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PENOBSCOT SHOE REPORTS EARNINGS

 OLD TOWN, Maine, Feb. 2 /PRNewswire/ -- Penobscot Shoe Company (AMEX: PSO) reported that net sales for the fiscal year ended Nov. 27, 1992, were $14,170,000, up 6 percent from fiscal year 1991 net sales of $13,331,000. Net income for fiscal 1992 was $879,000 or 60 cents per share, compared to a net loss of $243,000, or 17 cents per share, incurred last year.
 Net sales for the fourth quarter $3,093,000 down 9 percent from $3,381,000 last year. Net income for the quarter was $306,000, or 21 cents per share, compared to $138,000, or 9 cents per share in the comparable quarter in 1991.
 The return to profitability for the year was brought about by three factors.
 1) A 9 percent increase in branded sales was achieved through
 enhanced styling, which offered a broader appeal to a wider age
 group.
 2) Improved inventory management diminished the sales of surplus
 merchandise; losses associated with such sales were
 correspondingly reduced.
 3) A quality improvement program resulted in sourcing and
 manufacturing changes which produced cost savings through greater
 productivity.
 Fourth quarter earnings were favorably impacted by several non- recurring adjustments totaling $199,000, or 14 cents per share, after taxes, including the benefit of a net operating loss carry-forward for state income taxes. Reported earnings also included a LIFO gain amounting to $143,000 or 10 cents per share, after taxes, as a result of a reduction in inventory levels.
 Reduced sales in the fourth quarter as compared to the year-ago period were primarily a function of timing, as improved operations during the year enabled the company to deliver product early, thereby inflating the third quarter at the expense of the year-end period.
 The company views the fiscal year 1993 with continuing caution inasmuch as the footwear industry remains dependent upon the level of consumer activity. Although the economy is clearly strengthening, consumer confidence remains fragile as news of significant layoffs are still being reported in a variety of industries.
 At a scheduled meeting of the board of directors held on Feb. 2, 1993, the directors voted to pay a dividend of 5 cents per share on March 15, 1993 to all stockholders of record Feb. 25, 1993.
 PENOBSCOT SHOE COMPANY
 Statement of Earnings
 Fourth Quarter
 Nov. 27, 1992 Nov. 29, 1991
 Net sales $3,092,828 $3,381,162
 Pretax income 395,732 288,945
 Federal and state taxes 89,757 151,159
 Net income 305,975 137,784
 Average shares outstanding 1,469,942 1,469,942
 Income (loss) per share 21 cents 9 cents
 12 Months Year-to-Date Ended
 Nov. 27, 1992 Nov. 29, 1991
 Net sales $14,169,710 $13,331,036
 Pretax income (loss) 1,340,511 (368,179)
 Federal and state taxes 461,811 (125,232)
 Net income (loss) 878,700 (242,948)
 Average shares outstanding 1,469,942 1,469,942
 Income (loss) per share 60 cents (17 cents)
 -0- 2/2/93
 /CONTACT: Irving Kagan, chairman and chief executive officer, of Penobscot Shoe Company, 207-827-4431/
 (PSO)


CO: Penobscot Shoe Company ST: Maine IN: TEX SU: ERN

TM -- NE010 -- 1927 02/02/93 13:29 EST
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Date:Feb 2, 1993
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