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ADVANCED MARKETING SERVICES INC. REPORTS 42 PERCENT GAIN IN NET INCOME FOR THE THIRD FISCAL QUARTER

 SAN DIEGO, Jan. 25 /PRNewswire/ -- Advanced Marketing Services, Inc. (NASDAQ: ADMS), a leading supplier of general interest books to the membership warehouse club and office superstore industries, today reported net income of $2,864,000, or $.52 per share, for its third fiscal quarter ended Dec. 26, 1992, up 42 percent from net income of $2,011,000, or $.38 per share, for the third fiscal quarter of the previous year. For the first nine months of fiscal 1992, the company reported net income of $2,826,000, or $.51 per share, compared to net income of $1,796,000, or $.34 per share, in the same period of the prior year.
 Net sales during the third fiscal quarter ended Dec. 26, 1992, increased 19 percent to $101,348,000 from $84,833,000 in the third quarter of fiscal 1992. Comparative book sales for the quarter (those to customer locations which were in operation throughout the entire third quarter of the current and previous fiscal year) were up 3 percent. Company's net sales and comparative sales benefited from increases in sales of many categories of books, including large format gift books. For the nine months ended Dec. 26, 1992, net sales were $202,908,000 compared to $171,351,000 in the prior year, a gain of 18 percent.
 "Book sales at many of our major customers were strong this holiday season because of strong consumer spending and the continuing expansion and consumer acceptance of the warehouse and office superstore industries," according to Charles C. Tillinghast III, president.
 Gross profits during the third quarter reached $8,990,000 up $1,690,000 from $7,300,000 in the same period of the previous fiscal year. Gross profits as a percentage of net sales rose to 8.9 percent from 8.6 percent in the prior year's third quarter.
 Gross profits benefited from strong sales, lower markdown costs and purchasing efficiencies compared to the prior year's quarter. These benefits were offset slightly by modest declines in percentage margins of certain book categories resulting from aggressive pricing to retain or expand market share.
 Advanced Marketing Services, Inc. provides product selection advice, specialized merchandising and product development programs, and distribution services with respect to general interest books and related products sold primarily to membership warehouse clubs and office superstores operating throughout the United States, Canada and Mexico.
 ADVANCED MARKETING SERVICES, INC.
 Statement of Operations
 Unaudited Comparative Financial Results
 (in thousands)
 Three Months Nine Months
 Periods ended 12/26/92 12/28/91 12/26/92 12/28/91
 Net sales $101,348 $84,833 $202,908 $171,351
 Cost of goods sold 92,358 77,533 185,665 156,936
 Gross profit 8,900 7,300 17,243 14,415
 Distribution & Admin.
 expenses 4,389 4,032 12,763 11,310
 Income from operations 4,601 3,268 4,480 3,105
 Interest and dividend
 income (expense), net 91 49 157 (131)
 Income before provision
 for income taxes 4,692 3,317 4,637 2,974
 Provision for inc. taxes 1,828 1,306 1,811 1,178
 Net income 2,864 2,011 2,826 1,796
 Net Income Per Common
 and Common Share Equivalent:
 Primary .52 .38 .51 .34
 Fully diluted .51 .38 .51 .34
 Weighted Average
 Number of Shares:
 Primary 5,538 5,353 5,537 5,353
 Fully diluted 5,577 5,353 5,575 5,353
 CONDENSED BALANCE SHEET
 As of Dec. 26 and 28
 1992 1991
 Assets:
 Cash and short-term investments $30,436 $16,895
 Accounts receivable 32,756 28,308
 Inventories 69,612 70,149
 Other current assets 2,281 1,999
 Total current assets 135,085 117,351
 Net property and equipment and
 other assets 2,234 2,451
 Total assets 137,319 119,802
 Liabilities and Stockholders' Equity
 Accounts payable and
 other current liabilities 96,408 81,771
 Total current liabilities 96,408 81,771
 Stockholders equity 40,911 38,031
 Total liabilities and
 stockholders' equity $137,319 $119,802
 -0- 01/25/93
 /CONTACT: Charles C. Tillinghast III, president; or Jon S. Fish, executive vice president-finance of Advanced Marketing Services, Inc., 619-457-2500/
 (ADMS)


CO: Advanced Marketing Services, Inc. ST: California IN: SU: ERN

MA-AH -- NY006 -- 8284 01/25/93 09:03 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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