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MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. REPORTS FIRST QUARTER EARNINGS OF $0.20 PER SHARE

 DOMINGUEZ, Calif., May 27 /PRNewswire/ -- Mac Frugal's Bargains - Close-outs Inc. (NYSE: MFI) reported today that its net earnings for the first fiscal quarter ended May 2, 1993, were $5,887,000, compared to $5,413,000 in the prior year. On a per share basis, first quarter earnings were $0.20, compared to $0.18 for the first quarter last year.
 Leonard S. Williams, president and chief executive officer, commented that this earnings increase was a good start to the year. He repeated that the expansion program was rolling out as planned and that he expected good results for the year.
 Inventories are somewhat higher this year than last year. With an additional 30 regular stores and up to 150 Christmas Stores expected to open over the balance of the year, it is necessary to build inventories early to ensure adequate supplies of merchandise.
 The company operates a chain of 212 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 percent 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 months ended
 May 2, May 3,
 1993 1992
 Net sales $126,697 $114,098
 Cost of sales 68,133 58,128
 Gross profit 58,564 55,970
 Store expenses 35,025 33,063
 Warehouse and administrative expenses 12,413 12,486
 Total operating expenses 47,438 45,549
 Operating income 11,126 10,421
 Interest expense, net 1,314 1,619
 Earnings before income taxes 9,812 8,802
 Income taxes 3,925 3,389
 Net earnings $5,887 $5,413
 Earnings per common share $0.20 $0.18
 Average shares outstanding 29,903 30,681
 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited)
 (Amounts in thousands)
 May 2, 1993 Jan. 31, 1993 May 3, 1992
 Assets
 Current Assets
 Cash and cash
 equivalents $1,045 $21,820 $28,377
 Merchandise
 inventories 163,806 147,575 132,577
 Other current
 assets 19,578 18,111 10,604
 Total current
 assets 184,429 187,506 171,558
 Property,
 equipment and
 improvements,
 net 164,824 164,793 203,239
 Deferred federal
 and state income
 tax asset 12,753 12,753 ---
 Deferred financing
 costs and other
 assets 7,946 6,705 8,569
 Total assets $369,952 $371,757 $383,366
 Liabilities and
 Stockholders'
 Equity
 Current Liabilities
 Current portion of
 long-term debt $24,913 $26,420 $23,461
 Accounts payable
 and other current
 liabilities 53,100 55,252 46,630
 Total current
 liabilities 78,013 81,672 70,091
 Long-term debt 48,965 54,475 75,793
 Deferred federal
 and state
 income taxes 12,538 11,163 10,947
 Stockholders'
 equity 230,436 224,447 226,535
 Total liabilities
 and stockholders'
 equity $369,952 $371,757 $383,366
 -0- 5/27/93
 /CONTACT: Phil Carter, senior VP and CFO, 310-761-4167, or Dan Felsenthal, controller, 310-761-4104, of Mac Frugal's Bargains - Close-outs/
 (MFI)


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

JB-BP -- LA006 -- 2722 05/27/93 06:00 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:550
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