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MAIL BOXES ETC. ANNOUNCES THIRD QUARTER RESULTS

 MAIL BOXES ETC. ANNOUNCES THIRD QUARTER RESULTS
 SAN DIEGO, Feb. 19 /PRNewswire/ -- Mail Boxes Etc. ("MBE")


(NASDAQ: MAIL) announced today that net operating income for its third quarter ended Jan. 31, 1992, increased 31 percent over the same period last year.
 The company reported third quarter revenues of $9,725,786 and net operating income of $1,757,093, as compared to $8,827,196 of revenues and $1,341,081 of net operating income for the quarter ended Jan. 31, 1991. This represents a 10 percent increase in revenues and a 31 percent increase in net operating income. Earnings per share for the third quarter were $.30 this fiscal year before the dilutive effect of outstanding UPS warrants and employee stock options, compared to $.24 for the same quarter ended Jan. 31, 1991, representing a 25 percent increase.
 This quarter, for the first time, the current market price of the stock made it necessary to include outstanding UPS warrants and employee stock options in the calculation of average outstanding shares. This calculation added 237,272 shares to the quarterly average and 158,676 to the year-to-date average. This dilution caused a one cent earning per share reduction for the current quarter and a two-cent earnings per share reduction in the year-to-date calculation. This made the current quarter's earnings per share $.29 after dilution for a 21 percent increase.
 The average number of shares outstanding at the end of the third quarter for this fiscal year (before dilution) increased 4 percent, from 5,661,521 shares to 5,903,109 shares as compared to last fiscal year. After dilution the increase was 8 percent to 6,140,381.
 Revenues for the first nine months of this fiscal year were $26,011,054 with net operating income of $3,993,136. This compares to last fiscal year's first nine months revenue of $22,307,730 and net operating income of $2,917,397, representing an increase of 17 percent in revenues and 37 percent in net operating income. Earnings per share based on net operating income for the first nine months ended Jan. 31, 1992, were $.69 before dilution and $.67 after dilution, compared to $.55, for an increase of 25 percent before dilution and 22 percent after dilution.
 These nine-month comparisons exclude $400,000 received in the second quarter of last fiscal year from an insurance company as proceeds from settlement of a prior lawsuit. If the non-operating income insurance proceeds are included, the company's net income and EPS for the first nine months of last fiscal year are $3,157,397 and $.59 respectively, resulting in an increase for the first nine months of 37 percent in net operating income and 25 percent in earnings per share before dilution and 22 percent after dilution.
 The weighted average number of shares outstanding for the nine months ended Jan. 31, 1992, were 5,783,061, compared to 5,351,265 shares outstanding at Jan. 31, 1991. This is an increase of 431,796 shares before dilution and 590,472 shares after dilution and is primarily because of the issuance of shares to United Parcel Service on Oct. 3, 1991, and the stock split of April 12, 1991.
 Mail Boxes Etc. is a San Diego-based holding company whose operating subsidiaries include Mail Boxes Etc. USA Inc. (also known as "The Post Office Alternative") and MBE Service Corp. Mail Boxes Etc. USA Inc. is the nation's largest franchisor of neighborhood service centers specializing in postal, business and communication services. At the close of business on Jan. 31, 1992, Mail Boxes Etc. USA Inc. had more than 1,570 service centers operating in 48 states, plus the District of Columbia and Puerto Rico, and has entered into Master License Agreements with Licensees for the development of the MBE franchise system in Canada, Mexico, Japan, Spain and Jamaica.
 -0- 2/19/92
 /CONTACT: A.W. (Tony) DeSio, president and CEO of Mail Boxes Etc., 619-455-8800/
 (MAIL) CO: Mail Boxes Etc. ST: California IN: REA SU: ERN


JL-EH -- SD003 -- 0265 02/19/92 08:03 EST
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Date:Feb 19, 1992
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