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AMERICAN STUDIOS, INC. ANNOUNCES SECOND QUARTER RESULTS

 CHARLOTTE, N.C, July 28 /PRNewswire/ -- American Studios, Inc. (NASDAQ-NMS: AMST), the principal provider of portrait photography services in Wal-Mart Stores, Inc. (NYSE: WMT) (Wal-Mart) today announced that net sales for the second quarter of 1993 increased 71 percent to $23.3 million from $13.6 million for the second quarter in 1992.
 Net income per share for the second quarter of 1993 increased to $0.03 per share from a net loss of $0.02 per share for the second quarter in 1992.
 Net sales for the first two quarters of 1993 increased 70 percent to $39.9 million from $23.5 million for the first two quarters of 1992. Net income for the first two quarters of 1993 was approximately $25,000 compared to a net loss of $1.0 million for the first two quarters of 1992. Net income was $0.00 per share for the first two quarters of 1993 compared to a net loss of $0.05 per share for the first two quarters of 1992. Net income for the first two quarters of 1992 was affected by a nonrecurring charge of $1.1 million during the second quarter of 1992 for compensation expense under stock bonuses to employees.
 As of the end of the second quarter of 1993, American Studios, Inc. provided portrait photography services in over 1,700 Wal-Mart stores in 35 states and Puerto Rico, with permanent studios in 298 of such stores.
 AMERICAN STUDIOS, INC.
 STATEMENT OF OPERATIONS
 (Dollars in thousands, except per share data)
 Thirteen Twenty-six
 Weeks Ended Weeks Ended
 July 4, June 28, July 4, June 28,
 1993 1992 1993 1992
 Net Sales $23,308 $13,602 $39,886 $23,463
 Cost of Sales 18,024 9,396 32,132 16,632
 Gross Profit 5,284 4,206 7,754 6,831
 General and Administrative
 expenses 3,826 2,603 7,240 4,837
 Amortization of Non-compete
 Agreements and Other
 Intangible Assets 227 277 453 624
 Compensation Under Grants of
 Ownership Interests --- 1,134 --- 1,134
 Income Before Interest 1,231 192 61 236
 Interest 20 602 20 1,221
 Income (Loss) Before
 Income Taxes 1,211 (410) 41 (985)
 Income Tax Expense 472 --- 16 ---
 Net Income (Loss) $739 (410) $25 (985)
 Net Income (Loss) Per
 Common Share $0.03 ($0.02) $0.00 ($0.05)
 Cash Dividends Per
 Common Share $0.02 $0.02 $0.04 $0.01
 Weighted Average Number of
 Shares outstanding and
 Common Stock
 Equivalents 21,677,979 19,067,454 21,742,647 19,067,454
 END OF PERIOD STATISTICAL DATA:
 Number of Wal-Mart stores served 1,743 1,290
 Number of permanent studios 298 28
 Number of customers 1,043,000 609,000
 -0- 7/28/93
 /CONTACT: R. Kent Smith, President, or A. Allen Henderson, CFO, of American Studios, 704-588-4351/
 (AMST)


CO: American Studios, Inc. ST: North Carolina IN: REA SU: ERN

MM-SB -- CH011 -- 7013 07/28/93 18:24 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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