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PENOBSCOT SHOE COMPANY ANNOUNCES FINANCIAL RESULTS

 PENOBSCOT SHOE COMPANY ANNOUNCES FINANCIAL RESULTS
 OLDTOWN, Maine, Feb. 4 /PRNewswire/ -- Net sales for the fiscal


year ended Nov. 29, 1991 were $13,331,000, down 3 percent from fiscal year 1990 net sales of $13,779,000. A net loss of $243,000 or 17 cents per share, was incurred in the current year, compared to a net loss of $486,000, or 33 cents per share, a year ago.
 In the fourth quarter of 1991, net sales were $3,381,000 down 8 percent from $3,679,000 last year. Net income for the period was $138,000 or 9 cents per share vs. a net loss of $99,000, or 7 cents per share, in the comparable quarter of 1990.
 Other Income in the current year contributed to a gain of 9 cents per share. During the 1990 fiscal year, gains from other income, particularly from sales of securities amounted to 28 cents per share.
 The decreases in net sales of 3 percent for the year and 8 percent for the fourth quarter are a result of significant reductions in the sales of surplus merchandise. However, the company experienced moderate gains of 5 percent and 6 percent, respectively, in the sales of its branded footwear products. The smaller losses of the current year relative to fiscal 1990 are due in large measure to this substantial reduction in the need to liquidate surplus inventories.
 In the past year, the company has made good progress in developing and producing the right products through better consumer research and technology based resources. Assuming no further deterioration in the U.S. economy. Penobscot shoe looks forward to profitability for the fiscal year 1992.
 At a scheduled meeting of the board of directors held on Feb. 4, 1992, the directors voted to pay a dividend of 5 cents per share on March 16, 1992 to all stockholders of record Feb. 25, 1992.
 PENOBSCOT SHOE COMPANY
 Statement of Earnings
 Fourth Quarter
 11/29/91 11/30/90
 Net sales $3,381,162 $3,679,112
 Pretax income (loss) 288,945 (167,826)
 Federal and state taxes 151,159 (69,250)
 Net income (loss) 137,784 (98,576)
 Average shares outstanding 1,469,942 1,473,487
 Income (loss) per share 9 cents (7 cents)
 12 Months Year-to-Date Ended
 11/29/91 11/30/90
 Net sales $13,331,036 $13,779,003
 Pretax income (loss) (368,179) (837,976)
 Federal and state taxes (125,232) (352,386)
 Net income (loss) (242,948) (485,590)
 Average shares outstanding 1,469,942 1,475,901
 Income (loss) per share (17 cents) (33 cents)
 -0- 2/4/92
 /CONTACT: Irving Kagan, chairman and chief executive officer, Penobscot Shoe Company, 207-827-4431/ CO: Penbscot Shoe Company ST: Maine IN: REA SU: ERN


TM-DD -- NE015 -- 6762 02/04/92 13:53 EST
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Date:Feb 4, 1992
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