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CROWLEY, MILNER AND COMPANY REPORTS RESULTS

 DETROIT, April 2 /PRNewswire/ -- Dennis Callahan, Crowley, Milner and Company (AMEX: COM) president and chief executive officer, today announced Crowley's first quarterly profit in three years. Net earnings of $430,918, or $.85 per share, was recorded for the quarter ended Jan. 30, 1993, compared to a net loss of $236,563, or $.46 per share, for the fourth quarter last year. Sales for the quarter were $33,574,345, an increase of less than 1 percent, from the $33,370,268 recorded last year. Callahan attributed the performance to a 13.6-percent reduction in operating expenses.
 For the year ended Jan. 30, 1993, a net loss was recorded of $2,047,015, or $4.02 per share, compared with a net loss of $2,615,236, or $5.14 per share, for the year ended Feb. 1, 1992. Sales for the year increased 2.4 percent to $106,349,328 from $103,905,801 last year.
 Callahan stated the company is presently engaged in discussions with a number of financing sources, including several local banks with the objective of renegotiating and expanding its credit facilities. It is anticipated that these discussions will be completed by the end of April.
 CROWLEY, MILNER AND COMPANY
 Fourth Quarter Ended: Jan. 30, 1993 Feb. 1, 1992
 Net sales $33,574,345 $33,370,268
 Earnings (loss) 430,918 (236,563)
 Earnings (loss) per share $.85 ($.46)
 Fiscal Year Ended: Jan. 30, 1993 Feb. 1, 1992
 Net sales $106,349,328 $103,905,801
 Earnings (loss) (2,047,015) (2,615,236)
 Earnings (loss) per share ($4.02) ($5.14)
 -0- 4/2/93
 /CONTACT: Mark A. VandenBerg of Crowley, Milner and Company, 313-962-2636/
 (COM)


CO: Crowley, Milner and Company ST: Michigan IN: REA SU: ERN

SM-KE -- DE026 -- 2733 04/02/93 18:55 EST
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Publication:PR Newswire
Date:Apr 2, 1993
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