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FABRI-CENTERS ANNOUNCES FISCAL 1993 THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS

 FABRI-CENTERS ANNOUNCES FISCAL 1993 THIRD QUARTER
 AND NINE MONTH FINANCIAL RESULTS
 CLEVELAND, Nov. 11 /PRNewswire/ -- Fabri-Centers of America, Inc. (NYSE: FCA) today announced that quarterly net sales were up 33.2 percent to $160,443,000 from $120,494,000 in the same period a year ago. Comparable store sales increased 7.4 percent in the quarter.
 Third quarter income, before an extraordinary item, was $1,094,000, or $.11 per share, compared to $4,513,000, or $.47 per share, in the prior year. The company recorded an after-tax gain of $2,052,000, or $.22 per share, on the repurchase of approximately $18.0 million of its 6-1/4 percent convertible subordinated debentures which mature in 2002. Net income for the quarter, which includes the gain, was $3,146,000, or $.33 per share.
 For the first 39 weeks of fiscal 1993, net sales were $409,180,000, up 31.8 percent from $310,374,000 in the same period a year ago, with comparable-store sales up 6.3 percent. The nine month net loss inclusive of the extraordinary gain in the third quarter was $3,201,000, or $.33 per share, compared to net income of $5,556,000, or $.61 per share, a year ago.
 An increasingly competitive retailing environment, resulting in lower gross operating margins, and the costs associated with the aggressive conversion of smaller stores to larger superstores, contributed to the earnings decline in the third quarter. The competitive retailing environment, which has required aggressive pricing and promotional activity, is expected to continue into the fourth quarter and the accompanying lower profit margins are expected to cause earnings to be down from the prior year's fourth quarter record of $11,957,000, or $1.23 per share.
 The company is on track with its superstore conversion program, with the opening of 50 larger stores during the quarter and the closing of 35 smaller units. For the full year, Fabri-Centers expects to open approximately 175 superstores and close 130-140 of the smaller units.
 Fabri-Centers operates 697 fabric stores in 38 states, primarily under the name Jo-Ann Fabrics, and 33 Cargo Express housewares stores in Ohio, Michigan and Pennsylvania.
 FABRI-CENTERS OF AMERICA, INC.
 Consolidated Balance Sheet
 (Dollars in thousands)
 October 31, February 1,
 1992 1992
 (Unaudited) (Audited)
 ASSETS
 Current assets
 Cash $12,364 $8,573
 Merchandise inventories 262,880 191,889
 Prepaid expenses and other
 current assets 10,940 8,446
 Deferred income taxes 4,008 1,779
 Assets held for sale 9,730 10,053
 Total current assets 299,922 220,740
 Property and equipment, at cost
 Land 1,056 1,056
 Buildings 20,277 15,498
 Furniture and fixtures 66,641 53,774
 Leasehold improvements 26,979 18,281
 Subtotal 114,953 88,609
 Less accumulated depreciation
 and amortization 37,752 33,519
 Total 77,201 55,090
 Other assets 10,597 9,705
 Total assets $387,720 $285,535
 LIABILITIES AND SHAREHOLDERS'
 EQUITY
 Current liabilities
 Accounts payable $114,639 $81,393
 Accrued expenses 11,473 11,786
 Accrued income taxes 0 5,818
 Total current liabilities 126,112 98,997
 Long-term debt 61,000 40,100
 Convertible subordinated
 debentures 56,982 0
 Deferred income taxes 3,618 3,618
 Other long-term liabilities 201 297
 Shareholders' equity
 Common stock 969 962
 Additional paid-in capital 69,740 67,976
 Other capital (4,004) (3,606)
 Retained earnings 78,012 81,213
 Total 144,717 146,545
 Treasury stock, at cost (4,910) (4,022)
 Total shareholders' equity 139,807 142,523
 Total liabilities and
 shareholders' equity $387,720 $285,535
 FABRI-CENTERS OF AMERICA, INC.
 Condensed Consolidated Statements of Income (Unaudited)
 (Dollars in thousands except per share data)
 Thirteen Weeks Ended
 October 31, November 2,
 1992 1991
 Net Sales $160,443 $120,494
 Costs and expenses
 Cost of goods sold 92,854 66,439
 Selling, general and
 administrative expenses 63,928 46,320
 Interest expense, net 1,911 685
 Total 158,693 113,444
 Earnings before income taxes and
 extraordinary item 1,750 7,050
 Income taxes 656 2,537
 Earnings before extraordinary item 1,094 4,513
 Extraordinary item
 Gain on buyback of convertible
 subordinated debentures - net
 of taxes 2,052 0
 Net earnings $3,146 $4,513
 Earnings per common share
 Earnings before extraordinary
 item $0.11 $0.47
 Extraordinary item $0.22 0.00
 Net earnings $0.33 $0.47
 Average shares and equivalents
 outstanding 9,463,193 9,597,673
 Thirty-Nine Weeks Ended
 October 31, November 2,
 1992 1991
 Net Sales $409,180 $310,374
 Costs and expenses
 Cost of goods sold 236,030 171,350
 Selling, general and
 administrative expenses 176,992 127,468
 Interest expense, net 4,563 2,837
 Total 417,585 301,655
 Earnings/(loss) before income taxes
 and extraordinary item (8,405) 8,719
 Income taxes (3,152) 3,163
 Earnings/(loss) before
 extraordinary item (5,253) 5,556
 Extraordinary item
 Gain on buyback of convertible
 subordinated debentures - net
 of taxes 2,052 0
 Net earnings/(loss) $(3,201) $5,556
 Earnings per common share
 Earnings/(loss) before
 extraordinary item $(0.54) $0.61
 Extraordinary item $0.21 0.00
 Net earnings/(loss) $(0.33) $0.61
 Average shares and equivalents
 outstanding 9,684,796 9,032,588
 -0- 11/11/92
 /CONTACT: Robert Norton or Alan Rosskamm, both of Fabri-Centers of America, Inc., 216-656-2600/
 (FCA) CO: Fabri-Centers of America, Inc. ST: Ohio IN: REA SU: ERN


KK -- CL015 -- 9864 11/11/92 16:19 EST
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