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DIY HOME WAREHOUSE ANNOUNCES RECORD SALES AND EARNINGS

 CLEVELAND, July 26 /PRNewswire/ -- Clifford L. Reynolds, president of DIY Home Warehouse, Inc. (NASDAQ-NMS: DIYH) today announced record sales and earnings for the quarter ended July 3, 1993.
 Sales for the second quarter of fiscal 1993 were $28,209,000, compared to $22,148,000 for the same period of 1992, a 27.4 percent increase. The increase resulted from the addition of two new stores in Bedford and Brookpark, Ohio. Comparable store sales decreased 3.3 percent due primarily to anticipated cannibalization by the company's two new stores located in the Cleveland market.
 Operating income increased 48.8 percent for the second quarter of fiscal 1993 to $2,401,000 from $1,614,000 in the second quarter of fiscal 1992.
 In connection with the company's initial public offering on May 18, 1993, the company revoked its election to be taxed as an S corporation whereby its shareholders were taxed directly and, on that date, began being taxed as a C corporation. Had the company been taxed as a C corporation for all comparable periods, pro forma net income would have been $1,446,000 or $0.23 per share for the second quarter of fiscal 1993 compared with $959,000 or $0.19 per share for the second quarter of 1992. (See following Condensed Statement of Income.)
 Sales for the six month period ended July 3, 1993, were $42,612,000, a 28.2 percent increase over $33,230,000, for the same period of 1992.
 Treating both the six month periods for 1993 and 1992 as if taxed as a C corporation, pro forma net income was $1,659,000, $0.29 per share for the six month period end July 3, 1993 and was $1,126,000, $0.23 per share for the comparable 1992 period.
 DIY Home Warehouse, Inc. operates 6 warehouse format home centers which sell products primarily to do-it-yourself home repair and remodeling customers, in the metropolitan Cleveland market.
 DIY HOME WAREHOUSE, INC.
 CONDENSED STATEMENT OF INCOME
 (UNAUDITED)
 (Dollar amounts in thousands except per share data)
 For the For the
 Three Months Ended Six Months Ended
 July 3, June 27, July 3, June 27,
 1993 1992 1993 1992
 Net sales $28,209 $22,148 $42,612 $33,230
 Cost of sales 20,547 16,079 30,427 23,669
 Gross profit 7,662 6,069 12,185 9,561
 Operating expenses
 and other 5,261 4,455 9,398 7,689
 Operating income 2,401 1,614 2,787 1,872
 Other income 49 11 25 36
 Income before
 income taxes 2,450 1,625 2,812 1,908
 Taxes on Income 590 0 590 0
 Net Income $ 1,860 $ 1,625 $ 2,222 $ 1,908
 Net Income per Share $ 0.29 $ 0.33 $ 0.38 $ 0.38
 Weighted average
 common shares
 outstanding 6,421,703 5,000,000 5,785,852 5,000,000
 Pro forma data(A)
 Net income $ 1,446 $ 959 $ 1,659 $ 1,126
 Net income per share $ 0.23 $ 0.19 $ 0.29 $ 0.22
 (A) -- Pro forma net income assumes an effective income tax rate of 41 percent for all periods presented. The calculation of pro forma net income includes an additional 135,653 shares related to shares issued in July 1992 for the three and six months ended June 27, 1992.
 DIY HOME WAREHOUSE, INC.
 CONDENSED BALANCE SHEET
 (UNAUDITED)
 (Dollar amounts in thousands)
 July 3, January 2,
 1993 1993
 ASSETS
 Cash and cash equivalents $13,082 $ 465
 Merchandise inventories 15,086 9,700
 Other current assets 551 366
 Total current assets 28,719 10,531
 Property and equipment, net 4,963 3,295
 Other assets 45 409
 Total assets $33,727 $14,235
 LIABILITIES & SHAREHOLDERS' EQUITY
 Notes payable $ 900 $ 2,500
 Accounts payable 6,715 3,693
 Other current liabilities 2,126 2,507
 Total current liabilities 9,741 8,700
 Long-term debt and other 102 836
 Total Shareholders' Equity 23,884 4,699
 Total liabilities and
 shareholders' equity $33,727 $14,235
 DIY Home Warehouse is traded on NASDAQ, National Market Issues, and is quoted daily in The Wall Street Journal. Its NASDAQ symbol is DIYH.
 -0- 7/26/93
 /CONTACT: Clifford L. Reynolds of DIY Home Warehouse, 216-328-5100/
 (DIYH)


CO: DIY Home Warehouse, Inc. ST: Ohio IN: REA SU: ERN

BM -- CL018 -- 5863 07/26/93 16:20 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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