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ODD'S-N-END'S, INC. REPORTS FIRST QUARTER FISCAL 1993 RESULTS

ODD'S-N-END'S, INC. REPORTS FIRST QUARTER FISCAL 1993 RESULTS
 BUFFALO, N.Y., June 11 /PRNewswire/ -- Odd's-N-End's, Inc. (NASDAQ: ODDE), a Buffalo, N.Y. based retailer, currently operating a chain of 32 close-out stores in Western N.Y., today reported first quarter earnings of $43,146, or $.01 per share as compared to $78,426, or $.03 per share for the year earlier period. Sales for the 1993 fiscal first quarter were $3,987,175, a 35 percent increase over sales of $2,951,224 for the first quarter of the prior year.
 The decrease in net income for the quarter resulted primarily from the addition of key administrative personnel in the last half of fiscal 1992. These key personnel additions have enabled the company to embark on an aggressive store expansion program over the next two years. Although selling, general and administrative expenses for the quarter increased by 53 percent ($624,802) over the prior year's comparable quarter, the increase was largely due to the operating expenses of seven new stores (approximately $428,000) not operating in the first quarter of fiscal 1992 as well as the addition of key new personnel (approximately $156,000).
 Odd's-N-End's, Inc. is planning to increase by a minimum of 40 percent the number of stores opened by fiscal 1993 year end. To date, leases for 11 new stores have been signed and leases for three additional stores are expected to be signed shortly. Two existing stores are being remodeled and substantially increased in size. Recently, the company closed two existing smaller stores which were leased month to month. Three new stores were opened in the month of May and most of the other new stores should open during the next three months. The new store openings will give Odd's-N-End's, Inc. excellent representation in the metropolitan Rochester, N.Y. area and extend its presence to Central New York as far north as Massena and as far east as Cortland (near Syracuse).
 John H. Clark, president and chief operating officer, stated that, "Odd's-N-End's, Inc. anticipates operating at break even for the next fiscal quarter since the same operating and administrative comparisons experienced in this year's first quarter are expected to prevail. In addition, the second quarter will be negatively impacted by the large number of new store openings, as Odd's-N-End's, Inc. adheres to a policy of writing off all store expenses in the month of opening." However, Clark indicated he anticipates that in the third and fourth quarters Odd's-N-End's, Inc. will more than double the prior year's comparable quarter's earnings primarily due to the positive impact of the opening of these new stores. Clark stated that "we are fully confident that for the full 1993 fiscal year net income will increase substantially over fiscal 1992 and that the operating results will in fact be well received by shareholders."
 Odd's-N-End's, Inc. also announced that effective June 30, 1992 it would discontinue its discounted children's clothing concession which was operating on an experimental basis in four of its stores and that its stores would soon commence selling close-out clothing in all categories enhancing those stores profitability as well as emphasizing the close-out look.
 Clark also indicated that the company will lease rather than construct a warehouse facility which will reduce its projected operating costs, as well as conserving capital to finance new store openings.
 ODD'S-N-END'S, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE THREE MONTHS ENDED APRIL 30, 1991 AND 1992
 1991 1992
 (Unaudited) (Unaudited)
 Sales $2,951,224 $3,987,175
 Cost of Goods Sold 1,603,627 2,126,497
 Gross Profit 1,347,597 1,860,678
 Selling, General and
 Administrative Expenses 1,178,773 1,803,575
 Income From Operations 168,824 57,103
 Interest Income (Expense), Net (37,398) 15,043
 Income Before Provision for
 Income Taxes 131,426 72,146
 Provision for Income Taxes 53,000 29,000
 Net Income $ 78,426 $ 43,146
 Net Income Per Share:
 Primary $.03 $.01
 Fully Diluted $.03 $.01
 Weighted Average Shares:
 Primary 2,718,750 5,055,978
 Fully Diluted 3,147,750 5,055,978
 Balance Sheet Data:
 First Quarter
 Year End Ending
 1/31/92 4/30/92
 Cash 3,404,198 2,116,322
 Working Capital 5,422,050 5,305,483
 Total Assets 9,228,403 9,227,384
 Total Liabilities 2,619,725 2,337,658
 Shareholders Equity 6,608,678 6,889,726
 CONTACT: John H. Clark, president and CEO of Odd's-N-End's, Inc., 716-874-9004
 (ODDE)
 -0- 06/11/92


CO: ODD'S-N-END'S, INC. IN: REA SU: ERN ST: NY -- CL011 -- X625 06/11/92
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Publication:PR Newswire
Date:Jun 11, 1992
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