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BUTTREY FOOD AND DRUG STORES CO. ANNOUNCES FISCAL 1992 EARNINGS

 GREAT FALLS, Mont., Feb. 26 /PRNewswire/ -- Buttrey Food and Drug Stores Co. (NASDAQ: BTRY) today reported that net income before extraordinary items for the 52 weeks ended Jan. 30, 1993, increased $6,529,000 from $1,051,000, or 16 cents per share, in fiscal 1991 to $7,580,000, or 92 cents per share, in fiscal 1992. After giving effect to the extraordinary charges in the first quarter resulting from the early retirement of debt and the refinancing of the company's bank agreement, the company reported net income for the 52 weeks ended Jan. 30, 1993, of $3,897,000, or 47 cents per share. Net income before extraordinary charges for the 13 weeks ended Jan. 30, 1993, decreased $1,364,000 from $1,615,000, or 25 cents per share, in the fourth quarter of fiscal 1991 to $251,000, or 3 cents per share, in the fourth quarter of fiscal 1992. Net income for the 13 weeks ended Jan. 30, 1993, was $3,000.
 Sales for the 52 weeks ended Jan. 30, 1993, decreased $28,765,000, or 5.9 percent, from $490,147,000 in fiscal 1991 to $461,382,000 in fiscal 1992. The decrease in sales for the 52 weeks ended Jan. 30, 1993, reflects a 7.7-percent decline in comparable store sales. Sales for the 13 weeks ended Jan. 30, 1993, decreased $6,144,000, or 4.9 percent, from $124,000,000 in the fourth quarter of fiscal 1991 to $117,856,000 in the fourth quarter of fiscal 1992. The decrease reflects an 8.6-percent decline in comparable store sales partially offset by the sales of the company's new stores in Hamilton, Miles City, and Billings, Mont. The company continues to be impacted by several factors, including new competition in specific markets, remodeling activities of existing competitors and general economic conditions, including reduced consumer spending, the reduction in Canadian business which has resulted from the relative weakening of the Canadian dollar, and other factors which negatively impacted business from Canada.
 Earnings before interest, income taxes and depreciation and amortization on a FIFO basis ("EBITDA") for the 52 weeks ended Jan. 30, 1993, decreased $3,904,000 from $33,521,000, or 6.8 percent of sales, in fiscal 1991 to $29,617,000, or 6.4 percent of sales, in fiscal 1992. EBITDA for the 13 weeks ended Jan. 30, 1993, decreased $2,963,000 from $8,182,000, or 6.6 percent of sales, in the fourth quarter of fiscal 1991 to $5,219,000, or 4.4 percent of sales, in the fourth quarter of fiscal 1992. The 2.2-percent decline in EBITDA as a percentage of sales is attributable to a 3.1-percent reduction in gross profit as a result of aggressive holiday merchandising and fourth- quarter promotional events offset by a 0.9-percent improvement in cash operating expenses. Management believes that the significant promotional activity which occurred in the fourth quarter will be moderated in the first quarter of fiscal 1993.
 Cash capital expenditures for the 52 weeks ended Jan. 30, 1993, were approximately $15,800,000, or 3.4 percent of sales. During the year, the company completed the remodeling of nine stores, opened a replacement store in Miles City, Mont., and opened a new store in Billings, Mont. Additionally, the company began construction on a new store in Livingston, Mont., which is scheduled to open during the first quarter of 1993.
 Buttrey Food and Drug Stores Co. is headquartered in Great Falls and currently operates 44 stores in Montana, Washington, Wyoming and North Dakota and three distribution centers in Montana (one) and Utah (two).
 BUTTREY FOOD AND DRUG STORES CO.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per-share data)
 13 Weeks Ended 52 Weeks Ended
 Jan. 30, Feb. 1, Jan. 30, Feb. 1,
 1993 1992 1993 1992
 Sales $117,856 $124,000 $461,382 $490,147
 Cost of sales and
 related occupancy costs 91,741 92,625 347,731 366,304
 Gross profit 26,115 31,375 113,651 123,843
 Marketing, general and
 administrative expenses 24,817 26,554 98,865 105,263
 Operating income 1,298 4,821 14,786 18,580
 Interest expense 923 2,793 4,233 15,879
 Income before taxes and
 extraordinary charge 375 2,028 10,553 2,701
 Income taxes 124 413 2,973 1,650
 Income before extra-
 ordinary charge 251 1,615 7,580 1,051
 Extraordinary charge
 (net of tax) 248 0 3,683 0
 Net income $ 3 $ 1,615 $ 3,897 $ 1,051
 Net income per common
 share and common
 share equivalent:
 Income before extra-
 ordinary charge $ 0.03 $ 0.25 $ 0.92 $ 0.16
 Extraordinary charge
 (net of tax) 0.03 0.00 0.45 0.00
 Net income per share $ 0.00 $ 0.25 $ 0.47 $ 0.16
 Weighted average common
 and common equivalent
 shares outstanding 8,243.6 6,444.3 8,218.1 6,444.3
 Certain Non-Cash Charges:
 LIFO provision $ 355 $ 282 $ 1,105 $ 1,128
 Depreciation and
 amortization of property
 and capital leases 2,637 2,042 9,778 8,298
 Loss (gain) on disposal
 of owned property (60) 64 (7) 64
 Amortization of excess
 cost over net assets
 acquired and other assets 989 973 3,955 5,451
 Amortization of deferred
 debt issuance costs
 (included under interest
 expense) 58 410 257 5,533
 Total non-cash charges $ 3,979 $ 3,771 $ 15,088 $ 20,474
 -0- 2/26/93
 CONTACT: Wayne Peterson, vice president and chief financial officer, of Buttrey Food and Drug Stores, 406-454-7280/
 (BTRY)


CO: Buttrey Food and Drugs Stores Co. ST: Montana IN: REA SU: ERN

LM -- SE003 -- 0739 02/26/93 09:15 EST
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Date:Feb 26, 1993
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