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FABRI-CENTERS REPORTS RECORD SALES AND RECORD EARNINGS FOR FISCAL 1992

FABRI-CENTERS REPORTS RECORD SALES AND RECORD EARNINGS FOR FISCAL 1992
 CLEVELAND, Feb. 19 /PRNewswire/ -- Fabri-Centers of America, Inc. (NYSE: FCA) today reported record sales, earnings and earnings per share for the fourth quarter and fiscal year that ended Feb. 1, 1992. This was the third consecutive year of record sales and earnings.
 Net sales for the 52 weeks of fiscal 1992 were $468,904,000 a 22 percent improvement from $385,639,000 for the 53 weeks of fiscal 1991. Comparable-store sales increased 12 percent in fiscal 1992. Net earnings reached $17,513,000, up 56 percent from $11,224,000 in the prior year. Earnings per share of $1.90 increased 34 percent, from $1.42, even though the average number of shares outstanding increased 17 percent to 9,198,792 compared to 7,891,213 in the prior year primarily as a result of our common stock offering in May 1991. In fiscal 1992, the return on sales rose to 3.7 percent, compared to 2.9 percent in the prior fiscal year.
 During fiscal 1992, Fabri-Centers' balance sheet strengthened significantly. At year-end, long-term debt had declined to $40,100,000, or 22 percent of total capital while shareholders' equity had grown 85 percent to $142,523,000. Nonetheless, return on average shareholders' equity reached a record 16 percent for the fiscal year.
 For the fiscal 1992 fourth quarter, sales were $158,530,000, up 19 percent from last year's $133,411,000, even though this year's fourth quarter had one less week than the same quarter last year. Comparable-store sales rose 10 percent in the fourth quarter compared to the same period a year ago.
 Net earnings increased 36 percent in the fiscal 1992 fourth quarter to $11,957,000 from $8,792,000 in the corresponding period in fiscal 1991. Earnings per share in the fourth quarter improved to $1.23 from $1.14 per share in last year's fourth quarter even though average shares outstanding increased 25 percent for that period.
 "The conversion of our conventional small stores to superstores with a much larger selection of merchandise continues to have a positive impact on sales and profitability," stated Alan Rosskamm, president and chief executive officer. "In fiscal 1992, 121 stores were opened, 28 stores were acquired, and 102 small stores were closed, bringing the total number of superstores to 342 out of 664 stores. Our geographic expansion was helped by the acquisition of Gilberg's Fabrics in December 1991, which now gives us a foothold in Alabama, Georgia and Northern Florida. The acquisition of New York Fabrics, also in December, provided an entry into the San Francisco market with 18 stores in the Bay area."
 Rosskamm added, "We look forward to another year of aggressive growth. We plan on accelerating our real estate activity by opening about 150 superstores in fiscal 1993, of which approximately 100 will be conversions of smaller existing stores. Investments will also increase for management information systems and warehousing operations.
 "In total," said Rosskamm, "We believe that the maturation of more than 200 superstores opened over the past two years, together with our scheduled expansion this year, will help us achieve continued sales and earnings growth in fiscal 1993."
 Fabri-Centers operates 664 fabric stores in 38 states, primarily under the name Jo-Ann Fabrics, and 29 Cargo Express housewares stores in Ohio and Michigan.
 FABRI-CENTERS OF AMERICA, INC.
 SALES & EARNINGS
 FOR THE FISCAL YEARS AND FOURTH QUARTERS ENDED
 FEBRUARY 1, 1992 AND FEBRUARY 2, 1991
 (Dollars in thousands except per share data)
 FOURTH QUARTER FOURTH QUARTER
 13 Weeks 14 Weeks
 Ended Ended
 Feb. 1, 1992 Feb. 2, 1991
 Net Sales $158,530 $133,411
 Earnings Before Income Taxes 18,642 14,042
 Provision for Income Taxes 6,685 5,250
 Net Earnings 11,957 8,792
 Earnings Per Share $ 1.23 $ 1.14
 Average Shares and
 Equivalents Outstanding 9,697,405 7,736,996
 TWELVE MONTHS TWELVE MONTHS
 52 Weeks 53 Weeks
 Ended Ended
 Feb. 1, 1992 Feb. 2, 1991
 Net Sales $468,904 $385,639
 Earnings Before Income Taxes 27,361 17,959
 Provision for Income Taxes 9,848 6,735
 Net Earnings 17,513 11,224
 Earnings Per Share $ 1.90 $ 1.42
 Average Shares and
 Equivalents Outstanding 9,198,792 7,891,213
 -0- 2/19/92
 /CONTACT: Robert Norton or Alan Rosskamm, 216-656-2600, both of Fabri-Centers of America, Inc./
 (FCA) CO: Fabri-Centers of America, Inc. ST: Ohio IN: REA SU: ERN


SM -- CL002 -- 0311 02/19/92 09:48 EST
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Publication:PR Newswire
Date:Feb 19, 1992
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