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AMBER'S STORES REPORTS SECOND QUARTER AND FIRST SIX MONTHS FINANCIAL RESULTS

 AMBER'S STORES REPORTS SECOND QUARTER AND FIRST SIX MONTHS
 FINANCIAL RESULTS
 DALLAS, Aug. 25 /PRNewswire/ -- Amber's Stores, Inc. (NASDAQ-NMS: ABRS) today reported net sales and earnings for its second fiscal quarter ended July 31, 1992.
 Net sales for the second quarter of fiscal 1993 were $7,165,000, up 37 percent from $5,215,000 for the comparable period in fiscal 1992. Net income was $285,000, up 59 percent from $179,000 in the second quarter of fiscal 1992. Earnings per share for the second quarter was $0.08 compared to $0.05 for the comparable period of fiscal 1992.
 For the first six months of fiscal 1993, net sales were $14,044,000 compared with net sales of $10,027,000 in the first six months of fiscal 1992, an increase of 40 percent. Net income for the first six months of fiscal 1993 was $656,000, an increase of 99 percent over $329,000 for the same period in fiscal 1992. Earnings per share for the first six months of fiscal 1993 was $0.19 compared to $0.09 for the first six months of fiscal 1992.
 Amber's reported that its net sales, on a comparable store basis, increased 7.5 percent in the first half of fiscal 1993, and 2.3 percent for the second quarter of fiscal 1993, compared to the same periods in fiscal 1992.
 "We're excited about the strong performance of our new stores," said Ron Craft, president. "The operating performance of these stores, along with improvements in existing stores, has doubled our profits in the first six months this year, as compared to the same period last year. These results, along with the recent public offering, will allow Amber's to move forward with its aggressive expansion plans."
 Amber's is a specialty retailer of arts and crafts products and related merchandise used chiefly for craft and hobby projects, home decorating and personalized gifts. The company currently operates 16 stores in three states: Texas, Louisiana and Missouri.
 The company has recently completed an initial public offering of 1,200,000 shares of common stock at $7.00 per share through underwriters led by The Principal/Eppler, Guerin & Turner, Inc.
 The shares began trading on NASDAQ/NMS on August 21, 1992.
 AMBER'S STORES, INC. STATEMENTS OF INCOME
 (In thousands except per share data)
 2nd Quarter 1st Six Months
 1993 1992 1993 1992
 Net sales $ 7,165 $ 5,215 $14,044 $10,027
 Cost of sales &
 occupancy expense 4,664 3,420 9,078 6,559
 Selling, general &
 administrative expense 2,012 1,474 3,863 2,865
 Interest expense 48 63 108 132
 Other income, net (20) (21) (59) (41)
 Income before income
 taxes 461 279 1,054 512
 Provision for income
 taxes 176 100 398 183
 Net income $ 285 $ 179 $ 656 $ 329
 Earnings per share $ 0.08 $ 0.05 $ 0.19 $ 0.09
 Weighted average common
 & common equivalent
 shares outstanding 3,500 3,500 3,500 3,500
 BALANCE SHEETS
 (In thousands)
 Periods ended July 31
 1992 1991
 Assets:
 Cash $ 61 $ 29
 Merchandise inventories 8,619 5,491
 Other current assets 362 179
 Property & equipment,
 net 1,436 717
 Deposits & other assets 316 130
 Total $10,794 $ 6,546
 Debt & Equity:
 Current liabilities $ 5,506 $ 3,189
 Deferred rent 396 335
 Long-term debt 1,998 1,874
 Shareholders' equity 2,894 1,148
 Total $10,794 $ 6,546
 -0- 8/25/92
 /CONTACT: Lamar Roberts, chief financial officer of Amber's Stores, 214-349-5300/
 (ABRS) CO: Amber's Stores, Inc. ST: Texas IN: REA SU: ERN


TM -- NY094 -- 3267 08/25/92 19:40 EDT
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Publication:PR Newswire
Date:Aug 25, 1992
Words:598
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