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DRS INDUSTRIES, INC. ANNOUNCES FILING OF FORM 10-K ANNUAL REPORT

 NEW YORK, Aug. 20 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) announced today that it has filed its Form 10-K Annual Report for the fiscal year ended April 30, 1993. DRS' 10-K reports the company's principal operation, Family Bargain Center ("Family Bargain"), on the cost method since Family Bargain did not emerge from bankruptcy until May 28, 1993. DRS' first quarter report to be released on or about Sept. 15, 1993 will include results from Family Bargain in the consolidated financial statements. The financial statements for the fiscal year ended April 30, 1993 classify results and write-offs of C-B/Murray Corporation, Inc., Mandel-Kahn Industries, Inc., the retirement community business, and real estate ventures as discontinued operations.
 John A. Selzer, DRS' chief executive officer, said, "After completing a difficult year, DRS has refocused itself through the Family Bargain acquisition and has written-off and reserved for any investments in prior operations and assets. Family Bargain, now DRS' only operating unit, is an off-price apparel retail company. We are eager to put fiscal 1993 behind us and move forward in the future through Family Bargain toward our goal of restoring profitability. To reflect the company's new focus, the board of directors has decided, subject to shareholder approval, to change the corporation's name to Family Bargain Holdings, Inc."
 For the fiscal year ended April 30, 1993, DRS's net loss was $19,386,000, or $2.01 per share, including a loss and write-offs from discontinued operations of $16,147,000, or $1.67 per share. DRS' loss from continuing operations, which did not include Family Bargain, was $3,239,000, or $0.34 per share.
 DRS, through its Family Bargain subsidiary, operates a chain of off- price apparel retail stores in California, Arizona, New Mexico, Oregon, and Washington.
 -0- 8/20/93
 /CONTACT: John A. Selzer of DRS Industries Inc., 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York IN: REA SU:

LG-OS -- NY043 -- 4760 08/20/93 16:09 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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