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HEILIG-MEYERS COMPANY ANNOUNCES REVENUES AND EARNINGS

 HEILIG-MEYERS COMPANY ANNOUNCES REVENUES AND EARNINGS
 RICHMOND, Va., Sept. 17 /PRNewswire/ -- Heilig-Meyers Company


(NYSE: HMY), the Richmond-based home furnishing retailer, today announced record revenues and earnings for the second quarter ended Aug. 31, 1992. Earnings from operations rose 33.1 percent to $7,939,000 from $5,964,000 in the prior year. Earnings per share increased 29.0 percent to $.40 from $.31 for the quarter ended Aug. 31, 1991. Total revenues for the quarter rose 28.4 percent to $152.5 million from $118.8 million in the prior year.
 For the six months ended Aug. 31, 1992, earnings from operations increased by 37.8 percent to $18,465,000 from $13,397,000 in the prior year. Earnings per share increased to $.92 from $.75 for the six months ended Aug. 31, 1991. Revenues for the six months rose 24.7 percent to $303.4 million from $243.3 million in the prior year.
 Troy A. Peery, Jr., President and Chief Operating Officer, stated that these record earnings were favorably impacted by an 11 percent same store sales increase for the quarter. He added that these results highlight the continuing success of the Company's strategy of locating in small towns, providing in-house credit programs and stressing excellence in customer service.
 William C. DeRusha, Chairman and Chief Executive Officer, commented that the Company continued to position itself for future growth through enhancements to its distribution network. During the quarter, the Company completed its fifth distribution center in Thomasville, Georgia and began construction of its sixth facility in Moberly, Missouri. The Thomasville center commenced operation on Sept. 2, 1992, and the Moberly center is expected to be completed in the fall of 1993.
 As of Aug. 31, 1992, the Company operated 389 stores in 15 states.
 HEILIG-MEYERS COMPANY
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Amounts in thousands except per share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 August 31, August 31,
 1992 1991 1992 1991
 Revenues:
 Sales $127,500 $ 99,647 $253,579 $204,752
 Other income 24,975 19,122 49,844 38,554
 Total revenues 152,475 118,769 303,423 243,306
 Costs and Expenses:
 Costs of sales 82,875 64,000 161,925 128,850
 Selling, general and
 administrative 45,773 35,833 90,822 73,436
 Interest 5,794 5,377 10,928 11,381
 Provision for doubtful
 accounts 5,610 4,384 11,031 8,904
 Total costs and
 expenses 140,052 109,594 274,706 222,571
 Earnings before
 provision for income
 taxes 12,423 9,175 28,717 20,735
 Provision for income
 taxes 4,484 3,211 10,252 7,338
 Net earnings $ 7,939 $ 5,964 $ 18,465 $ 13,397
 Net earnings per
 share of common
 stock:
 Primary and fully
 diluted $ .40 $ .31 $ .92 $ .75
 Cash dividends per
 share of common
 stock $ .09 $ .08 $ .18 $ .16
 CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands except par value data)
 August 31, February 29,
 1992 1992
 (Unaudited)
 ASSETS
 Current assets:
 Cash $ 3,471 $ 2,813
 Accounts receivable, net 356,362 315,949
 Other receivables 13,950 15,938
 Inventories 130,461 119,803
 Other 16,284 15,860
 Total current assets 520,528 470,363
 Property and equipment, net 112,662 107,954
 Other assets 45,660 39,276
 $678,850 $617,593
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $ 85,300 $ 28,500
 Long-term debt due within one year 15,771 13,586
 Accounts payable 43,529 40,578
 Accrued expenses 32,884 37,669
 Total current liabilities 177,484 120,333
 Long-term debt 210,866 226,112
 Deferred income taxes 7,222 7,216
 Commitments -- --
 Stockholders' equity:
 Preferred stock, $10 par value -- --
 Common stock, $2 par value 39,046 38,652
 Capital in excess of par value 87,941 83,942
 Retained earnings 156,291 141,338
 Total stockholders' equity 283,278 263,932
 $678,850 $617,593
 -0- 9/17/92
 /CONTACT: Roy Goodman, Heilig-Meyers Company, 804-359-9171/
 (HMY) CO: Heilig-Meyers ST: Virginia IN: REA SU: ERN


MM-CM -- CH004 -- 0506 09/17/92 09:53 EDT
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Date:Sep 17, 1992
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