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GANTOS' STRONG 4TH QUARTER GENERATES 1991 FULL-YEAR PROFIT

 GANTOS' STRONG 4TH QUARTER GENERATES 1991 FULL-YEAR PROFIT
 GRAND RAPIDS, Mich., March 18 /PRNewswire/ -- Gantos, Inc. (NASDAQ: GTOS) today reported net income for the year ended Feb. 1, 1992, of $410,000, or $0.08 per share, compared to a net loss of $12.8 million, or $2.43 per share, the year before. Total company sales were $259.1 million, an increase of 2 percent over sales of $254.7 million in the prior year. Sales for stores open throughout both periods increased by 1 percent.
 For the fourth quarter ended Feb. 1, 1992, the company reported net income of $2.7 million, or $0.50 per share, compared to a net loss of $7.0 million, or $1.34 per share, in the fourth quarter of the prior year. Total company sales were $78.8 million, an increase of 9 percent over sales of $72.4 million in the fourth quarter of the prior year. Sales for stores open throughout both periods increased by 14 percent.
 Commenting on 1991 results, President and Chief Executive Officer L. Douglas Gantos said, "I am pleased to report our strong fourth- quarter results. Our merchandising and cost-control strategies have proven successful, generating a profit for the full year. During the past year and a half, we found ourselves reacting to events, but the worst is now behind us. Going forward, we have two goals. Our first is to continue to strengthen our financial position by reducing debt and working to ensure that all assets provide a proper return. Second, we will focus on improving sales in existing markets while continuing to lower our cost structure. I feel that these endeavors will also be successful, resulting in further improvement for Gantos."
 Gantos, Inc. is a major retailer of quality women's fashions and accessories. The company currently operates 158 stores in 25 states.
 GANTOS, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share and store data)
 Unaudited
 4th Quarter Ended Audited Year Ended
 Feb. 1 Feb. 2 Feb. 1 Feb. 2
 1992 1991 1992 1991
 Net sales $78,762 $72,414 $259,132 $254,659
 Cost of sales (including
 buying, distribution
 and occupancy costs) 61,471 59,008 207,227 204,885
 Gross income 17,291 13,406 51,905 49,774
 Selling, general and
 administrative expense 14,362 18,161 55,365 65,138
 Finance charge and
 other revenue (2,370) (1,571) (8,157) (5,679)
 Provision (credit) for
 store closings --- 6,405 (1,000) 6,405
 Operating income (loss) 5,299 (9,589) 5,697 (16,090)
 Interest expense 1,177 1,278 5,126 3,967
 Income (loss) before
 income taxes 4,122 (10,867) 571 (20,057)
 Provision (credit) for
 income taxes 1,434 (3,832) 161 (7,265)
 Net income (loss) $2,688 ($7,035) $410 ($12,792)
 Net income (loss)
 per share $0.50 ($1.34) $0.08 ($2.43)
 Weighted average shares
 outstanding 5,370 5,256 5,284 5,273
 Stores open at end of
 period 161 164 161 164
 GANTOS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands)
 Feb. 1, 1992 Feb. 2, 1991
 ASSETS
 Current assets:
 Cash $1,280 $2,440
 Accounts receivable (net) 43,836 40,188
 Merchandise inventories 30,932 35,113
 Prepaid expenses and other 4,347 5,298
 Total current assets 80,395 83,039
 Property and equipment (net) 45,397 53,991
 Total assets $125,792 $137,030
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and other $16,467 $20,651
 Accrued expenses and other 17,866 16,055
 Deferred income taxes 902 1,075
 Total current liabilities 35,235 37,781
 Long-term debt 48,693 53,634
 Other long-term liabilities --- 3,923
 Deferred taxes 1,845 2,083
 Shareholders' equity 40,019 39,609
 Total liabilities and
 shareholders' equity $125,792 $137,030
 -0- 3/18/92
 /CONTACT: Dennis Hoyt of Gantos, 616-940-9295/
 (GTOS) CO: Gantos, Inc. ST: Michigan IN: REA SU: ERN


ML -- DE002 -- 9111 03/18/92 09:46 EST
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Date:Mar 18, 1992
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