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ARBOR DRUGS, INC. REPORTS RECORD FIRST-QUARTER RESULTS; NET INCOME UP 16.1 PERCENT ON SALES RISE OF 15.2 PERCENT; RAISES DIVIDEND 43 PERCENT

 TROY, Mich., Nov. 17 ~PRNewswire~ -- Arbor Drugs, Inc. (NASDAQ: ARBR), which currently operates 130 drugstores in Michigan, today announced a 16.1-percent increase in net income and a 15.2-percent increase in sales for its first quarter ended Oct. 31, 1992.
 Eugene Applebaum, chairman, president and chief executive officer, attributed the record first-quarter performance to strong sales, close attention to controlling expenses and successful new-store expansion.
 Arbor's fiscal 1993 first-quarter net income was $3,842,000, or $0.24 per share, up from $3,309,000, or $0.21 per share, in fiscal 1992.
 Net sales were $124,249,000 this quarter versus $107,884,000 for the quarter ended Oct. 31, 1991. Comparable store sales increased by 9.9 percent for the three-month period.
 The board of directors of the Troy-based retailer today also announced a 43-percent increase in the regular quarterly cash dividend by declaring a dividend of $0.05 per share, payable Jan. 5, 1993, to holders of record as of Dec. 15, 1992.
 Commenting on the results, Applebaum said, "We are very pleased with our outstanding first quarter, particularly in view of the sluggish economy. Our excellent sales reflect strong increases by comparable stores (stores in operation for at least 12 months) as well as good performance by our new stores. Specifically, Arbor's profits continue to attain record levels, despite the higher expense ratio associated with our aggressive store-opening program.
 "Our expansion plans for fiscal 1993 are on schedule. The initial performance of the seven new drugstores that we have opened since the fiscal year began on Aug. 1, 1992, has exceeded our expectations. For the remainder of the current fiscal year, we plan on adding at least eight new stores. We remain confident that Arbor will continue to increase its market share in our primary trading area of southeastern Michigan, the nation's fifth-largest drugstore market."
 Applebaum noted, "We are pleased to share our continued financial success with our shareholders in the form of this dividend increase. We remain confident regarding both our future growth potential and our ability to enhance shareholder value. Dividends have grown at a compounded annual rate of approximately 23 percent since Arbor began paying dividends in fiscal 1989."
 Arbor Drugs, the nation's 21st-largest drugstore chain, completed the first quarter with 128 stores and has opened two new stores thus far in the second quarter of fiscal 1993.
 ARBOR DRUGS, INC.
 FINANCIAL HIGHLIGHTS
 (Dollars and number of shares in 000s)
 Three Months Ended Oct. 31,
 1992 1991 Pct. Change
 Net sales $124,249 $107,884 +15.2
 Cost of sales 90,914 78,294 +16.1
 Selling, general and
 admin. expense 27,740 24,351 +13.9
 Income from operations 5,595 5,239 + 6.8
 Income before income tax 5,337 4,931 + 8.2
 Income tax provision 1,495 1,622 (7.8)
 Net income 3,842 3,309 +16.1
 Earnings per common share $.24 $.21 +14.3
 Weighted average no. of
 common shares 16,188 16,084 + 0.6
 No. of stores (at end of period) 128 116 +10.3
 -0- 11~17~92
 ~CONTACT: Gilbert C. Gerhard, Arbor Drugs chief financial officer, 313-643-9420~
 (ARBR)


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

DH-ML -- DE005 -- 1698 11~17~92 09:15 EST
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Date:Nov 17, 1992
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