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MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. REPORTS FOURTH QUARTER AND FISCAL 1992 EARNINGS

 DOMINGUEZ, Calif., March 18 /PRNewswire/ -- Mac Frugal's Bargains - Close-outs Inc. (NYSE: MFI) reported today that its net earnings for the fourth quarter ended Jan. 31, 1993, were $23,151,000, or $0.78 per share, compared to $20,597,000, or $0.67 per share, for the quarter ended Feb. 2, 1992.
 Net earnings for fiscal 1992 were $11,348,000, or $0.37 per share, compared to $34,215,000, or $1.12 per share, in the prior year.
 At the end of the third quarter of fiscal 1992, a write-down of $36,646,000 before taxes was taken against the New Orleans Distribution Center to reflect the estimated fair market value of that facility. Without this write-down, net earnings after taxes for fiscal 1992 would have been $35,241,000, or $1.16 per share.
 "We are pleased that our earnings per share, excluding the effect of the warehouse write-down, are up. We are not yet satisfied with our comparable store sales, and we have made buying adjustments to strengthen our offer to our customers," said Leonard S. Williams, president and chief executive officer.
 "Our expansion of 36 stores per year for 1993 and 1994 is very exciting to us, based on the success of the 12 new stores we opened in 1992," Williams added.
 The company operates a chain of 208 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 ended For the year ended
 Jan. 31, Feb. 2, Jan. 31, Feb. 2,
 1993 1992 1993 1993
 Net sales $197,438 $189,492 $540,295 $542,578
 Cost of sales 103,396 92,317 281,504 277,879
 Gross profit 94,042 97,175 258,791 264,699
 Store expenses 44,345 42,105 150,304 145,328
 Warehouse and
 administrative
 expenses 11,899 20,301 47,573 56,208
 Warehouse write-down
 expense --- --- 36,646 ---
 Total operating
 expenses 56,244 62,406 234,523 201,536
 Operating
 income 37,798 34,769 24,268 63,163
 Interest expense,
 net 1,505 2,513 6,860 8,286
 Earnings
 before income
 taxes 36,293 32,256 17,408 54,877
 Income tax
 (benefit)
 expense 13,142 11,659 6,060 20,662
 Net earnings $23,151 $20,597 $11,348 $34,215
 Earnings
 per common share $0.78 $0.67 $0.37 $1.12
 Average shares
 outstanding 29,823 30,934 30,295 30,649
 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited)
 (Amounts in thousands)
 Jan. 31, 1993 Feb. 2, 1992
 Assets
 Current assets
 Cash and cash equivalents $21,820 $41,483
 Merchandise inventories 147,575 130,557
 Other current assets 18,111 10,675
 Total current assets 187,506 182,715
 Property, equipment and
 improvements, net 164,793 205,242
 Deferred federal and state income
 tax asset 12,753 ---
 Deferred financing costs
 and other assets 6,705 8,888
 Total assets $371,757 $396,845
 Liabilities and stockholders' equity
 Current liabilities
 Current portion of long-term debt $26,420 $18,794
 Accounts payable and other current
 liabilities 55,252 59,499
 Total current liabilities 81,672 78,293
 Long-term debt 54,475 81,567
 Deferred federal and state
 income taxes 11,163 10,947
 Stockholders' equity 224,447 226,038
 Total liabilities and stockholders'
 equity $371,757 $396,845
 -0- 3/18/93
 /CONTACT: Phil Carter, senior VP and 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

JB-LS -- LA006 -- 7253 03/18/93 06:00 EST
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Date:Mar 18, 1993
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