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THE PRICE COMPANY ANNOUNCES FOURTH QUARTER RESULTS FOR FISCAL 1992

THE PRICE COMPANY ANNOUNCES FOURTH QUARTER RESULTS FOR FISCAL 1992
 SAN DIEGO, Sept. 29 /PRNewswire/ -- The Price Company (NASDAQ: PCLB) announced today results for the fourth quarter of fiscal 1992 ending Aug. 30, 1992.
 In the 12 week fourth quarter ended Aug. 30, 1992, the reported sales were $1.689 billion, compared with $1.570 billion last year, an increase of 7.6 percent. Income before interest and taxes was $51.4 million, compared with $55.2 million, a decrease of 6.9 percent. Net income was $29.7 million, compared with $34.0 million last year, a decrease of 12.9 percent. Fully diluted earnings per share were $.60 compared with $.65 last year, a decrease of 7.7 percent.
 In the 52 weeks of fiscal 1992, the reported sales were $7.320 billion, compared with $6.598 billion last year, an increase of 10.9 percent. Income before interest and taxes was $223.4 million, compared with $213.8 million, an increase of 4.5 percent. Net income was $129.1 million compared with $134.1 million last year, a decrease of 3.7 percent. Fully diluted earnings per share for the 52 weeks were $2.54 compared to $2.63 last year, a decrease of 3.4 percent.
 Comparable warehouse sales for all Price Clubs which were operating during the same period last year increased .5 percent in the fourth quarter and increased 2.6 percent for the 52-week period.
 The company currently operates 82 Price Clubs in the United States and Canada (12 in Canada). In addition, the company, in a joint venture with Controladora Comercial Mexicana, S.A. de C.V., operates one Price Club in Mexico City.
 THE PRICE COMPANY
 Consolidated Income Statement
 Fourth Quarter Fiscal 1992 and 1991
 (Unaudited)
 (000's except per share data)
 Fourth Quarter Year-to-Date
 (12 Weeks) (52 Weeks)
 Aug. 30, Sept. 1, Aug. 30, Sept. 1,
 1992 1991 1992 1991
 Operating
 revenues:
 Sales $1,688,967 $1,569,677 $7,320,187 $6,598,053
 Membership
 fees and
 other income 37,435 33,156 159,577 142,026
 Real estate
 operations, net 3,308 3,557 32,060 15,887
 Total
 operating
 revenues 1,729,710 1,606,390 7,511,824 6,755,966
 Operating
 costs and
 expenses:
 Cost of sales 1,526,294 1,418,589 6,659,010 6,013,244
 Selling,
 general and
 administrative 152,009 132,592 629,447 528,908
 Total
 operating
 expenses 1,678,303 1,551,181 7,288,457 6,542,152
 Operating
 income 51,407 55,209 223,367 213,814
 Non-operating
 items:
 Income from
 investments 3,695 7,616 20,108 27,100
 Interest
 expense (5,125) (7,013) (28,289) (21,128)
 Income before
 income taxes 49,977 55,812 215,186 219,786
 Income taxes (20,321) (21,765) (86,074) (85,715)
 Net income $29,656 $34,047 $129,112 $134,071
 Net income
 per share:
 Primary $.62 $.67 $2.61 $2.68
 Fully diluted $.60 $.65 $2.54 $2.63
 Number of shares
 used in
 calculation:
 Primary 50,010 52,593 51,691 52,197
 Fully diluted 56,000 58,726 57,682 55,547
 THE PRICE COMPANY
 Consolidated Balance Sheet
 Fourth Quarter Fiscal 1992 and 1991
 (Unaudited)
 (000's)
 Aug. 30, Sept. 1,
 1992 1991
 Assets
 Current Assets
 Short-term investments $99,325 $305,366
 Merchandise inventories 381,538 338,004
 Receivables, net 49,279 57,592
 Prepaid expenses and other
 current assets 26,905 37,331
 Total Current Assets 557,047 738,293
 Property, Plant and Equipment
 Land 474,431 316,309
 Buildings and improvements 343,236 280,574
 Equipment and fixtures 187,989 133,197
 Construction in progress 64,303 28,534
 Total 1,069,959 758,614
 Less accumulated depreciation (144,016) (113,773)
 Total 925,943 644,841
 Other Assets
 Property held for development or
 lease to others, net 278,789 335,143
 Investment in and advances
 to joint ventures 46,900 10,653
 Investment in foreign subsidiaries 2,039 482
 Goodwill, net 49,370 52,499
 Notes receivable 49,053 45,653
 Miscellaneous other assets 14,540 17,939
 Total 440,691 462,369
 Total Assets $1,923,681 $1,845,503
 Liabilities and Shareholders' Equity
 Current Liabilities
 Bank checks outstanding,
 less cash on deposit $21,118 $13,262
 Accounts payable 370,162 380,796
 Payroll and related accruals 79,908 70,853
 Accrued sales and other taxes 39,615 41,880
 Income taxes payable 15,883 10,748
 Other current liabilities 56,328 50,909
 Total Current Liabilities 583,014 568,448
 Long-Term Liabilities
 Long-term debt 513,338 496,496
 Deferred taxes 18,147 10,712
 Other 7,148 6,871
 Total 538,633 514,079
 Shareholders' Equity
 Common stock 4,621 4,874
 Paid-in capital 36,695 121,431
 Retained earnings 763,128 634,016
 Foreign currency translation (2,410) 2,655
 Total 802,034 762,976
 Total liabilities and
 shareholders' equity $1,923,681 $1,845,503
 NOTE: During the fourth quarter of fiscal 1992 the LIFO reserve decreased by $4,700,000 to a balance of $9,600,000. This compares to a decrease of $5,300,000 in the fourth quarter of fiscal 1991 to an ending balance of $9,300,000.
 THE PRICE COMPANY
 Sept. 29, 1992, Press Release Questions & Answers
 (1) What was the impact of LIFO during the quarter?
 We reserve conservatively for LIFO expense each fiscal quarter. The actual charge for the year can only be calculated on the last day of the fiscal year based on the mix of merchandise on that day.
 The LIFO index for this fiscal year resulted in a substantially lower charge for the year than previously anticipated. A $4.7 million reversal of the prior quarters' expense was made in the fourth quarter. A similar adjustment of $5.3 million was made in the fourth quarter of last year.
 (2) Did PCLB sell any property during the fourth quarter?
 There were no significant sales of real estate in the fourth quarter of either year.
 (3) What was the impact of the stock repurchases on PCLB's fourth quarter E.P.S.?
 During fiscal 1992, PCLB has repurchased 2,721,600 shares for approximately $93.5 million. The fourth quarter's earnings per share was improved by approximately 1.5 cents per share as a result of these transactions after taking into account the lost interest income attributable to this cash outflow.
 (4) How did Canada's "extra" week in fiscal 1991 affect sales comparisons?
 Price Club Canada had an extra week of sales during the fourth quarter of fiscal 1991. If prior year amounts were adjusted to reflect only 12 weeks of activity, total consolidated sales for the fourth quarter of fiscal 1992 would have shown a 9.2 percent increase, rather than the 7.6 percent increase which was reported for the quarter.
 (5) How were earnings per share calculated?
 Earnings per share was calculated as follows (000's):
 Fourth Quarter Year-to-Date
 Primary F. Diluted Primary F. Diluted
 Shares
 outstanding
 (wtd. avg.) 46,446 46,446 47,954 47,954
 Impact of
 options/warrants 22 22 195 196
 Add'l shares
 (5.5 percent
 converts) 3,542 3,542 3,542 3,542
 Add'l shares
 (6.75 percent
 converts) --- 5,990 --- 5,990
 Total shares
 used 50,010 56,000 51,691 57,682
 After-tax
 earnings $29,656 $29,656 $129,112 $129,112
 Interest, net
 (5.5 percent
 converts) 1,347 1,347 5,902 5,902
 Interest, net
 (6.75 percent
 converts) --- 2,657 --- 11,644
 Adjusted
 income $31,003 $33,660 $135,014 $146,658
 Earnings
 per share $0.62 $0.60 $2.61 $2.54
 The number of common stock shares outstanding at Aug. 30, 1992, were approximately 46,208,000.
 -0- 9/29/92
 /CONTACT: Daniel T. Carter, VP-Finance of The Price Company, 619-581-4889/
 (PCLB) CO: The Price Company ST: California IN: REA SU: ERN


JB -- SD001 -- 4221 09/29/92 08:46 EDT
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