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DART GROUP CORPORATION ANNOUNCES RESTRUCTURING CHARGES IMPACT EARNINGS

 LANDOVER, Md., April 30 /PRNewswire/ -- Herbert H. Haft, chairman and chief executive officer of Dart Group Corporation (NASDAQ: DARTA), announced today that 66 percent-owned Trak Auto and 51 percent-owned Crown Books recorded one-time restructuring charges of $5.4 million net of income taxes and minority interests during the three months ended Jan. 31, 1993.
 These charges are to accelerate the development and roll-out of their superstore concepts. The charges reflect the anticipated costs associated with relocating, expanding, closing and converting existing stores to larger superstores.
 Dart's net income for the year ended Jan. 31, 1993, was $3,759,000 or $2.05 per share compared with $4,722,000 or $2.59 per share for the same period last year. For the three months ended Jan. 31, 1993, the company had a net loss of $1,603,000 or 87 cents per share compared to net income of $2,603,000 or $1.43 per share for the same period last year.
 During the year ended Jan. 31, 1993, Dart's net income was affected by Trak Auto's settlement of insurance claims resulting in a $3,894,000 pretax gain and by Trak Auto's recognition of a tax benefit of $1,135,000, net of minority interests, related to adoption of Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes.
 Net income was also impacted by an extraordinary loss of $885,000, resulting from the early redemption of Dart's remaining debentures, as well as the one-time restructuring charges.
 Revenue for the three months increased to $345,826,000 from $330,783,000 and for the 12 months to $1,272,677,000 from $1,195,148,000 when compared with the same periods last year.
 Trak Auto operates 319 auto parts stores in the Washington; Baltimore; Richmond, Va., Chicago and Los Angeles metropolitan areas. Crown Books operates 248 book stores in the Washington area; California; Houston; Chicago and Seattle. Shoppers Food Warehouse operates 35 stores in the Washington metropolitan area. Cabot-Morgan has interests in shopping centers in the Washington metropolitan area. Dart Group Financial buys and holds bankers' acceptances.
 DART GROUP CORPORATION
 (In thousands, except per-share amounts)
 Periods ended Fiscal Year Three Months
 Jan. 31 1993 1992 1993 1992
 Revenue $1,272,677 $1,195,148 $345,826 $330,783
 Inc. (loss) bef. extraord.
 items & cumulative effect
 of change in accounting
 principle 3,509 6,311 (1,603) 3,869
 Extraordinary items:
 Loss from reacquisition
 of debentures (885) (1,589) -- (1,266)
 Cumulative effect of change
 in accounting principle net
 of minority interest 1,135 -- -- --
 Net income 3,759 4,722 (1,603) 2,603
 Earnings per common share
 and common share equivalents:
 Inc. (loss) bef. extraord.
 items & cumulative effect
 of change in accounting
 principle $1.91 $3.46 $(.87) $2.13
 Extraordinary item:
 Loss from reacquisition
 of debentures (.48) (.87) -- (.70)
 Cumulative effect of change
 in accounting principle net
 of minority interest .62 -- -- --
 Net income 2.05 2.59 (.87) 1.43
 Wtd. avg. shares outstanding 1,837 1,825 1,843 1,820
 Dividends per share of
 Class A common stock $.13 $.13 $.033 $.033
 -0- 4/30/93
 /CONTACT: Stanley Rubenstein, 212-297-6108, for Dart Group/
 (DARTA)


CO: Dart Group Corporation ST: Maryland IN: REA SU: ERN

TS-CK -- NY045 -- 3180 04/30/93 12:02 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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