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AMRE, INC. ANNOUNCES SECOND QUARTER RESULTS

 DALLAS, Aug. 9 /PRNewswire/ -- AMRE, Inc. (NYSE: AMM), a Dallas- based direct consumer marketer of home improvement products, today announced results for its second quarter and six months ended June 27, 1993.
 Second Quarter Results
 For the second quarter ended June 27, 1993, revenues decreased 11.6 percent to $67.5 million down from $76.3 million for the same period last year.
 Loss from operations was $387,000 compared to operating income of $4.4 million reported for last year's second quarter.
 Net income for the second quarter was $685,000 or $0.05 per share compared with $2.9 million or $0.20 per share for the same period last year.
 The company received a tax refund from the Internal Revenue Service of approximately $3.5 million, including interest. The refund resulted from the settlement of an audit covering the fiscal years 1986 through 1990. Approximately $1.0 million of the refund had been recognized in prior year financial statements. Second quarter results include recognition of the remainder of the refund.
 The company and its licensor, Sears, Roebuck & Co. have both undertaken a number of changes that have affected comparisons with the prior year periods. In January, 1993, Sears announced that it would no longer sell Home Improvement products directly, but would expand its licensed selling program. Sears began closing the home improvement departments in its stores and also ceased what had been substantial advertising of Home Improvement products which had created customer awareness of such products. The companya?s experienced a significant decline in lead referrals from Sears retail stores as well as a decline in response rates to its own advertising although the impact was partially offset by improved closing ratios. Sears has established a task force to develop ways to reinforce its employees' understanding of its commitment to the Home Improvement business, and the company is working with Sears in this effort.
 Six Months Results
 For the six months ended June 27, 1993, revenues decreased 8.3 percent to $124.6 million from $135.9 million last year.
 Loss from operations was $2.9 million compared to operating income of $447,000 reported for the same period last year.
 Net loss for the six months ended June 27, 1993 was $704,000 or $0.05 per share compared to net income of $792,000 or $0.06 per share for the same period last year.
 Potential New Products
 The company is continuing to discuss with Sears acquiring additional licensed products to sell, however, there can be no assurance that such discussions will result in obtaining additional products.
 Cash
 At June 27, 1993, AMRE had $21.9 million in cash and marketable securities compared with $19.4 million at March 28, 1993.
 AMRE, Inc.
 Condensed Consolidated Statement Of Operations
 (unaudited, in thousands, except per share amounts)
 Three Months Ended June 27, 1993 June 28, 1992
 Contract revenues $ 67,462 $ 76,272
 Gross profit 48,057 55,881
 Operating (loss) income (387) 4,365
 Net income 685 2,893
 Net income per share $ 0.05 $ 0.20
 Weighted average shares
 outstanding 13,319 13,957
 Six month periods ended June 27, 1993 June 28, 1992
 Contract revenues $124,624 $135,871
 Gross profit 89,030 99,750
 Operating (loss) income (2,887) 447
 Net (loss) income (704) 792
 Net (loss) income per
 share $ (0.05) $ 0.06
 Weighted average shares
 outstanding 13,408 14,253
 -0- 8/9/93
 /CONTACT: Michael Keane, director of investor relations of AMRE, Inc., 214-819-7000/
 (AMM)


CO: AMRE, Inc. ST: Texas IN: SU: ERN

LD -- NY090 -- 0941 08/09/93 17:52 EDT
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Date:Aug 9, 1993
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