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BUTTREY FOOD AND DRUG STORES CO. ANNOUNCES RESULTS FOR THE FIRST QUARTER

 GREAT FALLS, Mont., May 27 /PRNewswire/ -- Buttrey Food and Drug Stores Co. (NASDAQ: BTRY) today reported that net income before extraordinary charges for the 13 weeks ended May 1, 1993, decreased $1,804,000 to $7,000 from $1,811,000, or 23 cents per share, for the 13 weeks ended May 2, 1992. Extraordinary charges of $3,435,000, or 43 cents per share, were recorded in the first quarter of 1992 resulting from the early retirement of debt and the refinancing of the company's bank agreement. Net income for the 13 weeks ended May 1, 1993, increased $1,631,000 to $7,000 from a net loss of $1,624,000, or 20 cents per share, in the comparable period in the prior year.
 Sales for the 13 weeks ended May 1, 1993, decreased $7,262,000, or 6.4 percent, to $106,912,000 from $114,174,000 for the 13 weeks ended May 2, 1992. The decrease in sales reflects a 9.7-percent decline in comparable store sales partially offset by the sales of the company's new stores in Miles City, Billings, and Livingston, 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.
 Earnings before interest, income taxes and depreciation and amortization on a FIFO basis ("EBITDA") for the 13 weeks ended May 1, 1993, decreased $2,727,000 to $5,328,000, or 5.0 percent of sales, from $8,055,000, or 7.1 percent of sales, in the comparable 13-week period in the prior year. The decline in EBITDA as a percentage of sales is partially attributable to a reduction in gross profit margin as a result of the company's aggressive merchandising strategies in response to competitive activity and an increase in operating expenses as a percentage of sales as a result of the lower sales despite those expenses being lower on an absolute basis.
 In addition to opening a new store in Livingston, Mont., during the quarter, the company recently began construction on a replacement store in Butte, Mont., which is scheduled to open during the fourth quarter.
 Buttrey Food and Drug Stores Co. is headquartered in Great Falls and currently operates 45 stores in Montana, Washington, Wyoming and North Dakota and three distribution centers in Montana (1) and Utah (2).
 BUTTREY FOOD AND DRUG STORES CO.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per-share data)
 13 Weeks Ended
 May 1, May 2,
 1993 1992
 Sales $106,912 $114,174
 Cost of sales and related occupancy costs 81,100 85,220
 Gross profit 25,812 28,954
 Marketing, general and administrative expenses 24,579 24,469
 Operating income 1,233 4,485
 Interest expense 1,226 1,540
 Income before taxes and extraordinary charge 7 2,945
 Income taxes 0 1,134
 Income before extraordinary charge 7 1,811
 Extraordinary charge (net of tax) 0 3,435
 Net income $ 7 $ (1,624)
 Net income per common share and
 common share equivalent:
 Income before extraordinary charge $ 0.00 $ 0.23
 Extraordinary charge (net of tax) 0.00 0.43
 Net income per share $ 0.00 $ (0.20)
 Weighted average common and common equivalent
 shares outstanding 8,212.9 8,056.8
 Certain Non-Cash Charges:
 LIFO provision $ 261 $ 250
 Depreciation and amortization of property
 and capital leases 2,808 2,271
 Loss on disposal of owned property 1 3
 Amortization of excess cost over net assets
 acquired and other assets 1,025 1,046
 Amortization of deferred debt issuance costs
 (included under interest expense) 34 127
 Total non-cash charges $ 4,129 $ 3,697
 -0- 5/27/93
 /CONTACT: Wayne Peterson, vice president and chief financial officer, of Buttrey Food and Drug Stores, 406-454-7280/
 (BTRY)


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

LM -- SE001 -- 2804 05/27/93 09:15 EDT
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Publication:PR Newswire
Date:May 27, 1993
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