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PENOBSCOT SHOE REPORTS EARNINGS AND DIVIDEND FOR THE THIRD QUARTER

 PENOBSCOT SHOE REPORTS EARNINGS AND DIVIDEND FOR THE THIRD QUARTER
 OLD TOWN, Maine, Oct. 6 /PRNewswire/ -- Penobscot Shoe Company (AMEX: PSO) reported today that net sales for the third quarter ended Aug. 28, 1992, were $4,878,000, up 40 percent from $3,488,000 in the third quarter of fiscal 1991. Net income for the current quarter was $480,000, or 33 cents per share, compared to $98,000 or 7 cents per share, a year ago. For the nine months year-to-date, net sales were $11,077,000, an increase of 11 percent over net sales of $9,950,000 in the comparable period last year. Net income for the current year-to- date period was $573,000, or 39 cents per share, compared to a net loss of $381,000, or 26 cents per share, a year ago.
 Much of the sales increase in the third quarter resulted from the introduction of a new such category of styles which were well received by our customers. Improved sourcing, merchandising and manufacturing operations enabled the company to deliver product early, further inflating third quarter shipments. These improvements, along with the higher sales, significantly increased profitability.
 However, the current level of orders for both immediate and future deliveries reflect the continuing low level of retailer confidence and uninspired consumer consumption patterns. Given the persistence of this poor economic climate and the enhancement of third quarter sales at the expense of the fourth quarter, we expect the fourth quarter to show break-even results at best.
 At a scheduled meeting of the Board of Directors held on Oct. 6, 1992, the directors voted to pay a dividend of 5 cents per share on Dec. 15, 1992 to all stockholders of record Nov. 25, 1992.
 PENOBSCOT SHOE COMPANY
 Statement of Earnings
 Third Quarter Ended
 Aug. 28, 1992 Aug. 30, 1991
 Net Sales $4,877,849 $3,487,611
 Pretax Income 799,687 158,889
 Federal and State Taxes 319,395 60,422
 Net Income 480,293 98,468
 Average Shares Outstanding 1,469,942 1,469,942
 Income Per Share 33 cents 7 cents
 Nine Months Year-to-Date Ended
 Aug. 28, 1992 Aug. 30, 1991
 Net Sales $11,076,882 $9,949,874
 Pretax Income (Loss) 944,779 (657,124)
 Federal and State Taxes 372,054 (276,391)
 Net Income (Loss) 572,725 (380,732)
 Average Shares Outstanding 1,469,942 1,469,942
 Income (Loss) Per Share 39 cents (26 cents)
 -0- 10/6/92
 /CONTACT: Irving Kagan, chairman of the board and chief financial officer, 207-827-4431/
 (PSO) CO: Penobscot Shoe Company ST: Maine IN: HOU REA SU: ERN DIV


CH -- NE005 -- 7034 10/06/92 11:47 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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