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AUDIO KING CORPORATION ANNOUNCES FIRST QUARTER RESULTS

 AUDIO KING CORPORATION ANNOUNCES FIRST QUARTER RESULTS
 MINNEAPOLIS, Oct. 27 /PRNewswire/ -- Audio King Corporation


(NASDAQ: AUDK) today reported sales and earnings results for its first quarter ended Sept. 30, 1992.
 Comparisons for the first quarter of fiscal 1992 versus the first quarter of last year are as follows: Sales of $7,315,743 were 16.5 percent more than the $6,279,722 achieved for the comparable quarter last year. Comparable store sales increased 22.6 percent over the same period last year, as the company last year closed one of its smaller stores that lacked expansion capabilities. Net loss for the quarter was $25,819 ($.01 per share) compared to a profit of $1,703 ($.00 per share) in the same quarter last year.
 "The first quarter is always our most difficult quarter due to the seasonality of our business, and our results reflect that. We continue to be excited about our promoting specialist strategy, and during our first quarter, we continued our investments in that strategy by expanding our Burnsville store, which will be completed by the end of October. We have signed a new lease for an expanded Minnetonka location, which will begin construction in the spring of 1993. Our results in this last quarter were consistent with our expectations. We expect to show improvements in sales and profitability as we go forward through the rest of this year," said Gary Thorne, president and chief executive officer.
 Audio King Corporation is a holding company which operates specialty consumer electronics stores through its operating subsidiary, Audio King, Inc. Audio King operates eight stores in Minnesota and one in South Dakota.
 AUDIO KING CORPORATION AND SUBSIDIARY
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended
 9/30/92 9/30/91
 Net sales $7,315,743 $6,279,722
 Cost of merchandise sold 4,625,684 3,756,162
 Gross profit 2,690,059 2,523,560
 Selling, general and
 administrative expenses 2,698,834 2,470,630
 Operating income (loss) (8,775) 52,930
 Interest expense, net 38,044 49,833
 Income (loss) before
 income taxes (46,819) 3,097
 Income tax provision (benefit) (21,000) 1,394
 Net income (loss) $(25,819) $1,703
 Net income (loss) per share $(.01) $.00
 Weighted average shares of
 common stock outstanding
 for the three months ended
 Sept. 30, 1992 and 1991 2,605,228 2,070,891
 -0- 10/27/92
 /CONTACT: Gary Thorne, president and chief executive officer, or Randel Carlock, chairman, 612-920-0505, both of Audio King Corporation/
 (AUDK) CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN


AL -- MN013 -- 5368 10/27/92 11:47 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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