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 WEEHAWKEN, N.J., Nov. 1 /PRNewswire/ -- Hanover Direct, Inc. (AMEX: HNV) today announced net income for the third quarter of 1993 of $2.5 million or $.02 per share. This compares to a loss for the same period in 1992 of $1.3 million prior to an extraordinary gain of $6.5 million, or a loss of $0.7 per share. Per share amounts are expressed after the deduction of preferred dividends of $1.0 million in the third quarter of 1993 and $0.8 million for the corresponding quarter in 1992. Revenues for the third quarter of 1993 were $147.9 million compared to $144.8 million in the 1992 period. Third quarter revenues reflect a 2 percent increase in sales from continuing catalogs and include $7.6 million generated by new catalog businesses acquired by the Company during the quarter.
 "The Company continued to improve its profitability and gross margins by successful execution of its growth strategy and continued investment in facilities and systems. We look forward to continued growth as we begin to integrate the strategic acquisitions made during the quarter," said Jack Rosenfeld, President and CEO.
 For the thirty-nine weeks ended September 25, 1993, the Company reported new income of $9.3 million, or $0.9 per share compared to a loss before extraordinary items and the cumulative effect of an accounting charge for income taxes of $4.0 million, or $.21 per share in the 1992 period. Net income for the thirty-nine weeks ended September 26, 1992 was $13.7 million and earnings per share were $0.40 after such items.
 The Company continued its plan to develop or acquire catalogs with strong brand names and leading market positions in clearly defined niches by completing recently three acquisitions, Gump's, the upscale catalog marketer of exclusive gifts and the legendary San Francisco retailer; The Company Store, the leading direct marketer of down comforters and related products; and Tweed, the well known European inspired women's fashion catalog.
 Hanover Direct recently reincorporated in Delaware, changed its name form the Horn & Hardart Company and changed its stock symbol to HNV.
 Hanover direct headquartered in Weehawken, N.J.
 Consolidated Operating Summary
 (In thousands, except per share data and number of shares)
 13 Weeks Ended 39 Weeks Ended
 9/25/93 9/26/92 9/25/93 9/26/92
 Revenues $147,890 $144,769 $413,774 $416,417
 Operating income 3,056 2,291 9,956 7,547
 Inc. (loss) bef. inc. taxes,
 extraordinary gain cumulative
 effect of accounting change
 for income taxes 2,137 (1,246) 8,970 (3,968)
 Income tax benefit 355 -- 355 --
 Net income (loss) bef. extraord.
 gain and cumulative effect of
 acctg. change for inc. taxes 2,492 (1,246) 9,325 (3,968)
 Extraord. gain on early
 retirement of debt -- 6,501 -- 7,710
 Cumulative effect of acctg.
 change for income taxes -- -- -- 10,000
 Net income 2,492 5,255 9,325 13,742
 Preferred stock dividends (1,006) (800) (3,011) (2,200)
 Net income applicable to
 common shareholders $1,486 $ 4,455 $6,314 $11,542
 Net income (loss) per share
 applicable to common shareholders:
 Income (loss) bef. extraordinary
 gain and cumulative effect of
 acctg. change for inc. taxes $0.02 $(0.07) $0.09 $(0.21)
 Extraord. gain on early retirement
 of debt -- 0.22 -- 0.26
 Cumulative effect of accounting
 change for income taxes -- -- -- 0.35
 Net income $0.02 $0.15 $0.09 $0.40
 Weighted avg. shrs. outstndg:
 For primary earns. per
 share 77,202,033 29,166,637 72,930,469 28,747,964
 For fully diluted earns.
 per share 77,202,033 29,166,637 73,807,712 28,747,964
 -0- 11/1/93
 /CONTACT: Wayne P. Garten, executive vice president, 201-319-3452, Michael P. Sherman, executive vice president, 201-319-3403, or Linda S. Heinberg, director, investor relations, 201-319-3491/

CO: Hanover Direct, Inc. ST: New Jersey IN: SU: ERN

PS-TA -- NY016 -- 9013 11/01/93 09:30 EST
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Publication:PR Newswire
Date:Nov 1, 1993

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