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LESLIE'S POOLMART ANNOUNCES THIRD-QUARTER EARNINGS

 LESLIE'S POOLMART ANNOUNCES THIRD-QUARTER EARNINGS
 CHATSWORTH, Calif., Nov. 9 /PRNewswire/ -- Leslie's Poolmart


(NASDAQ: LESL) today announced increased sales and earnings for the third quarter ended Sept. 30, 1992.
 During the quarter, sales increased 19.5 percent to $32.0 million from $26.8 million for the same period a year ago. Same store sales were up 3.9 percent, compared to a 1 percent increase in the third quarter of 1991. Operating income rose 6.8 percent to $3.8 million, from $3.5 million last year. Net income grew 7.6 percent to $2.1 million, or $.37 per share, vs. $2.0 million, or $.34 per share, for the third quarter of 1991.
 For the nine-month period, sales rose 16.1 percent to $84.6 million, compared to $72.9 million a year ago. Same store sales were up 2.3 percent. Nine-month operating income declined slightly compared to the first three quarters of 1991. Net earnings increased to $3.9 million, or $.67 per share, from $2.2 million, or $.45 per share, for the same nine-month period of the prior year. The 1991 year-to-date net earnings and earnings per share reflect both a smaller number of shares and a non-cash unusual charge of $1,777,000 (pre-tax), or $.20 per share, relating to the write-off of deferred loan charges and termination of a non-compete covenant.
 On Aug. 31, 1992, Leslie's completed its acquisition of Sandy's Pool Supply Inc. The acquisition added 20 new retail stores, a successful mail order business, approximately 500,000 additional addresses to Leslie's data base of current pool owners (nearly a 20 percent increase) and new customers in the commercial pool market. Out of the 20 Sandy's stores, it is planned that 13 will remain open and the balance will be closed because of their sales levels and/or proximity to current Leslie's operations.
 According to Brian McDermott, president and chief executive officer, the third quarter and nine-month results demonstrate strength and continued growth in a very poor environment, both economic and weather-related.
 McDermott said, "Despite the continuation during July and August of very unfavorable weather in most markets east of the Rockies, and in contrast to the sales and profit trends generally being reported by U.S. companies as a result of the prolonged recession, Leslie's once again showed real progress during the third quarter. Our first-, second- and third-year stores showed particularly favorable results, and the Sandy's integration occurred as expected. As we enter the weakest two quarters of our fiscal cycle, we are looking forward to a year of greater growth, profitability, and market share gain in 1993. Our management team is committed to demonstrating the real economic significance of the strong market position we enjoy and the unique strategic approach we take to this market."
 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 144 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Sales
 Retail stores $28,633 $23,210 $75,449 $62,572
 Mail-order 2,445 2,776 6,902 7,880
 Other 900 769 2,270 2,441
 Total sales 31,978 26,755 84,621 72,893
 Gross profit 13,284 11,660 35,461 31,256
 Selling, general
 and administra-
 tive expenses 9,356 7,983 27,937 23,468
 Amortization of
 acquisition
 costs 163 151 468 664
 Income from
 operations 3,765 3,526 7,056 7,124
 Interest expense 185 223 574 1,394
 Amortization
 of deferred
 loan costs --- --- --- 102
 Loss on real
 estate 26 --- 26 ---
 Unusual charge(a) --- --- --- 1,777
 Income before
 income taxes 3,554 3,303 6,456 3,851
 Income tax
 provision 1,422 1,321 2,582 1,635
 Net income $2,132 $1,982 $3,874 $2,216
 Income per
 common share .37 .34 .67 .45
 Weighted
 average shares
 outstanding 5,770 5,764 5,796 4,957
 Comparable store
 sales 3.9 pct 1.0 pct 2.3 pct 3.9 pct
 (a) Reflects write-off of deferred loan costs and termination of consulting/covenant agreement.
 -0- 11/9/92
 /CONTACT: Brian P. McDermott, president and CEO, or Hugh Pierce, CFO, of Leslie's Poolmart, 818-993-4212; or Eugene G. Heller of Silverman, Heller Associates, 310-208-2550, for Leslie's Poolmart/
 (LESL) CO: Leslie's Poolmart ST: California IN: REA SU: ERN


EH-KJ -- LA016 -- 8804 11/09/92 14:46 EST
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Date:Nov 9, 1992
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