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NATIONAL RECORD MART ANNOUNCES FIRST QUARTER RESULTS

 PITTSBURGH, Sept. 13 /PRNewswire/ -- National Record Mart, Inc. (NASDAQ-NMS: NRMI) today reported results for the first fiscal quarter ended June 26, 1993.
 Sales for the period rose 8.31 percent to $14,455,932 vs. $13,346,472 in the first quarter last year. Comparative store sales in the current quarter increased 6.24 percent over the same period last year.
 In line with expectations, National Record Mart recorded a net loss in the first fiscal quarter of $275,000 ($.07 per share) compared with a net loss of $277,000 ($.07 per share) in the same quarter last year. Gross profit for the first quarter increased by $455,000 or 8.5 percent. As a percentage of sales, selling, general and administrative expense decreased from 38.93 percent to 38.39 percent. Due to the seasonal nature of the company's business, it typically operates at a net loss in the first quarter.
 In discussing the results of the quarter, William A. Teitelbaum, chairman, president and chief executive officer, stated, "Results for National Record Mart's first quarter were in line with our expectations. The sales increases achieved during this quarter were accompanied without the benefit of an expanded credit facility or funding from our initial public offering. We believe that the increased capital available to the company from its new $17 million senior credit facility and from the approximate $10.4 million in net equity proceeds from its initial public offering should lead to further increases in total sales and comparable store sales. We are seeing some of these results in our second quarter with total sales up 12.03 percent and comparative sales up 10.05 percent for the first 10 weeks of the second quarter compared to the same period last year." Teitelbaum indicated that the company expects to open 15 additional stores during fiscal 1994, nine of which will be open for the 1993 Christmas season.
 National Record Mart completed an initial public offering of 1,700,000 shares of common stock in August 1993.
 National Record Mart, Inc. is a specialty retailer of prerecorded music entertainment products including compact discs, audio and video cassettes and related accessories. The company, with 99 stores, is the nation's 11th-largest specialty retailer of prerecorded music.
 NATIONAL RECORD MART, INC.
 First Quarter Fiscal 1994
 March 28, 1993-June 26, 1993
 (in thousands except earnings per share)
 13 Weeks Ended
 June 26 Pct. to June 27 Pct. to
 1993 sales 1992 sales
 Statement of operations
 Net sales $14,456 $13,346
 Cost of sales 8,663 59.93 8,008 60.00
 Gross profit 5,793 40.07 5,338 40.00
 Selling, general & admin. 5,550 38.39 5,195 38.93
 Depreciation & amortization 465 3.22 472 3.54
 Interest expense 223 1.54 86 0.64
 Other expenses 31 0.21 63 0.47
 Income (loss) before
 income taxes (476) (3.29) (478) (3.58)
 Income tax benefit (expense) 200 1.38 201 1.51
 Net income (loss) (275) (1.90) (277) (2.08)
 Earnings (loss) per share ($0.07) ($0.07)
 Weighted average number
 of common shares and common
 equivalent shares (warrants
 and options) outstanding 3,734 3,734
 Stores in operation 99 96
 /delval/
 -0- 9/13/93
 /CONTACT: Theresa Carlise, senior vice president/CFO of National Record Mart, 412-276-6200/
 (NRMI)


CO: National Record Mart, Inc. ST: Pennsylvania IN: REA SU: ERN

CD-MK -- PG011 -- 1442 09/13/93 16:15 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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