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JAN BELL ANNOUNCES SECOND QUARTER RESULTS

 JAN BELL ANNOUNCES SECOND QUARTER RESULTS
 SUNRISE, Fla., Aug. 4 /PRNewswire/ -- Jan Bell Marketing, Inc.


(AMEX: JBM) today reported higher sales and earnings for the second quarter. Net sales were $60.7 million as compared to $40.6 million in the 1991 second period, reflecting a 49.5 percent increase. Net income increased 115 percent to $2.9 million as compared to $1.4 million in the second quarter 1991. Sales for the six months ended June 30 were $100.7 million as compared to $67.5 million during the same period a year ago.
 Earnings per share increased from $.06 per share in second quarter 1991 to $.12 per share with an increase of 3.3 million in weighted average shares
outstanding. Gross margins increased from 16.8 percent in the second quarter 1991 to 18.8 percent in the second quarter of 1992. SG&A expense as a percentage of sales rose from 10.5 percent a year ago to 11.9 percent in the current period.
 During the second quarter 1992, the company changed its accounting method for valuing its gem jewelry related merchandise from the LIFO method to the FIFO method. The effect of the change of the change on net income for the quarter and six months ended June 30, 1991 was to decrease net income by $62,000 and $125,000, respectively. The effect on 1992 was also insignificant.
 JAN BELL MARKETING, INC.
 Consolidated Balance Sheet
 6/30/92 12/31/91
 (unaudited)
 Current Assets:
 Cash and cash equivalents $8,993,000 $17,378,000
 Accounts receivable, net 28,663,000 37,223,000
 Inventories 115,006,000 102,391,000
 Other current assets 8,045,000 4,448,000
 Total 160,707,000 161,440,000
 Customer deposit 17,822,000 17,822,000
 Excess of cost over fair value
 of net assets acquired 30,360,000 30,898,000
 Other non-current assets 20,094,000 18,673,000
 Total 228,983,000 228,833,000
 Liabilities And
 Stockholders Equity
 Current Liabilities:
 Accounts payable 7,523,000 11,522,000
 Deferred income taxes 4,328,000 4,328,000
 Other current liabilities 1,349,000 4,736,000
 Total 13,200,000 20,586,000
 Stockholders' equity 215,783,000 208,247,000
 Total 228,983,000 228,833,000
 JAN BELL MARKETING, INC.
 Consolidated Statement of Income
 Three months ended June 30, 1992 1991
 Net sales $60,736,000 $40,616,000
 Cost of sales 49,319,000 33,782,000
 Gross profit 11,417,000 6,834,000
 Interest/other income 123,000 941,000
 Total 11,540,000 7,775,000
 S,G&A expenses 7,203,000 4,274,000
 Interest expense 36,000 763,000
 Income before income
 taxes and minority
 interest 4,301,000 2,738,000
 Income taxes 1,375,000 820,000
 Minority interest in
 consolidated joint
 venture -- 557,000
 Net income 2,926,000 1,361,000
 Net income per common share $.12 $.06
 Weighted average shares
 outstanding 25,069,835 21,736,026
 Note: The company's consolidated financial statements of prior periods have been restated to retroactivity apply the change in accounting method for valuing the company's gem jewelry related merchandise from the LIFO method to
the FIFO method. The effect of the change for the three months ended June 30, 1991 was to decrease net income by $62,000 ($.01 per share). The effect on 1992 was also insignificant.
 JAN BELL MARKETING, INC.
 Consolidated Statement of Income
 (unaudited)
 Six months ended June 30, 1992 1991
 Net sales $100,746,000 $67,525,000
 Cost of sales 81,856,000 56,498,000
 Gross profit 18,890,000 11,027,000
 Interest/other income 322,000 2,221,000
 Total 19,212,000 13,248,000
 SG&A expenses 12,900,000 7,868,000
 Interest expense 58,000 1,340,000
 Income before income
 taxes and minority
 interest 6,254,000 4,040,000
 Income taxes 1,929,000 1,250,000
 Minority interest in
 consolidated joint
 venture -- 718,000
 Net income 4,325,000 2,072,000
 Net income per common share $0.17 $.10
 Weighted average shares
 outstanding 24,975,477 21,780,788
 Note: The company's consolidated financial statements of prior periods have been restated to retroactivity apply the change in accounting method for valuing the company's gem jewelry related merchandise from the LIFO method to
the FIFO method. The effect of the change for the six months ended June 30, 1991 was to decrease net income by $125,000 (no change in per share amount). The effect on 1992 was also insignificant.
 -0- 8/4/92
 /CONTACT: Rosemary B. Trudeau, vice president-finance of Jan Bell Marketing, 305-846-2798; or Cindy Knoebel, 212-661-8030, or Kathy Brunson, 312-266-7800, both of the Financial Relations Board, for Jan Bell Marketing/
 (JBM) CO: Jan Bell Marketing, Inc. ST: Florida IN: HOU SU: ERN


AH-SM -- NY062 -- 6863 08/04/92 17:56 EDT
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