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CLUB MED REPORTS RESULTS

 CLUB MED REPORTS RESULTS
 NEW YORK, Jan. 14 /PRNewswire/ -- Club Med, Inc. (NYSE: CMI)


presently owns, operates and/or manages 25 vacation resorts, five villas (inns), and one cruise ship (the latter in conjunction with Club Mediterranee S.A.) in the United States, Mexico, the Caribbean, Asia, the South Pacific and Indian Ocean Basin.
 For the travel/vacation industry in general, 1991 was significantly affected by external events. The conflict in the Persian Gulf deeply impacted international travel, and the recession magnified this effect in 1991. Although cost and expenses also have been negatively impacted by inflation and foreign currency fluctuations, the company, in spite of these adverse conditions, reported a positive result, and demonstrated once again its strength in the travel/vacation industry.
 The company today reported net income of $30,250,000 for the fiscal year ended Oct. 31, 1991, compared with $38,054,000 in 1990, a decrease of 21 percent. Net cash flow (net income plus depreciation and amortization) was $50,614,000 compared with $57,264,000 last year, a decrease of 12 percent. Revenues of $518,710,000 are less than 1 percent lower than last year.
 CLUB MED, INC.
 Consolidated Statement of Income
 (In thousands of U.S. dollars, except share data)
 12 Months Ended Oct. 31 1991 1990 Pct. Change
 Revenues $518,710 $523,169 (1)
 Cost of revenues 351,748 347,494 1
 Gross operating profit 166,962 175,675 (5)
 Selling, gen. & admin. exps. 114,279 122,201 (6)
 Depreciation & amortization 20,364 19,210 6
 Operating income 32,319 34,264 (6)
 Interest (exp.) income, net (44) 362 --
 Foreign currency exchange
 (loss) gain, net (448) 4,471 --
 Income before income taxes 31,827 39,097 (19)
 Provision for income taxes 1,577 1,043 51
 Net income 30,250 38,054 (21)
 Net income per share $2.13 $2.69 (21)
 Avg. no. of com. shrs.
 outstanding 14,181,000 14,133,000
 Fourth Quarter Ended Oct. 31 1991 1990 Pct. Change
 Revenues $113,532 $117,684 (4)
 Cost of revenues 81,855 82,846 (1)
 Gross operating profit 31,677 34,838 (9)
 Selling, gen. & admin. exps. 25,703 27,352 (6)
 Depreciation & amortization 4,914 5,094 (4)
 Operating income 1,060 2,392 (56)
 Interest income, net 41 24 71
 Foreign currency exchange
 gain, net 1,466 2,948 (50)
 Income before income taxes 2,567 5,364 (52)
 Provision for income taxes 199 (460) --
 Net income 2,368 5,824 (59)
 Net income per share $0.17 $0.41 (59)
 Avg. no. of com. shrs.
 outstanding 14,192,000 14,165,000
 -0- 1/14/92
 /CONTACT: Joseph J. Townsend, secretary and treasurer of Club Med, 212-977-2150/
 (CMI) CO: Club Med, Inc. ST: New York IN: LEI SU: ERN FC-PS -- NY073 -- 9786 01/14/92 18:03 EST
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Date:Jan 14, 1992
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