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FACELIFTERS HOME SYSTEMS, INC. ANNOUNCES RECORD REVENUE AND EARNINGS JUMP FOR THE SECOND QUARTER AND SIX-MONTHS PERIOD ENDED SEPT. 30, 1993

 NEW YORK, Nov. 8 /PRNewswire/ -- Facelifters Home Systems, Inc. (NASDAQ: FACE) today announced its second quarter and six months results. Revenues for the six months ended September 30, 1993 increased 40 percent to a record $13,409,620, up from $9,584,342 during the same period last year. Net income increased to $973,310 compared to a loss of $70,313 for the comparable period in 1992. Retail installed sales for the six months were up 44 percent. "Same-location" basis sales increased over the comparable period last year by 31 percent.
 Revenues for the three months ended September 30, 1993 increased 25 percent to a record of $6,850,747, up from $5,486,274 during the same period last year. Net income grew 130 percent to $393,101 as compared to net income of $171,236 for the comparable period in 1992. Retail installed sales for the three month period ended September 30, 1993 were up 28 percent. "Same-location" sales increased over the comparable period last year by 18 percent.
 CEO Mark Honigsfeld noted "the Company's robust growth is especially impressive when you consider that these percentage gains are over what were record revenues in the same six month period of 1992 when total sales including that of discontinued operations exploded from $4,078,033 to $10,184,833. At the same time this year operating costs for the six months were held to a 28 percent overall increase, with cost of goods as a percentage of sales actually declining. This combination resulted in this spectacular surge in net income.
 "Return on shareholder equity has already exceeded 43 percent for the first half of our fiscal year, cash and U.S. Treasury Securities grew by $725,000 and working capital increased over $1,070,000. These factors help to well position the Company for its expanding market reach. We look forward to continuing this positive trend and to entering in January the newly acquired Dallas/Ft. Worth market under our license from Sears."
 Facelifters Home Systems, Inc. designs, manufactures, markets, sells and installs kitchen cabinet refacing products directly to homeowners, primarily under license agreements with Sears, Roebuck and Company. The Company currently operates 14 offices in 9 states, representing 16 market areas.
 FACELIFTERS HOME SYSTEMS, INC.
 Selected Financial Data
 (Unaudited, in thousands except per share data)
 Three months ended Six months ended
 September 30 September 30
 1993 1992 1993 1992
 Net Sales $6,850 $5,486 $13,410 $9,584
 Cost of Sales 2,282 2,220 4,617 4,053
 Gross Profit 4,568 3,266 8,793 5,531
 Selling, General &
 Administrative 4,193 3,151 7,829 5,682
 Net Income (Loss) 393 171 973 (70)
 Earnings per Share:
 Primary $.11 $.07 $.26 $(.03)
 Fully-diluted $.11 $.06 $.26 $ --
 Average Shares Outstanding:
 Primary 4,185 3,309 4,149 2,423
 Fully-diluted 4,185 3,309 4,149 2,423
 -0- 11/8/93
 /CONTACT: Mark Honigsfeld or Murray Gross of Facelifters, 718-257-9700/
 (FACE)


CO: Facelifters Home Systems, Inc. ST: New York IN: HOU SU: ERN

WB -- NY040 -- 1695 11/08/93 10:42 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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