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HIGHLAND REPORTS THIRD-QUARTER RESULTS

 PLYMOUTH, Mich., Dec. 15 /PRNewswire/ -- Highland Superstores, Inc. (OTC Bulletin Board: HIGH) today reported a loss from continuing operations of $1.71 million ($.09 per share) for the third quarter ended Oct. 31, 1992. For the comparable quarter last year, the loss was $3.5 million ($.19 per share). Net loss for the third quarter of fiscal 1992, after giving effect to certain reorganization expenses associated with the company's Aug. 24, 1992, Chapter 11 filing and Chicago market exit, was $24.6 million ($1.35 per share).
 Loss from continuing operations was $11.4 million ($.62 per share) for the nine months ended Oct. 31, 1992, and $20.5 million ($1.12 per share) for the same period in 1991. Net loss for the nine months ended Oct. 31, 1992, including the reorganization expenses, was $34.3 million ($1.88 per share). Net loss for the nine months ended Oct. 31, 1991, including the cumulative effect of a change in accounting principle and certain fiscal 1991 restructuring charges, was $156.9 million ($8.59 per share).
 Net sales and other revenues for the third quarter and nine-month period were $73.1 million and $257.7 million, respectively, compared with net sales and other revenues of $115.0 million and $420.8 million, respectively, during the comparable prior-year periods. Sales for the third quarter and nine months ended Oct. 31, 1992, exclude sales in the company's Chicago stores since Aug. 24, 1992, the date on which the company announced that it was exiting this market.
 Comparable store sales for the 30 stores the company currently operates in Michigan, Indiana and Ohio decreased 15.9 percent for the third quarter and 14.2 percent for the nine months ended Oct. 31, 1992.
 Highland Superstores, Inc. is headquartered in Plymouth (Detroit). Highland shares are traded over-the-counter and are quoted on the NASD OTC Bulletin Board under the symbol "HIGH".
 HIGHLAND SUPERSTORES, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 Oct. 31,
 1992 1991
 Assets
 Current assets:
 Cash and equivalents $26,155 $10,979
 Cash restricted 10,296 ---
 Accounts receivable, trade
 and other 4,872 3,588
 Merchandise inventory 63,498 125,736
 Prepaid expenses 1,093 751
 Total current assets 105,914 141,054
 Assets held for sale --- 4,000
 Property and equipment, net 37,077 74,133
 Other assets ? 1,704 686
 Total assets $144,695 $219,873
 Liabilities
 Current liabilities:
 Accounts payable $787 $27,715
 Accrued liabilities and other 8,989 33,429
 Deferred revenue on extended
 warranty contracts, current
 portion 478 30,162
 Long-term debt, current portion --- 91,805
 Accrual for restructuring --- 15,552
 Accrual for reorganization 747 ---
 Total current liabilities 11,001 198,663
 Deferred revenue on extended
 warranty contracts, less
 current portion 920 44,258
 Long-term debt, less current portion --- 22,573
 Liabilities subject to
 compromise 209,743 ---
 Shareholders' equity
 (deficiency) (76,969) (45,621)
 Total liabilities and
 shareholders' equity $144,695 $219,873
 HIGHLAND SUPERSTORES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollar amounts in thousands, except per-share data)
 Three Months Ended Nine Months Ended
 Oct. 31, Oct. 31,
 1992 1991 1992 1991
 Net sales and other
 revenues $73,084 $115,048 $257,687 $420,759
 Cost and expenses:
 Cost of sales 53,024 79,457 182,603 291,462
 Selling, general and
 administrative
 expenses 21,463 37,050 81,718 141,965
 Restructuring charge --- --- --- 68,556
 Operating income
 (loss) (1,403) (1,459) (6,634) (81,224)
 Interest and other
 income, net (309) (2,072) (4,755) (7,871)
 Loss before reorganization
 expenses and cumulative
 effect of change in
 accounting
 principle (1,712) (3,531) (11,389) (89,095)
 Reorganization
 expenses (22,870) --- (22,870) ---
 Income (loss) before
 cumulative effect of
 change in accounting
 principle (24,582) (3,531) (34,259) (89,095)
 Cumulative effect to
 Feb. 1, 1991, of
 change in extended
 warranty contract
 accounting --- --- --- (67,798)
 Net income (loss) ($24,582) ($3,531) ($34,259) ($156,893)
 Weighted average no.
 of shares
 outstanding 18,271,240 18,271,240 18,271,240 18,266,440
 Net income (loss)
 per share ($1.35) ($.19) ($1.88) ($8.59)
 Stores (open at end
 of period) 30 49 30 49
 -0- 12/15/92
 /CONTACT: Danette Wineberg, vice president, Highland Superstores, Inc., 313-451-3532/
 (HIGH)


CO: Highland Superstores, Inc. ST: Michigan IN: REA SU: ERN

SM-ML -- DE014 -- 7306 12/15/92 14:49 EST
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