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PENN TRAFFIC ANNOUNCES PRELIMINARY FOURTH QUARTER RESULTS

 PENN TRAFFIC ANNOUNCES PRELIMINARY FOURTH QUARTER RESULTS
 JOHNSTOWN, Pa., Feb. 25 /PRNewswire/ -- The Penn Traffic Company (AMEX: PNF) announced today that its preliminary unaudited results for the fourth quarter ended Feb. 1, 1992, reflect fourth quarter cash flow (EBDIAT) of approximately $50 million, reflecting an increase of 8.5 percent from the prior year.
 For the entire year, cash flow will be more than $185,250,000, also an increase of 8.5 percent. Preliminary results indicate that operating income for the fourth quarter and current year rose at least 8 percent and 13.5 percent, respectively. Sales increased slightly in the fourth quarter and 1.5 percent for the year as compared to Fiscal 1991, when Fiscal 1991 is adjusted for the divestiture of P&C's New England Division. Same store sales increased 0.7 percent for the quarter and 1.3 percent for the year ended Feb. 1, 1992.
 Gary D. Hirsch, chairman of the board, stated, "Our preliminary results indicate that our company had a very strong fourth quarter, capping a year of excellent performance. Based on these preliminary results, we expect a very strong bottom-line performance, with net income applicable to common shareholders exceeding $2,000,000 for the fourth quarter compared to $97,000 for the fourth quarter of Fiscal 1991. This excellent fourth quarter performance provides further confirmation that we can continue to achieve the milestones necessary to attain our long-term financial and operating objectives."
 "We have a record number of capital projects underway, including one store already opened this month and another to be opened within two weeks. Coupled with our operating and merchandising success, we remain confident that the new fiscal year will see further growth in our financial performance."
 Final audited results for the fourth quarter and the full year are expected to be released on or about March 24, 1992.
 The Penn Traffic Company is one of the leading food retailers in the 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 125 licensed franchises and 120 independent operators and a discount general merchandise business with 20 stores. Grand Union, in which Penn Traffic holds a 24 percent equity interest, operates 306 supermarkets and food stores under the Grand Union and Big Star trade names in the Eastern United States.
 -0- 2/25/92
 /CONTACT: Gary D. Hirsch, chairman, 212-370-0040, or Claude J. Incaudo, president and CEO, 315-453-0382, both of Penn Traffic/
 (PNF) CO: Penn Traffic Company ST: New York, Pennsylvania, Ohio, West Virginia IN: REA SU: ERN


MP-LJ -- PG003 -- 2229 02/25/92 09:49 EST
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Publication:PR Newswire
Date:Feb 25, 1992
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