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

 DOMINGUEZ, Calif., Aug. 26 /PRNewswire/ -- Mac Frugal's Bargains - Close-outs Inc. (NYSE: MFI) announced today that its net earnings for the second fiscal quarter ended Aug. 1, 1993, were $2,053,000, or $0.07 per share. This compares with the prior year's second quarter earnings of $2,711,000, or $0.09 per share.
 For the six months ended Aug. 1, 1993, the net earnings were $7,940,000, or $0.27 per share, compared with net earnings of $8,124,000, or $0.27 per share, in the first two quarters of the prior year.
 Leonard S. Williams, president and chief executive officer, commented that while comparable store sales were down 4.4 percent for the second quarter, he was pleased to report that earnings per share for the first half of the fiscal year were slightly ahead of plan and were even with last year.
 The recent comparable store sales problems were mainly caused by lowered store inventories which resulted in less than desired impact. This situation is being aggressively addressed.
 Finally, Mr. Williams commented that both the company's normal store and Christmas store expansions are proceeding very well and that it looks forward to a successful second half.
 The company operates a chain of 222 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 Balance Sheets
 (Unaudited)
 (Amounts in thousands)
 Aug. 1, Jan. 31, Aug. 2,
 1993 1993 1992
 Assets
 Current assets
 Cash and cash equivalents $4,696 $21,820 $567
 Merchandise inventories 183,805 147,575 157,037
 Other current assets 21,524 18,111 11,021
 Total current assets 210,025 187,506 168,625
 Property, equipment and
 improvements, net 167,934 164,793 202,523
 Deferred federal and
 state income tax asset 12,753 12,753 ---
 Deferred financing costs
 and other assets 5,613 6,705 8,273
 Total assets $396,325 $371,757 $379,421
 Liabilities and
 stockholders' equity
 Current liabilities
 Loan payable to bank $37,000 --- $8,750
 Current portion of
 long-term debt 22,905 $26,420 11,764
 Accounts payable and
 other current liabilities 45,717 55,252 48,924
 Total current liabilities 105,622 81,672 69,438
 Long-term debt 45,306 54,475 69,245
 Deferred federal and
 state income taxes 12,538 11,163 10,947
 Stockholders' equity 232,859 224,447 229,791
 Total liabilities and
 stockholders' equity $396,325 $371,757 $379,421
 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. 1, Aug. 2, Aug. 1, Aug. 2,
 1993 1992 1993 1992
 Net sales $116,081 $108,783 $242,778 $222,881
 Cost of sales 61,977 56,861 130,110 114,989
 Gross profit 54,104 51,922 112,668 107,892
 Store expenses 36,204 34,514 71,229 67,577
 Warehouse and
 administrative
 expenses 13,261 11,187 25,674 23,673
 Total operating
 expenses 49,465 45,701 96,903 91,250
 Operating income 4,639 6,221 15,765 16,642
 Interest expense, net 1,217 1,813 2,531 3,432
 Earnings before
 income taxes 3,422 4,408 13,234 13,210
 Income taxes 1,369 1,697 5,294 5,086
 Net earnings $2,053 $2,711 $7,940 $8,124
 Earnings per
 common share $0.07 $0.09 $0.27 $0.27
 Average shares
 outstanding 29,932 30,594 29,919 30,644
 -0- 8/26/93
 /CONTACT: Phil Carter, executive VP & CFO, 310-761-4167, or Dan Felsenthal, controller, 310-761-4104, both of Mac Frugal's Bargains - Close-outs/
 (MFI)


CO: Mac Frugal's Bargains - Close-outs Inc. ST: California IN: REA SU: ERN

JL-LS -- LA006 -- 5961 08/26/93 06:01 EDT
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Date:Aug 26, 1993
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