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TITLE WAVE STORES, INC., REPORTS THIRD QUARTER RESULTS

 PLYMOUTH, Minn., Nov. 5 /PRNewswire/ -- Title Wave Stores, Inc. (NASDAQ: TWAV), reported today that revenue for the 13 weeks ended Oct. 2, 1993, was $5.6 million compared to $3.7 million for the same period in 1992. Mature store sales posted a revenue increase of 14.5 percent and the balance of the revenue gain was provided by the two stores opened in November 1992 and the two stores opened in June 1993. A net loss of $11,000 was incurred for the quarter compared to a profit of $122,000, or $.02 per share, in the same quarter in 1992.
 "Revenues are still maturing in the two stores opened in November 1992 and in the two stores opened in June 1993, while expenses at these stores are at a mature store level," said Lewis Kennedy, president and CEO. In addition, music and video sales, which carry lower gross margins than video rental, develop at a faster rate in new stores than rental revenues.
 Title Wave Stores is a leading retailer of home entertainment software in the greater Minneapolis-St. Paul area with 11 locations. The company will open two additional stores in the Twin Cities in November 1993. The company combines the sale of pre-recorded music and video with the rental of videos in a "superstore" retail format. The company's common stock is traded on the national over-the-counter market under the NASDAQ symbol: TWAV.
 TITLE WAVE STORES, INC.
 Selected Consolidated Financial Data
 (In thousands except share and per-share amounts)
 13 Weeks Ended 39 Weeks Ended
 10/2/93 10/3/92 10/2/93 10/3/92
 Revenue $5,618 $3,689 $14,855 $11,071
 Net income (loss) $(11) $122 $(283) $331
 Income (loss) per share
 of common stock $(.00) $.02 $(.07) $.07
 Weighted average number
 of shares outstanding 4,255,000 2,940,000 3,863,223 2,940,000
 Weighted average number of shares outstanding and per share amounts reflect shares issued by the company in its March 1993 initial public offering.
 No income taxes recognized in 1992 due to the company's S- corporation status. 1992 per share calculation reflects pro-forma income tax effect.
 -0- 11/5/93
 /CONTACT: Lewis Kennedy or Dennis J. Allingham of Title Wave Stores, 612-553-2893/
 (TWAV)


CO: Title Wave Stores, Inc. ST: Minnesota IN: REA SU: ERN

DB-DS -- MN011 -- 1426 11/05/93 18:05 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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