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F&M DISTRIBUTORS ANNOUNCES FIRST-QUARTER EARNINGS

 WARREN, Mich., May 18 /PRNewswire/ -- F&M Distributors, Inc. (NASDAQ: FMDD) announced today its earnings for the first quarter ended May 1, 1993.
 Earnings for the first quarter of fiscal 1994 were $1.4 million or $.14 per share, equal to prior-year earnings and pro forma earnings per share of $.14 last year. Earnings per share for the prior year are on a pro forma basis reflecting the public offering of the company's common stock on Sept. 24, 1992, and its conversion from an S corporation to a C corporation at that date for federal income tax purposes.
 Sales for the first quarter were $174.6 million, a decline of 1.4 percent from prior-year sales of $177.0 million. Adjusted for the extra day of sales in the prior year's quarter, sales were up 0.2 percent for the period.
 Frank Newman, chief executive officer, noted that severe weather conditions in the company's five major markets in February and March negatively affected sales for the first quarter.
 F&M Distributors currently operates 116 F&M deep discount superstores in 10 states, offering a wide selection of branded health and beauty aids, cosmetics and fragrances and household supplies at everyday low prices. In addition, the company operates two PartiGiant deep discount party supply superstores in Michigan.
 F&M DISTRIBUTORS, INC.
 CONDENSED STATEMENTS OF INCOME
 (Dollars in thousands, except share and per-share amounts)
 (Unaudited)
 First Quarter Ended
 May 1, 1993 May 2, 1992
 Financial Data:
 Net sales $174,575 $176,986
 Cost of sales and occupancy
 expenses 141,593 145,780
 Gross profit 32,982 31,206
 Percent of sales 18.9 pct. 17.6 pct.
 Selling, general and
 administrative expenses 28,174 27,052
 Percent of sales 16.1 pct. 15.3 pct.
 Operating income 4,808 4,154
 Percent of sales 2.8 pct. 2.3 pct.
 Interest expense, net (2,620) (2,150)
 Percent of sales (1.5) pct. (1.2) pct.
 Earnings before provision
 for income taxes 2,188 2,004
 Percent of sales 1.3 pct. 1.1 pct.
 Pro forma adjustments (A) --- 175
 Earnings before provision
 for income taxes (A) 2,188 2,179
 Percent of sales 1.3 pct. 1.2 pct.
 Provision for income taxes (A) 810 806
 Net income (A) $1,378 $1,373
 Net income per common share (A) $0.14 $0.14
 Weighted average common
 shares outstanding 9,619,310
 Selected Data:
 Beginning store count 118 108
 New store openings --- 4
 Ending store count 118 112
 Total selling square footage 2,348,487 2,184,318
 Capital expenditures, net $1,696 $3,278
 Depreciation and amortization $1,728 $1,697
 (A) The quarter ended May 2, 1992, reflects pro forma adjustments for a reduction in interest income and interest expense as a result of the company's initial public offering, income taxes at 37 percent and 9,619,310 shares of common stock outstanding.
 -0- 5/18/93
 /CONTACT: Laura Kendall, CFO/senior vice president, F&M Distributors, Inc., 313-758-1400, Ext. 251/
 (FMDD)


CO: F&M Distributors, Inc. ST: Michigan IN: REA SU: ERN

KE-JG -- DE014 -- 9751 05/18/93 12:06 EDT
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Publication:PR Newswire
Date:May 18, 1993
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