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SPORTS & RECREATION, INC. ANNOUNCES RESULTS

 TAMPA, Fla., Nov. 19 ~PRNewswire~ -- Sports & Recreation, Inc. (NASDAQ-NMS: SPRC) today announced results for its third quarter and 39 weeks ended Nov. 1, 1992.
 Sales for the third quarter increased 19.9 percent to $37.7 million compared with sales of $31.5 million in the third quarter of the prior year. Comparable store sales for the quarter rose 11.8 percent over the third quarter in 1991. Excluding a $908,000 non-recurring non-cash operating expense and an extraordinary expense of $417,000 (net of tax), the company reported net earnings of $803,000 or $.08 per share, compared to a net loss of $220,000 or $.03 per share in the prior year quarter. Sports & Recreation recorded the non-recurring and extraordinary items as a result of the company's initial public offering of common stock which was completed Sept. 23, 1992 and the subsequent early extinguishment of debt. Including the non-recurring and extraordinary items, the company reported a net loss of $181,000 or $.02 per share for the quarter.
 Sales for the nine months ended Nov. 1, 1992 increased 19.3 percent to $114.2 million compared with sales of $95.7 million in the same period of the prior year. Comparable store sales for the nine months rose 13.0 percent over the nine month period of 1991. Excluding non- recurring and extraordinary items, the company reported a significant increase in net earnings to $2,585,000 or $.31 per share, compared to $268,000 or $.04 per share, in the same period of the prior year. Including non-recurring and extraordinary items, the company reported net income of $1,601,000 or $.19 per share compared to a net loss of $1,291,000 or $.18 per share last year.
 Commenting on the results, Jim W. Bradke, chief executive officer and president said, "We are pleased with the significant increases in sales and income for the third quarter and nine month periods. Excluding non-recurring items, operating income for the third quarter of this year more than doubled and has increased over 65 percent for the nine months. We continue to experience strong comparable store sales gains and are excited about the performance of the four new stores opened so far this year." The company ended the quarter with 22 total stores, opening new stores in Harrisburg, Pa. and Birmingham, Ala. during the quarter. On Nov. 11, the company opened its 23rd store in Cincinnati.
 Sports & Recreation completed an offering of 5,750,000 shares of common stock on Sept. 23, 1992, of which 4,180,000 were sold by the company and 1,570,000 by certain selling stockholders. The offering raised approximately $68.1 million in net proceeds for the company.
 Headquartered in Tampa, Fla., Sports & Recreation is a specialty retailer of quality name brand sporting equipment and athletic footwear and apparel, operating 23 large format sporting goods superstores principally under the name, "Sports Unlimited". The common shares are traded through the National Market System under the NASDAQ symbol SPRC.
 SPORTS & RECREATION, INC.
 STATEMENT OF OPERATIONS
 (UNAUDITED)
 (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
 13 Weeks 39 Weeks
 Ended Ended Ended Ended
 11~1~92 11~3~91 11~1~92 11~3~91
 Sales $37,737 $31,477 $114,183 $95,736
 Cost of Sales Including
 Buying & Occupancy Costs 28,391 23,902 86,262 73,206
 Gross Profit 9,346 7,575 27,921 22,530
 Operating Expenses 7,308 6,592 20,559 18,091
 Non Recurring Vesting of
 Performance Shares 908 --- 908 ---
 Income (Loss) From
 Operations 1,130 983 6,454 4,439
 Interest Expense 746 1,032 3,196 3,613
 Income (Loss) Before
 Provision For Income Taxes 384 (49) 3,258 826
 Provision For Income Taxes 148 171 1,240 558
 Income (Loss) Before
 Extraordinary Item 236 (220) 2,018 268
 Extraordinary Item Net
 of Tax Benefit 417 --- 417 1,559
 Net Income (Loss) ($ 181) ($ 220) $1,601 ($1,291)
 Earnings (Loss) Per
 Common Share
 Income (Loss) before
 extraordinary item $0.02(A) ($0.03) $0.24(A) $0.04
 Extraordinary Item (0.04) --- (0.05) (0.22)
 Net Income (Loss) (0.02) (0.03) 0.19 (0.18)
 Average Shares Outstanding 9,915 7,667 8,412 6,980
 (A) -- Includes $908,000 non recurring non cash operating expense
 ($567,000 net of taxes) or $.06 and $.07 per share reduction
 in earnings per share for the respective periods.
 Supplemental Information Assuming Stock Offering and
 Debt Extinguishment Prior to Beginning of Respective Periods:
 Net Income $1,212 $573 $4,356 $2,679
 Earnings Per Share $0.11 $0.06 $0.42 $0.28
 Average Shares Outstanding 11,155 10,089 10,488 9,493
 CONDENSED BALANCE SHEET
 Audited (Unaudited)
 Feb. 2, Nov. 1,
 1992 1992
 ASSETS
 Current Assets
 Cash and Cash Equivalents $1,340 $17,809
 Inventories 56,564 69,890
 Other Current Assets 775 5,540
 Total Current Assets 58,679 93,239
 Property and Equipment - Net 22,019 23,658
 Other Assets 13,345 13,344
 Total Assets $94,043 $130,241
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities 19,046 22,897
 Long Term Liabilities 42,537 5,334
 Total Liabilities 61,583 28,231
 Total Stockholders Equity 32,460 102,010
 Total Liabilities &
 Stockholders Equity $94,043 $130,241
 -0- 11~19~92
 ~CONTACT: Richard T. Welch of Sports & Recreation, 813-886-9688~
 (SPRC)


CO: Sports & Recreation, Inc. ST: Florida IN: REA SU: ERN

AW-JJ -- FL001 -- 2673 11~19~92 08:08 EST
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Date:Nov 19, 1992
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