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F&M DISTRIBUTORS ANNOUNCES FOURTH-QUARTER AND ANNUAL EARNINGS

 WARREN, Mich., April 7 /PRNewswire/ -- F&M Distributors, Inc. (NASDAQ: FMDD) announced today its earnings for the fourth quarter and fiscal year ended Jan. 30, 1993.
 Pro forma earnings for the fiscal year were $10.3 million, or $1.07 per share, a 10-percent increase over the pro forma earnings of $9.3 million, or $0.97 per share in the prior year. Earnings and earnings per share for the current and prior year are on a pro forma basis reflecting the initial public offering of the company's common stock on Sept. 24, 1992 and its conversion from an S Corporation to a C Corporation at that date for federal income tax purposes. Earnings per share for the year without the effect of the pro forma adjustments, were $1.50.
 The company had previously released its annual sales of $736.9 million, an increase of 9 percent over the previous year.
 Earnings for the fourth quarter were $4.5 million, or $0.47 per share, representing a 5-percent increase over the pro forma earnings of $4.3 million, or $0.45 per share in the prior year. Fourth-quarter sales of $190.0 million reflect an increase of 7 percent over the prior year.
 F&M Distributors currently operates 116 F&M deep discount superstores in 10 states, offering a wide selection of branded health and beauty aids, cosmetics and fragrances and household supplies at everyday low prices. In addition, the company operates two PartiGiant deep discount party supply superstores in Michigan.
 F&M DISTRIBUTORS, INC.
 CONDENSED STATEMENTS OF INCOME
 (Dollars in thousands, except share and per-share amounts)
 (Unaudited)
 Fourth quarter ended, Year ended,
 Jan. 30, Jan. 31, Jan. 30, Jan. 31,
 Financial data: 1993 1992 1993 1992
 Net sales $190,022 $177,062 $736,925 $674,031
 Cost of sales and
 occupancy expenses 151,624 142,034 598,840 552,304
 Gross profit 38,398 35,028 138,085 121,727
 Selling, general and
 admin. expenses 28,833 26,201 112,792 99,222
 Operating income 9,565 8,827 25,293 22,505
 Interest expense, net (2,392) (2,119) (9,395) (8,647)
 Earnings before
 provision for
 income taxes 7,173 6,708 15,898 13,858
 Provision for
 income taxes 2,698 --- 3,866 ---
 Net income $4,475 $6,708 $12,032 $13,858
 Net income per
 common share $0.47 --- $1.50 ---
 Weighted average
 common shares
 outstanding 9,619,310 --- 8,042,568 ---
 Pro forma data:
 Supplemental net
 income (a) $4,475 $4,319 $10,255 $9,349
 Supplemental net
 income per common
 share (a) $0.47 $0.45 $1.07 $0.97
 Selected data:
 Beginning store count 117 106 108 95
 New store openings 1 2 10 13
 Ending store count 118 108 118 108
 Total selling
 square footage 2,348,487 2,070,230 --- ---
 Capital
 expenditures, net $1,728 $4,198 $8,766 $15,234
 Depreciation and
 amortization $1,796 $1,365 $7,061 $5,698
 (a) -- Supplemental net income per common share is based on 9,619,310 shares of common stock outstanding. Supplemental net income reflects adjustments for a reduction in interest income and interest expense as a result of the company's initial public offering, net of related income tax effects.
 -0- 4/7/93
 /CONTACT: Laura Kendall, CFO/Senior Vice President of F&M Distributors, 313-758-1400, Ext. 251/
 (FMDD)


CO: F&M Distributors, Inc. ST: Michigan IN: REA SU: ERN

DH-SB -- DE001 -- 3662 04/07/93 08:47 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
Words:578
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