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FILENE'S BASEMENT REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS

FILENE'S BASEMENT REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS
 WELLESLEY, Mass., Aug. 13 /PRNewswire/ -- Filene's Basement Corp. (NASDAQ: BSMT) reported sales and earnings today for the second quarter ended Aug. 1, 1992. Total sales increased 12 percent to $107.6 million from $96.4 million reported in the second quarter last year. Income before extraordinary items for the second quarter of 1992 was $1.9 million or 9 cents per share on 21.4 million average shares outstanding as compared to $2.2 million or 11 cents per share on 20.7 million average shares outstanding during the same quarter last year. An extraordinary charge of $1.1 million was incurred during the second quarter of last year representing costs associated with the repayment of the company's $35.0 million term loan and the repurchase of $7.4 million of its subordinated debentures. Net income for the second quarter was $1.9 million or 9 cents per share compared to $1.2 million or 6 cents per share. Same-store sales were down 2 percent for the quarter.
 For the six months, total sales increased 11 percent to $218.6 million from $196.3 million during the same period last year. Earnings before extraordinary items were up 14 percent to $5.7 million or 27 cents per share compared to $5.0 million or 26 cents per share for the prior-year six-month period. Reflecting last year's extraordinary charge of $1.1 million associated with debt extinguishment, net income for the six-month period was $5.7 million or 27 cents per share compared to $4.0 million or 20 cents per share for the same period last year. Same-store sales for the six-month period were down 2 percent.
 Filene's Basement Corp. operates specialty stores which offer focused, quality-branded assortments of men's and women's apparel at discount prices. The company operates 41 stores, primarily in the Northeast corridor and in the greater metropolitan Chicago market.
 FILENE'S BASEMENT CORP.
 Second Quarter Report
 Aug. 1, 1992
 The following are Filene's Basement's unaudited results for the second quarter of fiscal year 1992, as compared to the second quarter of fiscal year 1991:
 13 Weeks Ended
 (in thousands except per share data)
 Aug. 1 Aug. 3
 1992 1991 Percent
 Net sales $107,608 $96,447 12
 Income Before Income Taxes
 and Extraordinary Item 3,063 3,696 -17
 Extraordinary Item:
 Debt Extinguishment, Net of Tax --- (1,058) ---
 Net Income 1,905 1,158 65
 Earnings Per Share:
 Income Per Common Share Before
 Extraordinary Item 9 cents 11 cents
 Net Income Per Common Share 9 cents 6 cents
 Weighted Average Shares
 Outstanding 21,385 20,708
 The following are Filene's Basement's unaudited results for the 26 weeks ended Aug. 1, 1992, as compared to the same period in fiscal year 1991:
 26 Weeks Ended
 Aug. 1 Aug. 3
 1992 1991 Percent
 Net Sales $218,587 $196,330 11
 Income Before Income Taxes and
 Extraordinary Item 9,319 8,354 12
 Extraordinary Item:
 Debt Extinguishment, Net of Tax --- (1,058) ---
 Net Income 5,734 3,979 44
 Earnings Per Share:
 Income Per Common Share Before
 Extraordinary Item 27 cents 26 cents
 Net Income Per Common Share 27 cents 20 cents
 Weighted Average Shares
 Outstanding 21,543 18,447
 FILENE'S BASEMENT CORP.
 CONSOLIDATED BALANCE SHEETS
 (dollars in thousands)
 8/1/92 2/1/92 8/3/91
 (unaudited) (unaudited)
 ASSETS:
 Current assets:
 Cash and cash equivalents $3,212 $7,569 $1,398
 Inventories 110,339 101,320 84,764
 Other current assets 6,611 5,583 4,841
 Deferred income taxes 5,863 5,636 4,909
 Total current assets 126,025 120,108 95,912
 Property, plant and
 equipment, net 50,458 44,700 38,391
 Beneficial operating lease
 rights, net 20,723 21,380 22,146
 Intangible assets, net 1,806 2,537 3,416
 Other 2,500 -- --
 Total assets $201,512 $188,725 $159,865
 LIABILITIES & STOCKHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable 50,209 42,616 38,406
 Accrued expenses 20,115 21,199 17,097
 Obligations under capital
 leases, due within one year 374 445 386
 Total current liabilities 70,698 64,260 55,889
 Long-term debt 30,808 30,933 36,713
 Stockholders' equity 100,006 93,532 67,263
 Total liabilities and
 stockholders' equity $201,512 $188,725 $159,865
 -0- 8/13/92
 /CONTACT: Jim Anathan, president of Filene's Basement, 617-348-7042/
 (BSMT) CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN


CH -- NE011 -- 9737 08/13/92 14:53 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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