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HEILIG-MEYERS ANNOUNCES RECORD REVENUES AND EARNINGS

 RICHMOND, Va., June 16 /PRNewswire/ -- Heilig-Meyers Company (NYSE: HMY), the Richmond-based home furnishings retailer, today announced record revenues and earnings for the first quarter ended May 31, 1993. Net earnings increased 28.6 percent to $13,461,000, or 44 cents per share, compared to $10,468,000, or 35 cents per share, in the quarter ended May 31, 1992. Total revenues for the quarter rose 23.7 percent to $186.8 million from $150.9 million in the prior year.
 During the quarter, the company implemented the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 109 on accounting for income taxes. Accordingly, the financial statements for all periods presented have been restated. There was no material impact on net earnings in either the current or prior year.
 The company also announced today that it has purchased certain assets relating to 11 of the 12 stores owned by the L. Fish Furniture Company. All of the stores are located in Illinois with four in suburban Chicago and the remaining seven in the surrounding communities of Oak Lawn, Dolton, Norridge, Orland Park, Mt. Prospect, Schaumburg and Lombard.
 William C. DeRusha, chairman and chief executive officer, commented that these record results indicate the continued success of the company's strategy of offering a broad selection of home furnishings, providing flexible in-house credit programs and stressing excellence in customer service. He added that the company's ongoing expansion program also contributed to these results. He further noted that while Heilig- Meyers was taking advantage of a strategic opportunity in the Chicago market, the company's expansion focus would continue to be on smaller cities and towns.
 Troy A. Peery Jr., president and chief operating officer, commented that the company strengthened its financial position through the completion of a common stock offering of 2.3 million shares during the quarter. Net proceeds of approximately $74.5 million were used to reduce indebtedness, positioning the company for continued expansion. He also noted that the acquisition of the L. Fish stores provides an attractive opportunity to significantly expand the company's presence in the Illinois market. He added that the customer profile and operating methodology of L. Fish is similar to that of Heilig-Meyers, which should provide for a smooth transition to the Heilig-Meyers system.
 At the end of the quarter, Heilig-Meyers operated 438 stores. With the addition of the former L. Fish stores, the company currently operates 450 stores in 16 states.
 HEILIG-MEYERS COMPANY
 Consolidated Statements of Earnings
 (Amounts in thousands except per share data)
 (Unaudited)
 Three Months Ended
 May 31,
 1993 1992
 Revenues:
 Sales $156,025 $126,079
 Other income 30,736 24,869
 Total revenues 186,761 150,948
 Costs and Expenses:
 Costs of sales 97,231 79,050
 Selling, general and administrative 55,792 45,171
 Interest 6,127 5,134
 Provision for doubtful accounts 6,709 5,421
 Total costs and expenses 165,859 134,776
 Earnings before provision
 for income taxes 20,902 16,172
 Provision for income taxes 7,441 5,704
 Net earnings $ 13,461 $ 10,468
 Net earnings per share
 of common stock:
 Primary and fully diluted $ 0.44 $ 0.35
 Cash dividends per share
 of common stock $ 0.07 $ 0.06
 HEILIG-MEYERS COMPANY
 Consolidated Balance Sheets
 (Amounts in thousands except par value data)
 May 31, Feb. 28,
 1993 1993
 (unaudited)
 ASSETS
 Current assets:
 Cash $ 4,427 $ 3,868
 Accounts receivable, net 426,376 397,974
 Other receivables 11,606 14,363
 Inventories 148,869 131,889
 Other 19,936 18,483
 Total current assets 611,214 566,577
 Property and equipment, net 129,312 126,611
 Other assets 76,159 73,297
 Total $816,685 $766,485
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $ 87,300 $113,400
 Long-term debt due within one year 49,761 49,771
 Accounts payable 45,739 50,666
 Accrued expenses 33,406 29,944
 Total current liabilities 216,206 243,781
 Long-term debt 165,908 176,353
 Deferred income taxes 42,043 40,796
 Commitments -- --
 Stockholders' equity:
 Preferred stock, $10 par value -- --
 Common stock, $2 par value 63,983 59,296
 Capital in excess of par value 144,872 73,969
 Retained earnings 183,673 172,290
 Total stockholders' equity 392,528 305,555
 Total $816,685 $766,485
 -0- 6/16/93
 /CONTACT: Roy Goodman of Heilig-Meyers, 804-359-9171, ext. 2531/
 (HMY)


CO: Heilig-Meyers Company ST: Virginia IN: REA SU: ERN

MH-DS -- DC005 -- 2522 06/16/93 10:06 EDT
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Date:Jun 16, 1993
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