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LEVITZ FURNITURE INCORPORATED ANNOUNCES SEPTEMBER RESULTS

 BOCA RATON, Fla., Oct. 28 /PRNewswire/ -- For the second fiscal quarter ending Sept. 30, Net Sales for Levitz Furniture Incorporated (NYSE: LFI) amounted to $241,848,000 as compared to $218,379,000 last year, an increase of 10.7 percent. For comparable stores, the increase for the quarter was 9.3 percent.
 Net Income for common stockholders before extraordinary items and preferred dividends amounted to $1,879,000 as compared to a loss of $927,000 last year. Net Loss per common share amounted to $.92 as compared to $.32 last year based on the weighted average number of common shares outstanding of 29,450,839 and 14 million respectively.
 Earnings before interest and taxes amounted to $17,670,000, a 46.5 percent increase from $12,062,000 achieved in the last year quarter. Excluding credit income, earnings before interest and taxes amounted to $13,808,000 as compared to $8,055,000 last year, an increase of 71.4 percent.
 The Pro Forma earnings per common share for the quarter ended Sept. 30 amounted to $.14 per common share excluding a one-time deferred tax expense resulting from the enactment of the Revenue Reconciliation Act and the effect of adopting SFAS 109.
 For the six months ended Sept. 30, 1993, net sales amounted to $472,397,000 as compared to $427,368,000 last year, an increase of 10.5 percent. For comparable stores, the increase for the six months was 9.7 percent.
 Net Income for common stockholders before extraordinary items and preferred dividends amounted to $1,435,000 as compared to a loss of $3,155,000 last year. Net Loss per common share amounted to $1.43 as compared to a loss of $.72 per common share last year based on weighted average common shares outstanding of $21,767,635 and $14 million, respectively.
 Earnings before interest and taxes amounted to $32,059,000, a 45.9 percent increase from $21,968,000 achieved in the comparable six month period last year. Excluding credit income, earnings before interest and taxes amounted to $24,998,000 as compared to $13,750,000 for the prior year six month period, an increase of 81.8 percent.
 The Pro Forma earnings per common share for the six months ended Sept. 30, amounted to $.27 per common share excluding a one-time deferred tax expense resulting from the enactment of the Revenue Reconciliation Act and the effect of adopting SFAS 109.
 All figures are unaudited and the extraordinary losses taken in to account in deriving net loss per common share reflect the results of the Recapitalization which was completed on July 2. The Recapitalization included the sale of common stock and Notes, and the resulting purchase of Deferred Debentures and redemption of Preferred Stock and Subordinated Notes.
 -0- 10/28/93
 /CONTACT: Patrick J. Nolan, senior vice president finance & treasurer, Levitz Furniture, 407-994-5151/
 (LFI)


CO: Levitz Furniture Incorporated ST: Florida IN: REA SU: ERN

AW-XX -- FL003 -- 7715 10/28/93 08:43 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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