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SAM & LIBBY REPORTS FIRST QUARTER RESULTS

 SAN CARLOS, Calif., May 6 /PRNewswire/ -- Sam & Libby, Inc. (NASDAQ: SAML), today reported net revenue from continuing operations of $10.0 million for the first quarter ended March 31, 1993, compared with $26.4 million from continuing operations for the same three months of 1992. The company had a net loss from continuing operations for the 1993 first quarter of $1.2 million, or $0.12 per share, and a loss from the discontinued apparel segment of $84,000, or $0.01 per share. This compared with net income for the same 1992 period of $2.9 million, or $0.29 per share, from continuing operations and net income of $103,000, or $0.01 per share, from discontinued operations.
 Profitability for the recent quarter was adversely affected by the lower level of net revenue and one-time expenses for the previously announced relocation of Sam & Libby's corporate offices. The relocation expenses accounted for $1.5 million of the company's $1.9 million loss from continuing operations (before taxes) for the quarter ended March 31, 1993. These factors were partly offset by a nearly 41 percent decrease in selling, general and administrative expenses.
 Sam Edelman, chairman and chief executive officer, commented, "Sales for the first quarter of 1992 reflected exceptionally strong orders from retailers. While this level was not matched in the recent three months, we feel that the sales level of the 1993 first quarter is a solid base on which we can build as we introduce new fashion designs."
 "It is important to note that we made substantial progress in the first quarter in improving our financial performance as compared with the fourth quarter of last year." Mr. Edelman continued. In addition to the decrease in operating expenses due to a staff reduction and expense control, the gross profit margin from continuing operations rose to 28 percent from 7 percent. The results for the 1993 first quarter would have been roughly break-even without the one-time expenses associated with our corporate office relocation. The balance sheet also remains strong, with $20 million in working capital and long-term debt of less than 1 percent of equity."
 Mr. Edelman added, "We have introduced a number of new fashion lines in the past several months, including clogs, platforms, fashion sneakers and high wedge cork bottom summer shoes. We are encouraged by the favorable sales trends for many of these newer fashions, which accounted for 30 percent of 1993 first quarter sales."
 "The relocation of our corporate offices, which will take place in June, will move us closer to the New York and European design capitals while further reducing expenses through greater efficiencies. We look forward to the anticipated benefits of our continued fashion emphasis and renewed focus on operating and financial management," Mr. Edelman concluded.
 Sam & Libby, Inc. designs, develops and distributes women's and children's footwear. The company markets its products to consumers who desire contemporary, fashionable products at affordable prices. These products are offered primarily through better department stores and specialty retail stores across the United States.
 SAM & LIBBY, INC.
 Consolidated Statements of Operations
 (Unaudited -- In thousands, except per share data)
 Three months ended March 31
 1993 1992
 Net revenue $10,008 $26,449
 Cost of sales 7,234 16,307
 Gross profit 2,774 10,142
 Selling, general and
 administrative expense 3,164 5,332
 Corporate office
 relocation expense 1,500 --
 Operating income (loss) (1,890) 4,810
 Interest income 10 10
 Income (loss) from continuing
 operations before taxes (1,880) 4,820
 Provision (benefit)
 for income taxes (658) 1,928
 Net income (loss) from
 continuing operations (1,222) 2,892
 Net income (loss) from discontinued
 operations less applicable
 tax provision of $5 and $69 (84) 103
 Net income (loss) ($ 1,306) $ 2,995
 Net income (loss) per share from
 continuing operations ($ 0.12) $ 0.29
 Net income (loss) per share from
 discontinued operations ($ 0.01) $ 0.01
 Net income (loss) per share ($ 0.13) $ 0.30
 Weighted average shares outstanding 10,093 10,068
 -0- 5/6/93
 /CONTACT: Robert Schultz, chief financial officer of Sam & Libby, Inc., 415-598-9211/
 (SAML)


CO: Sam & Libby, Inc. ST: California IN: TEX SU: ERN

PS -- NY016 -- 5219 05/06/93 08:36 EDT
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Publication:PR Newswire
Date:May 6, 1993
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