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LESLIE'S POOLMART REPORTS 1992 YEAR-END RESULTS

 CHATSWORTH, Calif., March 8 /PRNewswire/ -- Leslie's Poolmart (NASDAQ: LESL) today announced results for the year and the fourth quarter ended Dec. 31, 1992.
 Sales for 1992 grew 16.6 percent to a record $96,337,000 from $82,602,000 a year ago. Operating income declined 14.3 percent to $4,356,000 from $5,081,000 in 1991. Net income climbed to $2,146,000, or $.37 per share, from $983,000, or $.19 per share, in 1991.
 The decline in 1992 operating income was primarily the result of lower-than-expected sales associated with the summer of 1992 being the coldest in 77 years; in addition, operating income was affected by aggressive advertising, mark-downs taken to stimulate end-of- season sales.
 In 1991, the company incurred a non-recurring, non-cash charge of $1,777,000, or $.21 per share, related to the 1988 acquisition of the company. The 1992 results also reflect a 12 percent increase in the number of weighted average shares outstanding.
 For the 1992 fourth quarter, sales increased 20.7 percent to $11,716,000 from $9,709,000 last year, and Leslie's again reported losses typical for this period. The company incurred an operating loss of $2,700,000 and a net loss of $1,728,000, or $.30 per share, compared with an operating loss of $2,043,000 and a net loss of $1,233,000, or $.21 per share, in the same 1991 period.
 Brian P. McDermott, president and chief executive officer, attributed a substantial percentage of Leslie's 1992 sales gain to the contribution of 42 new retail stores opened or acquired during the year. He noted that, compared with 1991, the company's same- store sales increased 2.4 percent.
 McDermott said, "For the 29th consecutive year, we have achieved record sales, significantly outpacing our industry. During the year, we grew from 102 stores in 23 states to 144 stores in 26 states. With the acquisition of Sandy's Pool Supply, a major competitor, we expanded our market share in key regions and added some 500,000 new names to our mailing list, making it clearly the definitive such list in the industry. Also in 1992, we expanded dramatically our commercial pool supplies operation; sales from that segment grew 73 percent. Our expansion in 1993 will include 15 new stores, a continued push on the commercial market and the integration of the 14 Sandy's stores into our chain."
 Founded in 1963, Leslie's Poolmart is the country's leading specialty retailer of swimming pool supplies and related products. The company currently markets its products through 144 retail stores in 26 states and a nationwide mail-order catalog.
 LESLIE'S POOLMART
 Financial Summary
 (In Thousands, Except Per Share Amounts)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1992 1991 1992
 Retail stores
 sales $7,882 $9,906 $70,454 $85,355
 Mail order
 catalog sales 1,326 1,111 9,206 8,013
 Other sales 501 699 2,942 2,969
 Total sales $9,709 $11,716 $82,602 $96,337
 Gross profit 3,291 3,556 34,547 39,017
 Selling, general
 and administra-
 tive expenses 5,183 6,058 28,651 33,986
 Amortization of
 acquisition
 costs 151 198 815 675
 Income (loss)
 from operations (2,043) (2,700) 5,081 4,356
 Interest expense 155 255 1,549 829
 Amortization
 of deferred
 loan costs --- --- 102 ---
 Unusual
 charge(a) --- --- 1,777 ---
 Loss on real
 estate sale --- --- --- 26
 Income (loss)
 before income
 taxes (2,198) (2,955) 1,653 3,501
 Income tax
 (benefit)
 provision (965) (1,227) 670 1,355
 Net income
 (loss) ($1,233) ($1,728) $983 $2,146
 Income (loss)
 per common
 share ($.21) ($.30) $.19 $.37
 Weighted
 average shares
 outstanding 5,768,884 5,815,878 5,182,307 5,803,973
 (a) Reflects write-off of deferred loan costs and termination of consulting/covenant agreement in 1991 which had the effect of reducing net income by $.21 per share.
 -0- 3/8/93
 /CONTACT: Brian P. McDermott, president and CEO, 818-993-4212, of Leslie's Poolmart; or Eugene G. Heller of Silverman, Heller Associates, 310-208-2550, for Leslie's Poolmart/
 (LESL)


CO: Leslie's Poolmart ST: California IN: REA SU: ERN

KJ-EH -- LA017 -- 4068 03/08/93 13:40 EST
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