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FILENE'S BASEMENT REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS

 WELLESLEY, Mass., March 18 /PRNewswire/ -- Filene's Basement Corp., (NASDAQ: BSMT) today reported record 1992 fourth quarter and full year sales and earnings. For the 1992 fiscal year ended Jan. 30, 1993, income before extraordinary items increased 14 percent to $18.7 million from $16.3 million for the 1991 year. Reflecting an increase in the average number of common shares outstanding, fully-diluted earnings per share before extraordinary items were 87 cents per share compared to 81 cents per share in fiscal 1991. Sales in 1992 reached a record $529.5 million, an increase of 14 percent from $465.4 million for the prior year. Comparable store sales for the 52 weeks ended Jan. 30, 1993 were even with last year.
 After reflecting an extraordinary charge of $0.6 million associated with the repurchase of $5.1 million of the company's 12 3/4 per cent subordinated debentures, the company reported net income of $18.1 million, up 29 percent from the $14 million in net income for the prior year ended Feb. 1, 1992. Last year's net income reflected an extraordinary charge of $2.3 million associated with the repayment of the company's $35 million term loan and the repurchase of $18.5 million of the subordinated debentures. Fully-diluted earnings per share after the extraordinary charge for fiscal 1992 were 84 cents per share compared to 69 cents per share in fiscal 1991.
 Income before extraordinary items for the fourth quarter ended Jan. 30, 1993 increased 12 percent to $4.4 million from $3.9 million in the prior year. Fully-diluted earnings per share before extraordinary items were 20 cents per share vs. 18 cents per share last year. Total sales for the fourth quarter increased 14 percent to $159.1 million from $139.6 million reported for the same period in the prior year. Comparable store sales for the 13 weeks ended Jan. 30, 1993 were up 1 percent over last year's fourth quarter.
 Net income for the fourth quarter rose 57 percent to $4.4 million compared to $2.8 million for the same period last year. Included in last year's net income is an extraordinary charge of $1.2 million associated with the repurchase of our subordinated debentures. Fully-diluted earnings per share after extraordinary charges for the fourth quarter were 20 cents per share compared to 13 cents per share last year.
 In commenting on the company's performance, Jim Anathan, president of Filene's Basement, said, "The fourth quarter and annual results reflect the strong performance of our traditional upscale merchandise offering. I am pleased we were able to end the year with total store sales up 14 percent and store for store sales which were slightly positive."
 "The company also doubled its rate of expansion in 1992, ending the year with 49 stores, up from 37 at the end of 1991. Five of the new stores opened in 1992 marked the Basement's entry into its second Mid-West marketplace -- Minneapolis/St. Paul. In combination with the Chicago stores, we ended the year with 11 stores in these two markets."
 Filene's Basement Corp. operates specialty stores which offer focused, quality branded assortments of men's and women's apparel at prices generally 20-60 percent below department and specialty store regular prices. the company has 51 stores operating primarily in the Northeast and the Mid-West.
 FILENE'S BASEMENT CORP.
 FOURTH QUARTER REPORT
 JAN. 30, 1993
 The following are Filene's Basement's results for the fourth quarter of fiscal year 1992, as compared to the fourth quarter of fiscal year 1991:
 (In thousands except per share data)
 13 Weeks Ended
 Jan. 30, 1993 Feb. 1, 1992 Percent Change
 Net Sales $159,101 $139,641 14 percent
 Cost of Sales, including
 buying, receiving and
 occupancy costs 117,919 101,716 16 percent
 Gross profit 41,182 37,925 9 percent
 Selling, general and
 administrative expenses 32,941 29,630 11 percent
 Amortization of intangible
 assets 116 435 -73 percent
 Amortization of beneficial
 operating lease rights 329 329 ---
 Operating income 7,796 7,531 4 percent
 Interest expense, net 737 967 -24 percent
 Income before income taxes
 and extraordinary item 7,059 6,564 8 percent
 Provision for income
 taxes 2,658 2,618 2 percent
 Income before extraordinary
 item 4,401 3,946 12 percent
 Extraordinary item: loss on
 debt repurchase, net of
 tax benefit --- (1,173) ---
 Net income $4,401 $2,773 59 percent
 Fully diluted earnings per
 share:
 Income before extraordinary
 item 20 cents 18 cents
 Extraordinary item --- (5 cents)
 Net income per common
 share 20 cents 13 cents
 Weighted average shares
 outstanding 21,505 21,668
 (In thousands, except per share data)
 52 Weeks Ended
 Percent
 1/30/93 2/1/92 Change
 Net sales $529,468 $465,350 14
 Cost of sales, including
 buying, receiving and
 occupancy costs 381,657 331,630 15
 Gross profit 147,811 133,720 11
 Selling, general and
 administrative expenses 111,595 97,754 14
 Amortization of intangible
 assets 960 1,737 -45
 Amortization of beneficial
 operating lease rights 1,314 1,321 --
 Operating income 33,942 32,908 3
 Interest expense, net 3,586 5,780 -38
 Income before income taxes
 and extraordinary item 30,356 27,128 12
 Provision for income taxes 11,693 10,791 8
 Income before extraordinary
 item 18,663 16,337 14
 Extraordinary item: loss on
 debt repurchase, net of
 tax benefit (550) (2,335) --
 Net income 18,113 14,002 29
 Fully diluted earnings per share:
 Income before extraordinary
 item 87 cents 81 cents
 Extraordinary item (3 cents) (12 cents)
 Net income per common share 84 cents 69 cents
 Weighted average shares
 outstanding 21,523 20,024
 FILENE'S BASEMENT CORP.
 FOURTH QUARTER REPORT
 JANUARY 30, 1993
 (dollars in thousands)
 Assets:
 Jan. 30, 1993 Feb. 1, 1992
 Current assets:
 Cash and cash equivalents $4,473 $7,569
 Inventories 113,001 101,320
 Other current assets 8,996 5,583
 Deferred income taxes 6,289 5,636
 Total current assets 132,759 120,108
 Property, plant and equipment,
 net 56,675 44,700
 Beneficial operating lease
 rights, net 20,066 21,380
 Intangible assets, net & other 6,234 2,537
 Total assets $215,734 $188,725
 LIABILITIES & STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts Payable 53,178 42,616
 Accrued Expenses 21,497 21,199
 Obligations under capital leases,
 due within one year 331 445
 Total current liabilities 75,006 64,260
 Long-term debt 21,359 26,073
 Obligations under capital leases,
 less current portion 4,528 4,860
 Common stock 201 198
 Cost of 75,000 common shares in
 treasury (16) (16)
 Additional paid-in capital 83,832 80,639
 Retained earnings 30,824 12,711
 Total stockholders' equity 114,841 93,532
 Total liabilities and stockholders'
 equity $215,734 $188,725
 -0- 3/18/93
 /CONTACT: Gary Crittenden, chief financial officer, Filene's Basement Corp., 617-348-7042/
 (BSMT)


CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN

TM -- NE003 -- 7401 03/18/93 10:42 EST
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Date:Mar 18, 1993
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