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AUDIO KING CORPORATION REPORTS THIRD QUARTER AND NINE MONTH RESULTS

 MINNEAPOLIS, April 27 /PRNewswire/ -- Audio King Corporation (NASDAQ: AUDK) today reported sales and earnings results for its third quarter and nine months ended March 31, 1993.
 Sales for the quarter and nine months were up 13.4 percent and 19.5 percent, respectively, versus the same periods last year. Net income for the quarter increased by 29.5 percent and earnings per share of $.04 were flat versus the same period last year. Net income for the nine months increased by 32.5 percent and earnings per share of $.12 were flat versus the same period last year. The company's shares outstanding increased by 26 percent from 2,070,891 to 2,605,000 as a result of an April 1992 offering to raise capital for store remodeling and expansion.
 Sales for the quarter were $8,685,298; cost of goods sold was $5,340,735; gross profit was $3,344,563 and net income was $97,713.
 Sales for the nine months were $26,519,489; cost of goods sold was $16,730,693; gross profit was $9,788,796; and net income was $337,721.
 "Our third quarter sales and earnings showed continuing improvement as a result of our 'promoting specialist' marketing plan. We have completed the remodeling and expansion of six of our nine stores, and most recently, we completed the move and expansion of our Minnetonka location during the third quarter. We will begin construction on a new Brooklyn Center location during our fourth quarter. We expect to open this new location and close our old store in Brooklyn Center in the first quarter of our next fiscal year. We are encouraged by the improved results we are realizing from our plans," 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
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $8,685,298 $7,657,288 $26,519,489 $22,184,891
 Cost of merchandise
 sold 5,340,735 4,828,423 16,730,693 13,791,135
 Gross profit 3,344,563 2,828,865 9,788,796 8,393,756
 Selling, general
 and administrative
 expenses 3,129,857 2,649,134 9,059,072 7,785,373
 Operating income 214,706 179,731 729,724 608,383
 Interest expense, net 37,993 42,510 117,003 145,129
 Income before
 income taxes 176,713 137,221 612,721 463,254
 Provision for
 income taxes 79,000 61,749 275,000 208,464
 Net income $97,713 $75,472 $337,721 $254,790
 Earnings per common
 and common stock
 equivalent share:
 Primary $.04 $.04 $.12 $.12
 Fully diluted $.04 $.04 $.12 $.12
 Common and common stock
 equivalent shares
 outstanding
 Primary 2,785,313 2,070,891 2,744,297 2,070,891
 Fully diluted 2,785,313 2,070,891 2,760,207 2,070,891
 -0- 4/27/93
 /CONTACT: Gary Thorne, president and chief executive officer, or Randel Carlock, chairman, both of Audio King, 612-920-0505/
 (AUDK)


CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN

KH -- MN022 -- 1533 04/27/93 15:41 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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