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/FIRST AND FINAL ADD -- NY010 -- AMES EARNINGS/

 AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
 Consolidated Condensed Balance Sheets
 (In thousands, unaudited)
 7/31/93 1/30/93 7/25/92
 Assets:
 Current assets:
 Unrestricted cash and
 short-term investments $28,337 $31,855 $110,606
 Restricted cash and short-
 term investments 67,407 83,667 252,690
 Total cash and short-term
 investments 95,744 115,522 363,296
 Receivables:
 Trade 11,909 10,151 9,683
 Other 9,462 14,036 23,258
 Total receivables 21,371 24,187 32,941
 Merchandise inventories 509,708 464,556 525,908
 Refundable income taxes 328 993 996
 Prepaid expenses and other
 current assets 8,526 8,081 11,785
 Net assets held for
 disposition 1,627 21,218 16,808
 Total current assets 637,304 634,557 951,734
 Fixed Assets:
 Land and building 250 131 95,592
 Property under capital leases --- --- 87,603
 Fixtures and equipment 9,917 2,887 280,635
 Leasehold improvements 2,750 475 78,268
 Total 12,917 3,493 542,098
 Less-accumulated depreciation
 and amortization (542) (4) (230,418)
 Net fixed assets 12,375 3,489 311,680
 Other assets and deferred
 charges --- --- 899
 Leaseholds --- --- 62,298
 Total 649,679 638,046 1,326,611
 Liabilities and Stockholders' Equity (Deficit)
 Current liabilities:
 Accounts payable:
 Trade 77,756 63,280 86,850
 Other 47,554 46,620 49,337
 Total accounts payable 125,310 109,900 136,187
 Note payable 96,719 22,960 ---
 Current portion of long-term
 debt 13,654 20,469 ---
 Current portion of capital
 lease obligations 6,346 6,442 3,425
 Accrued compensation 20,623 22,684 26,783
 Accrued expenses and other
 current liabilities 93,198 114,033 97,027
 Restructuring reserve 14,483 22,497 11,664
 Total current liabilities 372,333 318,985 275,086
 Liabilities subject to
 settlement under the
 reorganization case --- --- 1,776,228
 Excess of revalued net assets
 over equity under fresh-
 start reporting 56,194 59,227 ---
 Long-term debt 123,130 131,082 ---
 Capital lease obligations 43,455 45,157 62,753
 Unfavorable lease liability 26,133 27,195 ---
 Deferred income taxes --- --- 5,738
 Other long-term liabilities 10,273 10,292 105
 Commitments and contingencies -- -- --
 Stockholders' Equity (Deficit):
 Priority common stock 48 110 ---
 Common stock 152 90 18,994
 Preferred stock --- --- 144,242
 Preferred stock dividend
 payable --- --- 6,424
 Additional paid-in capital 69,800 69,800 223,348
 Accumulated deficit (51,839) (23,892) (1,182,450)
 Treasury stock, at cost --- --- 3,857
 Total stockholders equity
 (deficit) 18,161 46,108 (793,299)
 Total 649,679 638,046 1,326,611
 Consolidated Condensed Statements of Operations
 (In thousands, except per-share amounts)
 (Unaudited)
 2nd Quarter Two Quarters
 7/31/93 7/25/92(A) 7/31/93 7/25/92(A)
 Total sales $525,106 $617,554 $980,098 $1,121,831
 Less: leased department
 sales 28,256 31,000 48,487 53,181
 Net sales 496,850 586,554 931,611 1,068,650
 Cost of goods sold
 and transportation
 expenses 360,668 449,272 677,284 802,920
 Gross profit 136,182 137,282 254,327 265,730
 Leased department
 income 5,086 5,580 8,728 9,573
 Other oper. income 3,539 3,335 5,932 5,422
 Total 144,807 146,197 268,987 280,725

 Store oper., admin.
 and general expenses,
 including leased
 department expenses 149,762 167,954 286,764 319,642
 Depreciation and
 amortization (credit)
 expense (1,094) 12,189 (2,515) 24,378
 Profit (loss) bef.
 interest, taxes and
 Chapt. 11 expenses (3,861) (33,946) (15,262) (63,295)
 Bankruptcy expenses --- (3,000) --- (13,000)
 Interest and debt (expense)
 income, net (6,094) 776 (12,686) 2,388
 Income taxes --- --- --- ---
 Net loss (9,955) (36,170) (27,948) (73,907)
 Weighted avg. common
 shares outst. 20,000 37,582 20,000 37,582
 Net loss per common
 share(B) $(0.50) $(1.05) $(1.40) $(2.15)
 (A) -- Includes the results of 60 stores (closed as part of the company's final restructuring prior to emergence from Chapter 11) and two additional stores (closed in the ordinary course of business last June) that are not included in this year's results.
 (B) -- Net loss per common share was computed based on the average common shares outstanding and reflect preferred stock dividends (as if accrued) of $3,392 and $6,784 for the second quarter and two quarters ended July 25, 1992, respectively.
 -0- 8/23/93 AA NY010
 /PRNewswire -- Aug. 23/
 /END FIRST AND FINAL ADD/
 (AMES)


CO: Ames Department Stores, Inc. ST: Connecticut IN: REA SU: ERN

CK-LG -- NY010A -- 5000 08/23/93 11:06 EDT
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Date:Aug 23, 1993
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