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LESLIE'S POOLMART ANNOUNCES RECORD SECOND QUARTER, FIRST HALF SALES AND EARNINGS

 LESLIE'S POOLMART ANNOUNCES RECORD SECOND QUARTER,
 FIRST HALF SALES AND EARNINGS
 CHATSWORTH, Calif., July 30 /PRNewswire/ -- Leslie's Poolmart (NASDAQ: LESL) today announced record sales and earnings for the second quarter ended June 30, 1992.
 For the second quarter, sales rose 17.7 percent to $42,200,000 from $35,842,000 in the same 1991 period. Same store sales grew 3.8 percent over the prior year. Operating income increased 7.2 percent to $7,716,000 from $7,199,000 a year ago. Net income advanced 52.8 percent to $4,524,000 or $0.78 per share, from $2,960,000 or $0.55 per share, in 1991. Earnings per share in the second quarter of 1991 reflected both a smaller number of shares and a non-cash unusual charge of $1,777,000 (pre-tax), or $0.20 per share, relating to the write-off of deferred loan charges and termination of a non-compete covenant. Leslie's operated 130 retail stores at June 30, 1992, compared with 102 at June 30, 1991.
 For the first half of 1992, sales moved up 14.1 percent to $52,643,000 compared with $46,138,000 last year, and same store sales registered a 1.4 percent increase over 1991. Operating income for the period declined slightly to $3,291,000 from $3,598,000 a year ago, due to an expanded first quarter loss, as previously announced, relating primarily to new store opening expenses and related overhead. Net earnings were $1,742,000, or $0.30 per share, compared with $234,000, or $0.05 per share, for the same six-month period of the prior year -- again reflecting non-recurring charges of $1,777,000, or $0.24 per share, as well as a smaller number of shares outstanding in 1991.
 According to Brian McDermott, president, the second quarter and first half sales increases were achieved despite continued adverse weather in several major markets, and in the face of a sagging economy in California and nationally that has made it difficult for most retailers to sustain significant growth.
 McDermott said, "We remain very enthusiastic about the company's momentum. Leslie's solid financial advances continue, despite the impact of costs associated with our aggressive store opening program, including 26 new units in the first six months of 1992. As they mature in the next few years, the large number of recently opened stores should increasingly contribute to the company's profitability. We are confident that we have built a strong operating foundation to support our steadily expanding market share."
 Founded in 1963, Leslie's Poolmart is the country's leading specialty retailer of swimming pool supplies and related products. The company currently markets its products through 130 retail stores in 26 states and a nationwide mail order catalog.
 LESLIE'S POOLMART
 Financial Summary
 (In Thousands, Except Per Share Amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Sales
 Retail $37,531 $30,626 $46,816 $39,363
 Mail Order 3,735 4,200 4,457 5,103
 Other 934 1,016 1,370 1,672
 Total sales $42,200 $35,842 $52,643 $46,138
 Gross profit 18,669 16,213 22,177 19,596
 Selling, general
 and administra-
 tive expenses 10,800 8,863 18,581 15,485
 Amortization of
 acquisition
 costs 153 151 305 513
 Income from
 operations 7,716 7,199 3,291 3,598
 Interest expense 177 406 389 1,171
 Amortization
 of deferred
 loan costs --- --- --- 102
 Unusual
 charge (a) --- 1,777 --- 1,777
 Income before
 income taxes 7,539 5,016 2,902 548
 Income tax
 provision 3,015 2,056 1,160 314
 Net income $4,524 $2,960 $1,742 $234
 Income per
 common share $.78 $.55 $.30 $.05
 Weighted
 average shares
 outstanding 5,809,235 5,341,738 5,805,530 4,552,849
 Comparable
 store sales +3.8 pct +4.4 pct +1.4 pct +5.7 pct
 (a) Reflects write-off of deferred loan costs and termination of consulting/covenant agreement.
 -0- 7/30/92
 /CONTACT: Brian P. McDermott, president, or Hugh Pierce, executive VP and CFO, 818-993-4212, of Leslie's Poolmart/
 (LESL) CO: Leslie's Poolmart ST: California IN: REA SU: ERN


AL-KJ -- LA014 -- 5121 07/30/92 13:07 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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