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BIZMART REVENUES SOAR 148 PERCENT -- EARNINGS SKYROCKET TO $1 MILLION

BIZMART REVENUES SOAR 148 PERCENT -- EARNINGS SKYROCKET TO $1 MILLION
 EXTON, Pa., March 3 /PRNewswire/ -- Intelligent Electronics, Inc. (NASDAQ-NMS: INEL), a leading large-format retailer of office productivity solutions, today reported that its chain of BizMart supercenters achieved record revenues, earnings, and same store sales for its quarter ended Feb. 1, 1992.
 BizMart, operating under Intelligent's Consumer Retail Group, closed the quarter with record-breaking sales of $175 million, registering top- line growth of 148 percent over the chain's pre-acquisition revenues of $70.5 million reported for its quarter ended Jan. 26, 1991.
 Highlighting the period was BizMart's net income increase, which contributed $1 million, or $0.03 a share, to Intelligent's consolidated earnings. BizMart's accelerating revenue and earnings trend was launched during its first full quarter as an Intelligent Electronics' subsidiary when the newly acquired chain reported $108,000 earnings contribution to the company's bottom line for the quarter ended Oct. 27, 1991.
 Since acquiring the BizMart chain in June, Intelligent has pursued a strategy distinguished by both rapid expansion and positive store contributions.
 By the end of quarter, the company had increased BizMart's store count to 71 from 57 at the time of its acquisition. To date BizMart has 75 stores representing more than 1,800,000 square feet of retail space.
 Calculated on an average of 70 supercenters, BizMart's per store contribution to earnings rose to $130,000 during the quarter from $42,000 on an average of 48 supercenters open during 1991's comparable quarter. The chain posted 54 percent comparable store sales growth for the quarter compared to the same period a year ago.
 Since BizMart's acquisition last June, all its locations have been reformatted, enhanced and re-merchandised to provide total office productivity solutions, featuring technologies and office products from leading, name-brand manufacturers including Apple, Bell Phones, Compaq, Cross, Hewlett-Packard, IBM, NEC Technologies, Panasonic, Rolodex, and Toshiba.
 According to Richard D. Sanford, Intelligent's chairman and chief executive officer, the retail group's positive contribution reflects the success of the company's innovative approach to office productivity. "BizMart's results affirm Intelligent's strategy of focusing on office productivity to become customers' retailer of choice. Customers are responding enthusiastically to our total office productivity concept," he said.
 The following selected revenue and expense data provide year to year comparisons of BizMart's performance during the 14-week period ended Feb. 1, 1992, and the 13-week period ended Jan. 26, 1991:
 (Dollars in thousands)
 Quarters ended Feb. 1, 1992 Jan. 26, 1991
 Revenues $175.1 $70.5
 Cost of goods sold 143.4 55.0
 Gross profit 31.7 15.5
 Store operating expenses 22.6 13.5(A)
 Store operating profit 9.1 2.0(A)
 Store operating profit (percent) 5.2 2.8
 (A) 1991 store operating expenses include a provision of $850,000 for closing two stores at the end of the quarter.
 Results for the quarter ended Feb. 1, 1992, are included in Intelligent's consolidated financial results. Intelligent Electronics' BizMart chain is composed of 15 megacenters and 60 supercenters located in more than 25 major metropolitan areas nationwide. These large-format retail locations serve as the single source for productivity solutions to offices ranging in size from one to one-hundred-thousand employees.
 /delval/
 -0- 3/3/92
 /CONTACT: Patrice Johnson, vp of corporate communications and marketing, 215-458-6706, or Bob Yablunsky, director of investor relations, 215-458-6668, both of Intelligent Electronics/
 (INEL) CO: BizMart; Intelligent Electronics, Inc. ST: Pennsylvania IN: REA SU: ERN


MP -- PH003 -- 4408 03/03/92 10:26 EST
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Date:Mar 3, 1992
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