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BAREFOOT REPORTS NET INCOME UP 51 PERCENT IN 1992 FISCAL YEAR

 BAREFOOT REPORTS NET INCOME UP 51 PERCENT IN 1992 FISCAL YEAR
 WORTHINGTON, Ohio, May 21 /PRNewswire/ -- Barefoot Inc. (NASDAQ-NMS: BARE) today reported that income before extraordinary items for the fiscal year ended March 31, 1992, increased 75 percent to $7,845,000 from $4,485,000 in fiscal 1991. After an extraordinary charge of $1,084,000 from the early repayment of debt in the 1992 third quarter, net income was $6,761,000, up 51 percent from $4,485,000 in the 1991 fiscal year. Earnings per share after extraordinary charges were $1.06 in fiscal 1992, based on 6,374,000 weighted average shares outstanding, up 23 percent from 86 cents in 1991, based on 5,201,000 shares outstanding.
 Total revenues increased 11 percent to $41,095,000 in fiscal 1992 from $36,920,000 in 1991.
 Barefoot Inc. completed an initial public offering of its common stock in October 1991 and approximately $28 million of the net proceeds was used to retire debt. Interest expense declined by $2,353,000 in fiscal 1992, primarily as a result of this debt paydown.
 For the fourth fiscal quarter ended March 31, 1992, Barefoot Inc. recorded a loss of $3,107,000, or 43 cents per share, compared to a loss of $3,167,000, or 73 cents per share, a year earlier. There were 7,189,000 shares outstanding in the 1992 quarter, compared with 4,339,000 in the 1991 period. Revenues were flat at $4,038,000 versus $4,020,000.
 The company said it typically incurs losses in the fourth quarter due to the seasonal decline in revenues in the winter months.
 Chief Financial Officer Michael R. Goodrich said results for the 1992 fiscal year were in line with projections. He noted, however, that cold, snow and icy conditions throughout the Midwest disrupted treatment scheduling and adversely affected productivity in the 1992 fourth fiscal quarter. In addition, acquisitions in northeast Ohio in January 1992 added to operating expenses but contributed little in revenue during the fourth quarter due to the seasonality.
 "The results of our acquisitions and growth," Goodrich said, "will have a positive effect on the first and second quarters in fiscal 1993. As of April 30, 1992, total system-wide customers have grown to 315,000 from 280,000 a year earlier."
 Headquartered in Worthington, Ohio, 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 67 metropolitan markets, primarily in the Central and Eastern United States. Of these markets, 27 are served by company-owned branches, 31 by franchises and 9 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 12 months
 March 31 1992 1991 1992 1991
 Revenues:
 Net service revenues $3,825 $3,827 $38,747 $34,965
 Franchise fees and
 royalty income 213 193 2,348 1,955
 Total revenues 4,038 4,020 41,095 36,920
 Costs and expenses:
 Costs of services provided 4,050 3,485 16,701 14,942
 General and administrative 2,395 1,957 9,398 8,326
 Marketing 167 148 2,971 2,498
 Amortization of intangibles 137 196 722 858
 Total costs and expenses 6,749 5,786 29,792 26,624
 Income (loss) before
 interest, taxes &
 extraordinary items (2,711) (1,766) 11,303 10,296
 Interest expense 396 1,401 3,458 5,811
 Income (loss) before
 extraordinary items (3,107) (3,167) 7,845 4,485
 Extraordinary expense -- -- (1,084) --
 Net income (loss) (3,107) (3,167) 6,761 4,485
 Per share data:
 Income (loss) before
 extraordinary items (.43) (.73) 1.23 .86
 Extraordinary expense -- -- (.17) --
 Net income (loss) (.43) (.73) 1.06 .86
 Weighted average common
 shares 7,189 4,339 6,374 5,201
 NOTE: Results for all reporting periods do not include a provision for income taxes as a result of tax losses
 -0- 5/21/92
 /CONTACT: Michael R. Goodrich, chief financial officer of Barefoot, 614-846-1800/
 (BARE) CO: Barefoot Inc. ST: Ohio IN: SU: ERN


SM-OS -- NY029 -- 2735 05/21/92 10:50 EDT
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Date:May 21, 1992
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