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ARBOR DRUGS, INC. REPORTS SECOND-QUARTER NET INCOME BEFORE ONE-TIME CHARGE UP 15.2 PERCENT; NET SALES UP 12.9 PERCENT

 TROY, Mich., March 2 /PRNewswire/ -- Arbor Drugs, Inc. (NASDAQ: ARBR), which currently operates 132 drugstores in Michigan, today announced record earnings and sales for its second quarter ended Jan. 31, 1993. Excluding a one-time charge incurred during the quarter, net income would have been up 15.2 percent. Net sales for the quarter increased 12.9 percent.
 The one-time, after tax charge to earnings of $677,000, or $0.04 per share, resulted from the settlement of a longstanding lease dispute, which resolved all disputed past and future obligations under the lease. Arbor's fiscal 1993 second-quarter net income was $5,201,000, or $0.32 per share, up from $5,101,000, or $0.32 per share in fiscal 1992. Excluding the one-time charge, earnings per share for the quarter would have been $0.36, up 12.5 percent from the previous year's quarter. Net sales were $140,412,000 this quarter versus $124,354,000 for the quarter ended Jan. 31, 1992. Comparable store sales increased by 8.2 percent for the three-month period.
 Net income in the first half of the current fiscal year was $9,043,000 versus $8,410,000 in the comparable period last year. Earnings per share for the six months increased to $0.56 from $0.52. Excluding the one-time charge, earnings for the period would have been $0.60 per share, which would have resulted in a 15.4-percent increase in earnings over the results of the prior year's period. Sales for the first six months of fiscal 1993 were $264,661,000, up 14.0 percent from $232,238,000 in the first half of the prior fiscal year. Comparable store sales rose 9.0 percent during the six-month period.
 Commenting on the company's financial performance, Eugene Applebaum, chairman, president and chief executive officer, said, "We are pleased with the performance of our stores for the first six months of fiscal 1993. Our emphasis on pharmacy, convenience and customer service continues to generate record sales and operating profits. Arbor's strong sales momentum reflects the fundamental strength of providing customers with everyday needs at good values. We remain confident that fiscal 1993 will be another record year for our company."
 The board of directors of the Troy-based retailer today also declared a regular quarterly cash dividend of $0.05 per share, payable April 16, 1993, to holders of record as of March 23, 1993.
 Arbor Drugs, the nation's 21st-largest drugstore chain, ranks among the top performers nationally in the chain drugstore industry in several key categories, including sales per store, sales per square foot, and net profit percentage.
 ARBOR DRUGS, INC.
 FINANCIAL HIGHLIGHTS
 (Dollars and number of shares in 000s)
 Three Months Ended Jan. 31,
 1993(a) 1992 Percent Change
 Net sales $140,412 $124,354 12.9
 Cost of sales 102,569 90,008 14.0
 Selling, gen & admin exp 29,844 26,447 12.8
 Income from operations 7,999 7,899 1.3
 Income before income tax 7,806 7,550 3.4
 Income tax provision 2,605 2,449 6.4
 Net income 5,201 5,101 2.0
 Earnings per common share $.32 $.32 0.0
 Weighted average number
 common shares 16,214 16,135 0.5
 Number of stores
 (end of period) 131 121 8.3
 Six Months Ended Jan. 31,
 1993(a) 1992 Percent Change
 Net sales $264,661 $232,238 14.0
 Cost of sales 193,483 168,302 15.0
 Selling, gen & admin exp 57,584 50,798 13.4
 Income from operations 13,594 13,138 3.5
 Income before income tax 13,143 12,481 5.3
 Income tax provision 4,100 4,071 0.7
 Net income 9,043 8,410 7.5
 Earnings per common share $.56 $.52 7.7
 Weighted average number
 common shares 16,201 16,109 0.6
 (a) -- 1993 results include a $1.025 million pre-tax charge to earnings (after tax $677,000, or $.04 per share), resulting from the settlement of a lease dispute. Excluding this charge, selling, general & administrative expense, net income and earnings per share would have been as follows:
 Three Months Ended Jan. 31,
 1993 1992 Percent Change
 Selling, gen & admin exp $28,819 $26,447 9.0
 Net income 5,878 5,101 15.2
 Earnings per common share $.36 $.32 12.5
 Six Months Ended Jan. 31,
 1993 1992 Percent Change
 Selling, gen & admin exp $56,559 $50,798 11.3
 Net income 9,720 8,410 15.6
 Earnings per common share $.60 $.52 15.4
 -0- 3/2/93
 /CONTACT: Gilbert C. Gerhard, chief financial officer of Arbor Drugs, Inc., 313-643-9420/
 (ARBR)


CO: Arbor Drugs, Inc ST: Michigan IN: REA SU: ERN

DH-SB -- DE007 -- 1818 03/02/93 09:40 EST
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Date:Mar 2, 1993
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