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NATIONAL PICTURE AND FRAME REPORTS FISCAL 1994 SECOND-QUARTER RESULTS

 GREENWOOD, Miss., Dec. 3 /PRNewswire/ -- National Picture and Frame Company (NASDAQ-NMS: NPAF) today announced its financial results for the quarter and six months ended Oct. 31, 1993. Net sales in the company's fiscal second quarter ended Oct. 31 were $13,249,000 compared with $9,639,000 a year earlier. Pro forma operating income increased to $1,651,000 in the quarter, compared with $1,224,000 in the quarter ended Oct. 31, 1992. Pro forma net income increased to $962,000 from $713,000, a 34.9-percent increase. Pro forma net earnings per share were $.19, compared with $.14 per share a year earlier.
 For the six months ended Oct. 31, 1993, net sales were $21,618,000 compared with $15,961,000 in the prior year. Pro forma operating income for the six-month period increased to $1,999,000 compared with $1,503,000 in the six months ended Oct. 31, 1992. Pro forma net income increased 37.5 percent to $1,115,000 from $811,000 for the six-month period. Pro forma net earnings per share were $.22, compared with $.16 per share for the prior period. Results for both periods are presented on a pro forma basis to reflect the company's initial public offering of 2,250,000 shares in October 1993, including additional shares outstanding, use of proceeds, and the termination of certain expenses concurrent with the IPO in 1993 and for the acquisition in 1992.
 The president and chief executive officer, Jesse Luxton, commented that, "we are pleased with our net sales for the quarter. Our retailer customers continue to show broad acceptance of our products, particularly our new products in the decorative photo frame area." Luxton added that, "we achieved our sales and net income targets in the quarter despite production inefficiencies resulting from the company's inability to move into its new production and distribution facilities as scheduled in November. The delay has resulted in additional warehouse and labor expenses that will continue to impact us. We hope to move into our new distribution center in mid-January, and commence shipping there in late March." Luxton added that despite the competitive retail environment, he remains confident in the company's ability to meet targeted sales levels for the balance of the fiscal year.
 National Picture is a leading manufacturer and marketer of picture frames, framed mirrors and framed art that sells primarily through major mass market retailers.
 NATIONAL PICTURE AND FRAME COMPANY
 FINANCIAL HIGHLIGHTS
 (In thousands, except per-share data)
 Quarter Ended Oct. 31
 1993 1992
 Net sales $13,249 $9,639
 Operating income(A) 1,651 1,224
 Net income(A) 962 713
 Average shares(A) 5,000 5,000
 E.P.S. $.19 $.14
 Six Months Ended Oct. 31
 1993 1992
 Net sales $21,618 $15,961
 Operating income(A) 1,999 1,503
 Net income(A) 1,115 811
 Average shares(A) 5,000 5,000
 E.P.S. $.22 $.16
 (A) Pro forma to reflect the company's initial public offering, including additional shares outstanding, use of proceeds, and the termination of certain expenses concurrent with the IPO in 1993 and for the acquisition in 1992.
 -0- 12/3/93
 /CONTACT: Jesse Luxton, president and CEO of National Picture and Frame, 601-453-6686/
 (NPAF)


CO: National Picture and Frame Company ST: Mississippi IN: HOU SU: ERN

ML-DC -- DE015 -- 0262 12/03/93 13:53 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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