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HEILIG-MEYERS COMPANY ANNOUNCES RECORD REVENUES AND EARNINGS

 HEILIG-MEYERS COMPANY ANNOUNCES RECORD REVENUES AND EARNINGS
 RICHMOND, Va., June 17 /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, 1992. Net earnings increased 41.6 percent to $10,526,000 or $.53 per share compared to $7,433,000 or $.46 per share in the quarter ended May 31, 1991. Total revenues for the quarter rose 21.2 percent to $150.9 million from $124.5 million in the prior year.
 Troy A. Peery, Jr., President and Chief Operating Officer, commented that these outstanding first quarter results were highlighted by a 12.9 percent pretax profit margin. He added that the Company's ability to grow consistently in this small-town niche together with ongoing improvements to its operating, merchandising and distribution systems contributed to these results and provides excellent prospects for future success.
 William C. DeRusha, Chairman and Chief Executive Officer, stated that management was pleased to achieve these results while continuing to increase market share both in existing locations and through newly acquired stores. During the quarter, Heilig-Meyers added nine new stores, including its first location in Illinois. He also noted that the Company recently announced plans to develop a sixth distribution center in Moberly, Missouri. This distribution center, which is scheduled to commence operations in July 1993, will provide a strong foundation for expansion in the midwestern United States.
 As of May 31, 1992, the Company operated 383 stores in 15 states.
 HEILIG-MEYERS COMPANY
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Amounts in thousands except per share data)
 (Unaudited)
 Three Months Ended
 May 31,
 1992 1991
 Revenues:
 Sales $126,079 $105,105
 Other income 24,869 19,432
 Total revenues 150,948 124,537
 Costs and Expenses:
 Costs of sales 79,050 64,850
 Selling, general and administrative 45,049 37,603
 Interest 5,134 6,004
 Provision for doubtful accounts 5,421 4,520
 Total costs and expenses 134,654 112,977
 Earnings before provision for income
 taxes 16,294 11,560
 Provision for income taxes 5,768 4,127
 Net earnings $ 10,526 $ 7,433
 Net earnings per share of common stock:
 Primary and fully diluted $ .53 $ .46
 Cash dividends per share of common
 stock $ .09 $ .08
 HEILIG-MEYERS COMPANY
 CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands except par value data)
 May 31, Feb. 29,
 1992 1992
 ASSETS
 Current assets:
 Cash $ 3,487 $ 2,813
 Accounts receivable, net 339,250 315,949
 Other receivables 14,077 15,938
 Inventories 119,268 119,803
 Other 16,313 15,860
 Total current assets 492,395 470,363
 Property and equipment, net 108,684 107,954
 Other assets 42,921 39,276
 Total $644,000 $617,593
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $ 57,100 $ 28,500
 Long-term debt due within one year 15,772 13,586
 Accounts payable 31,200 40,578
 Accrued expenses 40,103 37,669
 Total current liabilities 144,175 120,333
 Long-term debt 215,671 226,112
 Deferred income taxes 7,219 7,216
 Commitments --- ---
 Stockholders' equity:
 Preferred stock, $10 par value --- ---
 Common stock, $2 par value 39,027 38,652
 Capital in excess of par value 87,800 83,942
 Retained earnings 150,108 141,338
 Total stockholders' equity 276,935 263,932
 Total $644,000 $617,593
 -0- 6/17/92
 /CONTACT: Roy Goodman, Heilig-Meyers Company, 804-359-9171/
 (HMY) CO: Heilig-Meyers Company ST: Virginia IN: REA SU: ERN


JZ -- CH004 -- 0970 06/17/92 09:52 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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