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CARTER HAWLEY HALE REPORTS FOURTH QUARTER AND FISCAL 1991 RESULTS

CARTER HAWLEY HALE REPORTS FOURTH QUARTER AND FISCAL 1991 RESULTS
 LOS ANGELES, April 24 /PRNewswire/ -- Carter Hawley Hale Stores Inc. (NYSE: CHH) today reported that for the fourth quarter of its fiscal year ended Feb. 1, 1992, it had earnings from operations before reorganization costs and income taxes of $11.6 million, compared to a loss of $32.3 million in the same period last year. After reorganization costs, primarily reflecting a provision for consolidations and the recognition of additional liabilities subject to settlement, the company had a net loss in the quarter of $102.4 million, compared to a net loss of $72.7 million in the fourth quarter of the prior year. Sales during the fourth quarter of fiscal 1991 were $693.3 million, compared to $752.3 million in the same period a year ago. On a comparable stores basis, sales decreased 7.6 percent for the quarter.
 For the full fiscal year 1991, the company had a loss from operations before reorganization costs and income taxes of $32.0 million, compared to a loss of $85.9 million in the comparable prior 12-month period. After reorganization costs and other charges, the net loss in fiscal 1991 was $217.0 million, compared to a net loss of $119.7 million in the comparable prior 12-month period. Excluding Thalhimers, which was sold in December 1990, sales for the year were $2.1 billion, compared to $2.3 billion in the comparable prior 12-month period. On a comparable stores basis, sales decreased 9.9 percent for the fiscal year.
 "On an operating basis, Carter Hawley Hale showed steady improvement throughout the past year, despite the disruptions caused by our reorganization filing and the difficult retailing environment," said Philip M. Hawley, chairman and chief executive officer. "Our gross margins and operating expenses on a percent to sales basis showed improvement over the previous year. The consolidation program now being implemented will provide the foundation for continued progress."
 Carter Hawley Hale Stores Inc. operates 88 stores under the names of The Broadway, The Broadway Southwest, Emporium and Weinstocks.
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-possession)
 Consolidated Statement of Earnings
 (In thousands except per share data)
 (unaudited)
 13 Weeks Ended 52 Weeks Ended
 Feb. 1, Feb. 2, Feb. 1, Feb. 2,
 1992 1991 1992 1991
 Sales $693,265 $752,296 $2,127,917 $2,532,749
 Cost of goods
 sold, including
 occupancy and
 buying costs 512,528 566,780 1,581,144 1,885,152
 Selling, general
 and administrative
 expenses 144,534 169,438 476,520 570,854
 Earnings from
 operations before
 non-operating items,
 interest expense
 and reorganization
 costs 36,203 16,078 70,253 76,743
 Provision for
 consolidation
 programs --- 12,000 --- 47,000
 Gain on sale of
 Thalhimers --- --- --- (30,000)
 Other expense --- --- --- 681
 Interest expense,
 net 24,640 36,398 102,288 144,982
 Earnings (loss)
 from operations
 before reorgan-
 ization costs and
 income taxes 11,563 (32,320) (32,035) (85,920)
 Reorganization
 costs 113,917 40,000 138,057 40,000
 Loss from
 operations
 before income
 taxes (102,354) (72,320) (170,092) (125,920)
 Income taxes --- (7,450) --- (26,250)
 Loss before
 extraordinary items
 and change in
 accounting (102,354) (64,870) (170,092) (99,670)
 Extraordinary
 items
 Costs related
 to early
 retirement of
 debt, net of
 income tax
 benefit --- (7,870) (16,894) (14,070)
 Earthquake loss,
 net of income tax
 benefit --- --- --- (6,000)
 Cumulative effect
 of change in
 accounting for
 post-retirement
 medical benefits,
 net of income tax
 benefit --- --- (30,000) ---
 Net loss ($102,354) ($72,740) ($216,986) (119,740)
 Loss per common
 share
 Operations ($3.54) ($2.25) ($5.89) ($3.55)
 Extraordinary
 items
 Early retirement
 of debt --- (0.27) (0.58) (0.50)
 Earthquake loss --- --- --- (0.21)
 Change in accounting
 for post-retirement
 medical benefits --- ---- (1.04) ---
 Total ($3.54) ($2.52) ($7.51) ($4.26)
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-Possession)
 Consolidated Condensed Balance Sheet
 (In thousands)
 (Unaudited)
 Feb. 1, Feb. 2,
 1992 1991
 Assets:
 Current assets
 Cash $37,516 $33,131
 Restricted cash deposits --- 45,437
 Accounts receivable, net 615,309 699,961
 Merchandise inventories 384,446 355,449
 Other current assets 19,822 20,086
 Total 1,057,093 1,154,064
 Property and equipment, net 509,189 511,690
 Other assets 101,380 89,667
 Total $1,667,662 $1,755,421
 Liabilities and shareholders'
 equity
 Current liabilities
 Notes payable and
 current installments $39,866 $2,890
 Accounts payable and
 accrued liabilities 378,034 163,615
 Current income taxes 10,923 9,477
 Total 428,823 175,982
 Liabilities subject to
 settlement under
 reorganization proceedings 598,321 598,650
 Receivables-based financing 489,254 633,798
 Other long-term debt 453,174 453,174
 Capital lease obligations 55,255 62,116
 Other liabilities 132,471 82,503
 Deferred income taxes 18,840 21,825
 Shareholders' deficit (508,476) (272,627)
 Total $1,667,662 $1,755,421
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-Possession)
 Consolidated Statement of Cash Flows
 (In thousands)
 (Unaudited)
 52 Weeks Ended
 Feb. 1, Feb. 2,
 1992 1991
 Operating activities
 Loss from operations ($170,092) ($99,670)
 Adjustments to reconcile
 loss from operations to
 net operating cash flows
 Depreciation and amortization 43,636 42,630
 Earthquake costs --- (10,000)
 Gain on sale of Thalhimers --- (30,000)
 Gains on asset sales --- (7,298)
 Deferred income taxes --- (19,605)
 Change in operating assets and
 liabilities, net of effect of
 sale of Thalhimers in 1990
 Restricted cash deposits 45,437 (45,437)
 Accounts receivable, net 78,166 26,565
 Merchandise inventories (28,997) 91,834
 Accounts payable and
 accrued liabilities 201,893 70,022
 Receivables securitization
 deposits 7,966 (5,116)
 Other, net (11,565) 13,179
 Net cash provided by operating
 activities 166,444 27,104
 Investing activities
 Proceeds from sale of Thalhimers --- 317,000
 Proceeds from asset sales --- 14,216
 Purchases of property
 and equipment (34,850) (80,556)
 Net cash provided (used) by
 investing activities (34,850) 250,660
 Financing activities
 Postpetition debt activity
 Net change in financing under
 receivables-based facility 489,254 ---
 Net change in financing under
 working capital facility 37,000 ---
 Prepetition debt activity
 Net change in financing under
 receivables-based facility (633,798) (153,994)
 Net change in financing under
 working capital facility --- (20,000)
 Other issuances of long-term debt --- 23,104
 Retirement of long-term debt
 and capital lease obligations (2,771) (115,053)
 Costs relating to early
 retirements of long-term debt,
 net of items not requiring
 cash outlay (16,894) (5,113)
 Issuances of common stock --- 8,212
 Net cash used by financing
 activities (127,209) (262,844)
 Net increase in cash 4,385 14,920
 Cash at the beginning of the period 33,131 18,211
 Cash at the end of the period $37,516 $33,131
 -0- 4/24/92
 /CONTACT: Bill Dombrowski, VP-corporate affairs, 213-239-6522/
 (CHH) CO: Carter Hawley Hale Stores Inc. ST: California IN: REA SU: ERN


DM-JL -- LA002 -- 2278 04/24/92 08:32 EDT
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Date:Apr 24, 1992
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