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PENOBSCOT SHOE CO. ANNOUNCES EARNINGS

 OLD TOWN, Maine, Oct. 1 /PRNewswire/ -- Penobscot Shoe Co. (AMEX: PSO) today announced net sales for the third quarter ended Aug. 27, 1993, were $3,809,000, down 22 percent from $4,878,000 in the comparable quarter of fiscal 1992. Net income for the current quarter was $156,000 or 11 cents per share, versus $480,000, or 33 cents per share, last year. For the nine months year-to-date, net sales were $10,322,000 down 7 percent from $11,077,000 in the same year-to-date period of 1992. Net income for the nine months in 1993 was $375,000, or 25 cents per share, compared to $573,000, or 39 cents per share, last year.
 Net sales for last year's third quarter were significantly enhanced by the early shipments of large quantities of fall shoes. This variance from scheduled deliveries did not take place in the current year, and the apparent shortfall now being reported for 1993 net sales should be offset by correspondingly higher sales in the fourth quarter.
 Although we expect sales in fiscal year 1993 to at least equal the prior year level, there is increasing pressure on margins and short term results in a continuing weak retail environment.
 At a scheduled meeting of the board of directors held on Oct. 1, 1993, the directors voted to pay a dividend of 5 cents per share on Dec. 15, 1993 to all stockholders of record Nov. 24, 1993.
 PENOBSCOT SHOE COMPANY
 STATEMENT OF EARNINGS
 Third Quarter
 Aug. 27, 1993 Aug. 28, 1992
 Net sales $3,809,422 $4,877,849
 Pretax income 254,399 799,687
 Federal and State taxes 98,198 319,395
 Net income 156,171 480,293
 Average shares
 outstanding 1,475,917 1,469,942
 Income per share 11 cents 33 cents
 Nine Months Year-to-Date
 Aug. 27, 1993 Aug. 28, 1992
 Net sales $10,322,478 $11,076,882
 Pretax income 608,537 944,779
 Federal and State taxes 233,837 372,054
 Net income 374,670 572,725
 Average shares
 outstanding 1,475,170 1,469,942
 Income per share 25 cents 39 cents
 -0- 10/4/93
 /CONTACT: David L. Keane of Penobscot Shoe Company, 207-827-4431/
 (PSO)


CO: Penobscot Shoe Company ST: Maine IN: HOU SU: ERN DIV

JL-CM -- NE008 -- 7804 10/01/93 12:32 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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