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PENN TRAFFIC ANNOUNCES FOURTH QUARTER NET INCOME OF $2,556,000

 PENN TRAFFIC ANNOUNCES FOURTH QUARTER NET INCOME OF $2,556,000
 JOHNSTOWN, Pa., March 24 /PRNewswire/ -- The Penn Traffic Company (AMEX: PNF) announced today that for the fourth quarter ended Feb. 1, 1992, it achieved net income applicable to common stock of $2,556,000 compared to $97,000 a year ago.
 Operating income was a record $35,395,000, or 8.4 percent above the prior year and cash flow for the quarter also increased to a record $50,380,000, 9.4 percent greater than the prior year. Sales increased slightly in the fourth quarter.
 Gary D. Hirsch, chairman of the board, stated: "The fourth quarter capped a year of excellent performance. Our sales for fiscal 1992 were $2.73 billion, a modest 1.5 percent increase when the prior year is adjusted to exclude P&C's New England operations, which were divested in the second quarter of fiscal 1991. Nevertheless, operating income increased to more than $120 million, an increase of 14 percent over the prior year. This key measure of performance rose to 4.4 percent of sales, from 3.8 percent of sales, or $106 million in the prior year. Consistent with Penn Traffic's operating income growth, we achieved a record cash flow (EBDIAT) of $186 million in fiscal 1992, up 9.1 percent from $170 million in the prior year. Our cash flow as a percentage of sales increased from 6.1 percent last year to 6.8 percent in fiscal 1992."
 Claude J. Incaudo, president and chief executive officer, added: "During this past year, we completed six new or replacement stores, 14 remodels or enlargements and four conversions of existing stores to our exciting Big Bear Plus format, representing 20 percent of our total supermarket square footage. In total, supermarket square footage grew to 6.3 million square feet, an increase of 8.0 percent over the prior year. As we start the new year, we believe that the company will set new records for store investment. Already the company has opened new stores in Chillicothe, Ohio, and Canton, N.Y. Eight new stores are currently under construction, as well as five major enlargements or remodels. In the spring, the company expects to begin construction of a new 210,000-square-foot P&C perishable distribution center in Syracuse."
 The Penn Traffic Company is one of the leading food retailers in the eastern United States, operating 189 supermarkets in upstate New York, western Pennsylvania, central Ohio and northern West Virginia, under the names of P&C Foods, Quality Markets, Riverside Markets, Bi-Lo Foods, Big Bear and Big Bear Plus. Additionally, the company operates wholesale food distribution businesses serving 123 licensed franchises and 125 independent operators and a discount general merchandise business with 20 stores. Grand Union, in which Penn Traffic holds a 24.3 percent equity interest, operates 307 supermarkets and food stores under the Grand Union and Big Star trade names in eight Eastern states.
 Penn Traffic trades on the American Stock Exchange under the symbol PNF.
 -0- 3/24/92
 /CONTACT: Gary D. Hirsch, chairman of the board, 212-370-0040, or Claude J. Incaudo, president and chief executive officer, 315-453-0382, both of Penn Traffic/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (PNF) CO: The Penn Traffic Company ST: Pennsylvania, Ohio, New York IN: REA SU: ERN


DM-SM -- PG004 -- 0974 03/24/92 10:44 EST
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Date:Mar 24, 1992
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