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HORN & HARDART ANNOUNCES FIRST QUARTER RESULTS; POST-RESTRUCTURING BUSINESS STRATEGY ON TRACK

 WEEHAWKEN, N.J., April 27 /PRNewswire/ -- The Horn & Hardart Company (AMEX: HOR) today announced net income for the first quarter of 1993 of $2.5 million. Earnings per share, after deducting preferred dividends of $1.0 million, were $.02. This compares to a loss in 1992 of $1.8 million, or $.09 per share, prior to restating such period to reflect the cumulative positive effect of an accounting change for income taxes under FASB 109 of $10 million, or $0.35 per share. After such restatement, income for the 1992 period would have been $8.2 million. Revenues for the 1993 quarter were $121.6 million compared to $128.8 million in the 1992 period. The decline in revenues was the result of the elimination of several unprofitable catalogs at Hanover Direct, the company's direct marketing operation, in 1992.
 "This is the company's second consecutive quarter of positive net income and the fifth consecutive quarter of operating profits at Hanover Direct," said Jack E. Rosenfeld, president and CEO. "Not only was net income up, but operating profit improved by 38 percent to $2.9 million over the comparable period last year. This, coupled with a $2.9 million reduction in interest expense due to the completed restructuring which commenced in the fall of 1991, accounts for the significant increase in income in the current quarter. Our company's business strategy remains on track."
 Horn & Hardart, through Hanover Direct, is one of the largest specialty direct marketers in the U.S. It publishes catalogs in home furnishing, general merchandise and women's and men's fashion.
 THE HORN & HARDART COMPANY
 Consolidated Operating Summary
 (in thousands except per share data and number of shares)
 13 Weeks Ended
 3/27/93 3/26/92
 Revenues $121,565 $128,757
 Operating income 2,937 2,133
 Income (loss) from operations 2,477 (1,823)
 Cumulative effect of accounting
 changes for income taxes -- 10,000(a)
 Net income $2,477 $8,177
 Dividend on preferred stock of
 consolidated subsidiary (1,000) (700)
 Net income applicable to common
 shareholders 1,477 7,477
 Net income (loss) per share applicable
 to common shareholders:
 Income (loss) from operations $0.02 ($0.09)
 Cumulative effect of accounting change
 for income taxes -- 0.35
 Net income $0.02 0.26
 Weighted average number of common
 shares for primary earnings
 per share 71,429,294 28,537,471
 Weighted average number of
 common shares for fully diluted
 earnings per share 71,557,111 28,537,471
 (A) -- The company adopted Statement of Financial Accounting
 Standards No. 109, Accounting for Income Taxes.
 -0- 4/27/93
 /CONTACT: Michael P. Sherman, executive vice president, 201-319-3403, Wayne P. Garten, executive vice president, 201-319-3452, both of Horn & Hardart; or Gregory W. Miller of Robinson, Lake, Lerer & Montgomery, 212-484-7404, for Horn & Hardart/
 (HOR)


CO: Horn & Hardart Company ST: New Jersey IN: SU: ERN

AH-TM -- NY122 -- 1667 04/27/93 17:42 EDT
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Date:Apr 27, 1993
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