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PERRY SETTLES 4-YEAR-OLD DISPUTE OVER SALE OF ITS AUTO PARTS STORES

 PERRY SETTLES 4-YEAR-OLD DISPUTE OVER SALE OF ITS AUTO PARTS STORES
 PONTIAC, Mich., Jan. 21 /PRNewswire/ -- Perry Drug Stores, Inc. (NYSE: PDS) announced today that it has reached an out-of-court settlement of a 4-year-old dispute with the company which acquired its former retail auto parts division for $51 million in 1988.
 This settlement has no effect on 1991 earnings from continuing operations which were $6.1 million, or $.59 per share. The company's previously announced fiscal 1991 net earnings have been adjusted to reflect a $2.5 million charge against discontinued operations attributable to the resolution of this dispute. Net earnings for fiscal 1991, after recording this charge, are $3.1 million, or $.30 per share.
 "This settlement will have no impact on future earnings and management is pleased to have this matter resolved," said Jerry E. Stone, Perry senior vice president and chief financial officer.
 Perry, a New York Stock Exchange company headquartered in Pontiac, operates 208 drug stores in Michigan. It is Michigan's No. 1 drugstore chain and the 14th-largest in the United States.
 -0- 1/21/92
 /CONTACT: Jerry E. Stone, chief financial officer, 313-674-7783, or Robert A. Berlow, general counsel, 313-674-7750, both of Perry Drug Stores, Inc./
 (PDS) CO: Perry Drug Stores, Inc. ST: Michigan IN: REA SU:


SB -- DE026 -- 2083 01/21/92 17:02 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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