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CROWLEY, MILNER AND COMPANY REPORTS THIRD-QUARTER RESULTS

 CROWLEY, MILNER AND COMPANY REPORTS THIRD-QUARTER RESULTS
 DETROIT, Nov. 20 /PRNewswire/ -- Andrew J. Soffel, Crowley, Milner and Company (AMEX: COM) chairman, today announced the company's results for the third quarter and nine months ended Nov. 2, 1991.
 For the third quarter, a 46.5-percent reduction in the pre-tax loss was recorded. The pre-tax loss was $527,250 compared with a pre-tax loss of $985,962 for the third quarter last year. Due to the company being in a net operating loss carryforward position, it was unable to tax effect any of the loss for the quarter. Consequently, the net loss recorded does not reflect the improvement of the pre-tax loss. A net loss of $527,250, or $1.04 per share, was recorded compared with a net loss of $484,962, or $.95 per share, for the third quarter last year. Sales for the quarter were $26,464,886, down 7.7 percent from the $28,665,386 reported for the third quarter last year.
 For the nine months, a 27.2-percent improvement in the pre-tax loss to $2,723,673 from $3,739,735 last year was recorded. The net loss for the period was $2,378,673, or $4.67 per share, compared with $2,467,735, or $4.85 per share, for the comparable period last year. Sales for the nine months were $70,535,533, down 6.9 percent from the $75,751,745 reported last year.
 Soffel attributed the improved performance for the quarter to an 8.0-percent reduction in operating expenses and improved inventory controls which resulted in an increase in margins as a percent of sales.
 CROWLEY, MILNER AND COMPANY
 Nov. 2, 1991 Nov. 3, 1990
 Quarter ended
 Sales $26,464,886 $28,665,386
 Pre-tax loss (527,250) (985,962)
 Income tax credits --- (501,000)
 Net loss ($527,250) ($484,962)
 Net loss per share ($1.04) ($.95)
 Nine months ended
 Sales $70,535,533 $75,751,745
 Pre-tax loss (2,723,673) (3,739,735)
 Income tax credits (345,000) (1,272,000)
 Net loss ($2,378,673) ($2,467,735)
 Net loss per share ($4.67) ($4.85)
 Also, Soffel announced that Carroll E. Ebert, former chairman and chief executive officer of the Chicago-based department store Carson Pirie Scott and Company, was appointed to Crowley's board of directors. Paul R. Rentenbach, a partner with Dykema Gossett, was also appointed a director for the company, and Paul R. Trigg Jr. resigned as a director of the company.
 -0- 11/20/91
 /CONTACT: Mark A. VandenBerg of Crowley's, 313-962-2400, Ext. 586/
 (COM) CO: Crowley, Milner and Company ST: Michigan IN: REA SU: ERN


ML -- DE020 -- 5585 11/20/91 16:44 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:450
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