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BANKER'S NOTE REPORTS RESULTS

 BANKER'S NOTE REPORTS RESULTS
 ATLANTA, Dec. 23 /PRNewswire/ -- The Banker's Note, Inc.


(NASDAQ: BKNT), a chain of career women's specialty apparel stores that had filed a voluntary petition for a reorganization pursuant to Chapter 11 of the United States Bankruptcy Code on Aug. 7, 1991, today announced an operating loss before taxes and non-recurring charges of ($343,000) for the third quarter ended Nov. 2, 1991.
 This compares to a loss of ($899,000) for the same period last year.
 On an after-tax basis including non-recurring charges, the net loss was ($1,111,000), or ($.33) per share compared with ($559,000), or ($.17) last year.
 For the first nine months of 1991, the operating loss before taxes and non-recurring charges was ($953,000), compared to a loss of ($417,000) in 1990. The net loss after tax and non-recurring charges was ($3,420,000), or ($1.01) per share, compared to a net loss of ($263,000).
 During the quarter, the company closed 25 locations and opened one outlet store, reducing the total number of stores to 41.
 The company anticipates closing four additional stores prior to year end.
 FINANCIAL SUMMARY
 Third quarter
 1991 1990
 Net sales $ 5,438,000 $ 11,606,000
 Income (loss) before tax
 and non-recurring charges $ (343,000) $ (899,000)
 Net income (loss) $(1,111,000) $ (559,000)
 Earnings (loss) per share
 Primary $ (.33) $ (.17)
 Fully diluted $ (.33) $ (.17)
 Weighted average shares
 outstanding 3,416,341 3,277,250
 Stores open at end of period 41 75
 Nine months
 1991 1990
 Net sales $20,075,000 $ 37,604,000
 Income (loss) before tax
 and non-recurring charges $ (953,000) $ (417,000)
 Net income (loss) $(3,420,000) $ (263,000)
 Earnings (loss) per share
 Primary $ (1.01) $ (.08)
 Fully diluted $ (1.01) $ (.08)
 Weighted average shares
 outstanding 3,394,591 3,301,895
 Stores open at end of period 41 75
 -0- 12/23/91
 /CONTACT: Harold D. Cannon, senior vice president of The Banker's Note, 404-432-0636/
 (BKNT) CO: Banker's Note, Inc. ST: Georgia IN: REA SU: ERN


BR-TG -- AT003 -- 4801 12/23/91 11:34 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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