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DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS AND NET SALES

 LAKELAND, Fla., Sept. 15 /PRNewswire/ -- Discount Auto Parts, Inc. (NYSE: DAP) today announced record earnings and net sales for the company's first quarter ended Aug. 31, 1993.
 The company reported record income before taxes of $5.8 million, compared with the $4.6 million recorded in the first quarter a year earlier, representing an increase of 25 percent.
 Net sales for the first quarter increased 20 percent to a record $48.6 million, compared to the $40.6 million reported a year earlier in the first quarter. Comparable store sales increased 8 percent, as compared to the first quarter a year earlier.
 Discount Auto Parts, Inc. reported net income of $3.6 million for the first quarter, an increase of 22 percent from the pro forma net income of $2.9 million reported for the first quarter a year earlier. Net income per share for the first quarter was $.26, compared to $.25 supplemental pro forma net income per share reported for the first quarter a year ago.
 During the first quarter, Discount Auto Parts, Inc. completed the conversion of 14 additional standard stores to the mini-depot format. In addition, the company opened six new stores during the quarter, one new depot format store, and five new mini-depot format stores. Two of the mini-depots were in Southern Georgia. At the end of the first quarter, the company had 181 stores in operation consisting of nine depots, 106 mini-depots and 66 standard stores.
 Denis Fontaine, president and CEO, reported, "We are pleased with the performance of our depot and mini-depot stores with comparable store increases of 11 percent and 10 percent, respectively." Fontaine also indicated that the company was on plan to achieve the new store expansion goal of 30 stores for fiscal 1994 and that continued replacement and conversion of standard stores to the depot and mini- depot formats were under review.
 The company also reported that the 140,000-square-foot expansion of its distribution center was on schedule and is expected to be operational by October 1993. Upon completion of the expansion, the Lakeland facility will exceed 300,000 square feet in office and warehouse space.
 Discount Auto Parts, Inc. is Florida's leading specialty retailer of automotive replacement parts, maintenance items and accessories for the Do-It-Yourself ("DIY") consumer. The company currently operates 181 stores, with 177 located throughout Florida and four stores located in Southern Georgia.
 DISCOUNT AUTO PARTS, INC.
 STATEMENTS OF INCOME
 (In Thousands Except Per Share Amounts)
 13 Weeks 13 Weeks
 Ended Ended
 08/31/93 09/01/92
 Net Sales $ 48,637 $ 40,637
 Cost of Sales, including
 distribution costs 30,486 25,423
 Gross Profit 18,151 15,214
 Selling, general and
 administrative expenses 11,771 9,662
 Income from operations 6,380 5,552
 Interest and other income 146 70
 Interest expense (759) (1,010)
 Income before income taxes 5,767 4,612
 Income tax expense 2,203 (15)
 Net income $ 3,564 $ 4,627
 Pro forma income data:
 Income before income taxes 5,767 4,612
 Pro forma provision for income taxes 2,203 1,690
 Pro forma net income $ 3,564 $ 2,922
 Per share data:
 Supplemental pro forma
 net income per share $ 0.26 $ 0.25
 Supplemental pro forma weighted
 average number of shares
 outstanding (000) 13,956 11,892
 CONDENSED BALANCE SHEETS
 (In Thousands)
 Aug. 31, June 1,
 1993 1993
 ASSETS
 Current assets:
 Cash and cash equivalents $ 11,465 $ 14,391
 Inventories $ 57,040 $ 49,497
 Prepaid expenses and other
 current assets $2,193 $4,178
 Total current assets $70,698 $68,066
 Property, plant and equipment $122,174 $112,082
 Less allowances for depreciation
 and amortization (23,797) (22,764)
 98,377 89,318
 Other assets $1,678 $1,695
 Total assets $ 170,753 $ 159,079
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Trade accounts payable $ 25,633 $ 25,520
 Other current liabilities 6,748 5,296
 Current Maturities of long-term debt 3,426 3,426
 Total current maturities 35,807 34,242
 Long-term debt 48,566 42,022
 Total stockholders' equity 86,380 82,815
 Total liabilities and
 stockholders' equity $ 170,753 $159,079
 -0- 9/15/93
 /CONTACT: Denis Fontaine, president or William Perkins, CFO of Discount Auto Parts, Inc., 813-687-9226/
 (DAP)


CO: Discount Auto Parts, Inc. ST: Florida IN: AUT REA SU: ERN

AW-PC -- FL006 -- 2398 09/15/93 16:15 EDT
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Date:Sep 15, 1993
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