaling nearly $20 million. Barefoot also reported that total Shareholders' Equity was $6,693,000 at Sept. 30, 1992, compared to a deficit of $5,575,000 as of its fiscal year ended March 31, 1992.
 Chief Financial Officer Michael R. Goodrich said that "better growing conditions in 1992 vs. 1991's drought conditions combined with excellent productivity by our employees and our continuing success in assimilating recent acquisitions have produced these strong results."
 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 68 metropolitan markets, primarily in the central and eastern United States. Of these markets, 28 are served by company-owned branches, 31 by franchises and nine by franchises which are managed by the company under management agreements.
 The company's shares are traded on the NASDAQ National Market System under the symbol BARE.
 BAREFOOT INC.
 INCOME STATEMENT
 (In Thousands except per share data)
 (Unaudited)
 THREE MONTHS ENDED
 SEPTEMBER 30,
 1992 1991
 REVENUES:
 Customer service revenues $16,640 $13,635
 Franchise fees and royalty income 694 723
 Total revenues $17,334 $14,358
 COSTS AND EXPENSES:
 Costs of services provided 5,321 4,383
 General and administrative 2,866 2,300
 Marketing 1,377 1,224
 Amortization of intangibles 155 209
 Total costs and expenses 9,719 8,116
 INCOME BEFORE INTEREST, INCOME TAXES
 AND EXTRAORDINARY ITEMS 7,615 6,242
 Interest expense 321 1,286
 INCOME BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS 7,294 4,956
 Income taxes (1,823) --
 INCOME BEFORE EXTRAORDINARY ITEMS 5,471 4,956
 EXTRAORDINARY ITEMS - BENEFIT OF TAX
 LOSS CARRY FORWARDS 1,823 --
 NET INCOME $7,294 $4,956
 EARNINGS PER SHARE:
 Income before extraordinary items $ .70 $ .94
 Extraordinary items .24 --
 Net income $ .94 $ .94
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,799 5,246
 SIX MONTHS ENDED
 SEPTEMBER 30,
 1992 1991
 REVENUES:
 Customer service revenues $33,133 $27,405
 Franchise fees and royalty income 1,362 1,395
 Total revenues $34,495 $28,800
 COSTS AND EXPENSES:
 Costs of services provided 11,380 9,377
 General and administrative 5,803 4,588
 Marketing 2,511 2,154
 Amortization of intangibles 310 418
 Total costs and expenses 20,004 16,537
 INCOME BEFORE INTEREST, INCOME TAXES
 AND EXTRAORDINARY ITEMS 14,491 12,263
 Interest expense 732 2,661
 INCOME BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS 13,759 9,602
 Income taxes (3,439) --
 INCOME BEFORE EXTRAORDINARY ITEMS 10,320 9,602
 EXTRAORDINARY ITEMS - BENEFIT OF TAX
 LOSS CARRY FORWARDS 3,439 --
 NET INCOME $13,759 $9,602
 EARNINGS PER SHARE:
 Income before extraordinary items $ 1.32 $ 1.83
 Extraordinary items .44 --
 Net income $ 1.76 $ 1.83
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,805 5,246
 -0- 10/28/92
 /CONTACT: Michael R. Goodrich, chief financial officer, Barefoot Inc., 614-846-1800/
 (BARE) CO: Barefoot Inc. ST: Ohio IN: SU: ERN


BM -- CL002 -- 5807 10/28/92 09:09 EST
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