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DALLAS GOLD & SILVER EXCHANGE INC. ANNOUNCES FISCAL YEAR RESULTS, EXPECTS RECORD FIRST QUARTER RESULTS

 DALLAS, March 31 /PRNewswire/ -- Dallas Gold & Silver Exchange Inc. (AMEX: DLS.EC) announced today year-end results for fiscal 1992. Revenues declined from $15,638,840 to $11,396,527 for the current year reflecting the sale of its previously consolidated ownership interest in Alaska Precious Metals Ltd. in the first quarter of 1991. The company reported a loss for the full fiscal year of $172,270 vs. a profit in the prior year of $29,406.
 The full fiscal year reflects nonrecurring charges for severance associated with the company's relocation of its executive offices from California to Dallas, as well as significant other restructuring and start-up charges in preparation for the company's expansion into parallel lines and other geographical locations in fiscal 1993.
 The company's business continues to reflect the uniqueness of its "Superstore Concept" with inventory turns of almost 11 times for fiscal 1992 and sales per square foot of selling space of $1,820 per square foot. These statistics compare with industry averages reflected in National Jeweler of 1.2 times for inventory turns and $294 for sales per square foot. Sales per employee continued to exceed the industry average by more than 100 percent.
 Management indicated that the results for 1992, while unsatisfactory, represent staging activities for 1993. Management further indicated that earnings for the first quarter of 1993 are expected to be released shortly and will reflect the initial results of the restructuring. First quarter results are expected to reflect substantial expansion in sales and record first quarter earnings. The company's balance sheet continues to be strong with a current ratio of 2.7 and no short-term debt.
 DALLAS GOLD AND SILVER EXCHANGE INC.
 Consolidated Statements of Operations
 Years Ended Dec. 31, 1992
 1992 1991
 Revenues:
 Sales $11,332,118 $15,594,425
 Pawn service charge 44,034 47,167
 Interest income 20,375 17,248
 Total 11,396,527 15,638,840
 Costs and expenses:
 Cost of goods sold (exclusive
 of items shown separately
 below) 9,802,726 13,770,636
 General and administrative
 expenses 1,587,704 1,630,841
 Depreciation and amortization 90,795 110,236
 Interest expense 87,572 105,229
 Equity in loss of
 unconsolidated subsidiary --- 22,100
 Minority interest in earnings
 of subsidiary --- (9,608)
 Total costs and expenses 11,568,797 15,629,434
 Net income (loss) ($172,270) $29,406
 Income (loss) per share of
 common stock:
 Net income (loss) ($.03) $.01
 -0- 3/31/93
 /CONTACT: John Benson, CFO of Dallas Gold & Silver Exchange, 800-527-5307/
 (DLS)


CO: Dallas Gold & Silver Exchange Inc. ST: Texas IN: MNG SU: ERN

MS-LS -- LA022 -- 1729 03/31/93 17:31 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:440
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