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MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. ANNOUNCES SECOND QUARTER EARNINGS

 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC.
 ANNOUNCES SECOND QUARTER EARNINGS
 DOMINGUEZ, Calif., Aug. 27 /PRNewswire/ -- Mac Frugal's Bargains - Close-outs Inc. (NYSE: MFI) announced today that its net earnings for the second fiscal quarter ended Aug. 2, 1992 were $2,711,000 or $0.09 per share. This compares with the prior year's second quarter earnings of $4,533,000, or $0.15 per share.
 For the six months ended Aug. 2, 1992 the net earnings were $8,124,000, or $0.27 per share, compared with a net earnings of $9,295,000, or $0.31 per share in the first two quarters of the prior year.
 Len Williams, president and chief executive officer, commented that while sales and profit were down for the quarter, in retrospect the company had an unusually strong run of merchandise during the end of the second quarter and most of the third quarter in 1991. He added that while business was normal, this year compared to most other years, it was still lagging behind last year.
 It should also be noted that 1992's second quarter net earnings were impacted by approximately $3.3 million, on a pre-tax basis, of operating expenses this year and capitalized interest last year associated with the new distribution center in New Orleans. In view of the current business situation, very tight control continues to be placed on expenses. Finally, Williams emphasized that the company is moving forward with its expansion program which is now ahead of plan.
 The company, Mac Frugal's Bargains - Close-Outs Inc., operates a chain of 195 retail stores in 12 states. These stores, which do business as Pic 'N' Save and Mac Frugal's Bargains - Close-Outs, feature a wide variety of first quality general merchandise obtained through manufacturer close-outs, overruns, discontinued lines and packaging changes. An ever-changing assortment of merchandise is typically sold at 40 to 70 percent off regular retail prices.
 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited)
 (Amounts in thousands except per share amounts)
 For the three For the six
 months ended months ended
 Aug. 2, Aug. 4, Aug. 2, Aug. 4,
 1992 1991 1992 1991
 Net Sales $108,783 $116,369 $222,881 $226,394
 Cost of sales 56,861 60,823 114,989 119,179
 Gross profit 51,922 55,546 107,892 107,215
 Stores expenses 34,514 34,181 67,577 66,078
 Warehouse and
 administrative
 expenses 11,187 11,950 23,673 22,498
 Total operating
 expenses 45,701 46,131 91,250 88,576
 Operating income 6,221 9,415 16,642 18,639
 Interest expense, net 1,813 1,885 3,432 3,199
 Earnings before
 income taxes 4,408 7,530 13,210 15,440
 Income taxes 1,697 2,997 5,086 6,145
 Net earnings $2,711 $4,533 $8,124 $9,295
 Earnings per
 common share $0.09 $0.15 $0.27 $0.31
 Average shares
 outstanding 30,594 30,520 30,644 30,454
 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited)
 (Amounts in thousands)
 Aug. 2, 1992 Feb. 2, 1992 Aug. 4, 1991
 Assets:
 Current Assets
 Cash and cash
 equivalents $567 $41,483 $2,653
 Merchandise inventories 157,037 130,557 140,962
 Other current assets 11,021 10,675 9,423
 Total current assets 168,625 182,715 153,038
 Property, equipment and
 improvements, net 202,523 205,242 209,414
 Deferred financing costs
 and other assets 8,273 8,888 8,847
 Total assets $379,421 $396,845 $371,299
 Liabilities and
 stockholders' equity:
 Current liabilities
 Loan payable to bank $8,750 --- ---
 Current portion of
 long-term debt $11,764 $18,794 $23,637
 Accounts payable and
 other current
 liabilities 48,924 59,499 43,488
 Total current liabilities 69,438 78,293 67,125
 Long-term debt 69,245 81,567 94,192
 Deferred federal and state
 income taxes 10,947 10,947 10,102
 Stockholders' equity 229,791 226,038 199,880
 Total liabilities and
 stockholders' equity $379,421 $396,845 $371,299
 -0- 8/27/92
 /CONTACT: Phil Carter, senior VP and CFO, 310-761-4167, or Eileen Hupp, assistant VP-marketing, 310-761-4214, both of Mac Frugal's Bargains - Close-Outs/
 (MFI) CO: Mac Frugal's Bargains - Close-Outs Inc. ST: California IN: REA SU: ERN


BP-LS -- LA013 -- 3746 08/27/92 06:02 EDT
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Date:Aug 27, 1992
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