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DISCOUNT AUTO PARTS ANNOUNCES RESULTS

 LAKELAND, Fla., March 18 /PRNewswire/ -- Discount Auto Parts, Inc. (NYSE: DAP) today announced record earnings and net sales for the company's third quarter ended March 2, 1993.
 The company reported record income before taxes of $4.7 million for the third quarter, compared with $3.1 million in the third quarter a year earlier, representing an increase of 55 percent.
 Net sales increased to $45.2 million for the third quarter, up 23 percent from the year earlier third quarter sales of $36.8 million. The third quarter of fiscal 1992 consisted of 14 weeks, as compared to the 13 weeks in the third quarter of fiscal 1993. Excluding the effect of the 14th week in 1992, net sales for the third quarter of fiscal 1993, increased 33.5 percent and comparable store sales increased 20 percent, as compared to the third quarter of fiscal 1992.
 Pro forma net income for the third quarter increased 54 percent to $3.0 million, as compared to $1.9 million for the third quarter of fiscal 1992. Supplemental pro forma net income per share for the third quarter was $.21 compared to $.17 in the third quarter of fiscal 1992.
 The company reported income before taxes of $14.0 million for the first three quarters of fiscal 1993, compared with the $9.3 million recorded for the first three quarters of fiscal 1992, a 51 percent increase.
 For the first three quarters of fiscal 1993, net sales increased 28 percent to $129.0 million, compared to the $100.7 million recorded during the first three quarters of fiscal 1992. Adjusting to exclude the effect of the additional week in fiscal 1992, net sales for the first three quarters of fiscal 1993, increased 32 percent and comparable store sales increased 18 percent as compared to the first three quarters of fiscal 1992.
 Discount Auto Parts, Inc. reported pro forma net income of $8.9 million for the first three quarters of fiscal 1993, an increase of 50 percent from the $5.9 million recorded during the first three quarters of fiscal 1992. Supplemental pro forma net income per share for the first three quarters of fiscal 1993 was $.67 compared to $.51 recorded for the first three quarters of fiscal 1992, an increase of 31 percent.
 During the third quarter, Discount Auto Parts, Inc. completed the conversion of an additional 20 standard stores to the mini-depot format bringing total mini-depot stores to 62. In addition, the company opened new depot stores in Miami and Key West, Fla. During the fourth quarter of fiscal 1993, the company plans to open seven to nine new mini-depot stores of which two will be in Southern Georgia, bringing the fiscal 1993 total to 15 to 17 new stores, and plans to convert approximately 15 additional standard stores to the mini-depot format during the fourth quarter of fiscal 1993.
 The company also reported that the 120,000 square-foot expansion of its distribution center was on schedule and is expected to be operational in the fall of 1993.
 During fiscal 1994 (June 1993 through May 1994), the company plans to open 24 to 30 stores, most of which will be constructed to accommodate either the depot or mini-depot format. Several will be in Southern Georgia.
 Additionally, based on sales performance of the depot and mini-depot stores, Discount Auto Parts, Inc. plans to add additional new inventory items, primarily application hard parts at all of its stores. The total investment of the additional inventory is expected to be approximately $3.0 million.
 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 166 stores located throughout Florida.
 DISCOUNT AUTO PARTS, INC.
 STATEMENTS OF INCOME
 (unaudited)
 (In Thousands Except Per Share Amounts)
 13 Weeks 14 Weeks 39 Weeks 40 Weeks
 Ended Ended Ended Ended
 3/2/93 3/3/92 3/2/93 3/3/92
 Net Sales $ 45,182 $ 36,754 $ 128,958 $ 100,697
 Cost of Sales,
 including
 distribution costs 28,548 23,301 81,403 63,019
 Gross Profit 16,634 13,453 47,555 37,678
 Selling, general and
 administrative
 expenses 11,284 9,371 31,284 25,329
 Income from operations 5,350 4,082 16,271 12,349
 Interest and
 other income 153 108 360 397
 Interest expense (768) (1,139) (2,589) (3,429)
 Income before
 income taxes 4,735 3,051 14,042 9,317
 Provision for
 income taxes 1,752 --- 3,474 ---
 Net income $ 2,983 $ 3,051 $ 10,568 $ 9,317
 Pro forma Income data:
 Income before
 income taxes 4,735 3,051 14,042 9,317
 Pro forma provision
 for income taxes 1,752 1,115 5,179 3,406
 Pro forma net income $ 2,983 $ 1,936 $ 8,863 $ 5,911
 Per share data:
 Supplemental pro forma
 net income per
 share (A) (B) $ 0.21 $ 0.17 $ 0.67 $ 0.51
 Supplemental pro forma
 weighted average
 number of shares
 outstanding (000) (B) 13,945 11,500 13,256 11,500
 Net income per
 share (A) (B) $ 0.21 $ 0.19 $ 0.69 $ 0.59
 Weighted average
 number of shares
 outstanding (000) 13,945 10,000 12,849 10,000
 (A) -- Includes the effect of a pro forma income tax provision for
 the period the company was an S corporation prior to the
 initial public offering.
 (B) -- For purposes of calculating net income per share, the
 weighted average number of shares outstanding gives
 retroactive effect to a reclassification of the company's
 stock effected immediately prior to the company's initial
 public offering. Supplemental pro forma net income per share
 is computed as if the shares issued in the initial public
 offering to pay a $27 million S corporation distribution had
 been outstanding for both periods.
 CONDENSED BALANCE SHEETS
 (In Thousands)
 March 2, June 2,
 1993 1992
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 15,986 $ 9,278
 Inventories 43,769 39,830
 Prepaid expenses and other
 current assets 1,888 1,505
 Total current assets 61,645 50,413
 Property, plant and equipment 103,040 89,971
 Less allowances for depreciation
 and amortization (21,465) (18,434)
 81,575 71,537
 Other assets 3,242 2,804
 Total assets $ 146,462 $ 124,754
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Trade accounts payable $ 20,464 $ 22,284
 Other current liabilities 5,834 3,759
 Current maturities of long-term debt 2,220 2,214
 Total current liabilities 28,524 28,257
 Long-term debt 37,983 61,102
 Stockholders' equity:
 Preferred stock --- ---
 Common stock 139 104
 Additional paid -- in capital 64,180 197
 Retained earnings 15,638 35,304
 Less common stock held in
 treasury, at cost --- (300)
 Total stockholders' equity 79,955 35,395
 Total liabilities and
 stockholders' equity $ 146,462 $ 124,754
 -0- 3/18/93
 /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 SU: ERN

SS-JJ-JB -- FL001 -- 7327 03/18/93 09:06 EST
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Date:Mar 18, 1993
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