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SMART & FINAL INC. NET INCOME UP 25 PERCENT FOR THIRD QUARTER AND 25 PERCENT FOR THE FIRST THREE QUARTERS OF FISCAL 1992

 SMART & FINAL INC. NET INCOME UP 25 PERCENT FOR THIRD QUARTER
 AND 25 PERCENT FOR THE FIRST THREE QUARTERS OF FISCAL 1992
 SANTA BARBARA, Calif., Oct. 22 /PRNewswire/ -- Smart & Final Inc. (NYSE: SMF) today reported that net income increased 25.2 percent for the 16-week third quarter ended Oct. 4, 1992, and 25.2 percent for the first three quarters of fiscal 1992. For comparative purposes, a $8.7 million (net of tax) non-recurring settlement charge incurred in the second quarter of 1991 has been excluded.
 Third quarter sales of $238.9 million increased 15.0 percent over the prior year. For the first three quarters of fiscal 1992 sales of $573.3 million were up 13.4 percent over the prior year.
 Third quarter net income of $5.1 million equalled 38 cents per share, compared to $4.1 million, or 36 cents per share for the like period in fiscal 1991. For the first three quarters of fiscal 1992 the company earned $11.3 million, or 83 cents per share, compared to earnings of $0.3 million, or 3 cents per share in 1991.
 The 1991 results included $8.7 million, or $0.92 per share of non-recurring contract settlement costs incurred in the second quarter of that year. Comparative year-to-year earnings per share were also affected by a larger number of shares outstanding following the sale of stock to the public in July 1991. On a pro forma basis utilizing the same number of shares in each year and excluding the non-recurring charge, earnings per share would have increased from $0.66 for the first three quarters of 1991 to $0.83 for the like period of 1992.
 For the third quarter of 1992, same store sales increased 12.9 percent while same store transactions increased 17.9 percent. For the three quarters of 1992, same store sales were up 10.4 percent and same store transactions were up 15.1 percent.
 Robert J. Emmons, chairman and chief executive officer stated, "We are very happy with our 1992 results. Despite the weak state of the economy, our same store sales have been extremely strong. The Low Price Program we introduced early in 1992 has fueled the sales increase. The gross margin we have given up as a result of the program is a significant investment in the company's future."
 During 1992, the company has opened seven California stores in Long Beach, Mira Mesa, San Jose, Santa Maria, Lake Tahoe, Moreno Valley and Encino. Three more stores will open in October and four additional stores are scheduled for November. Five of the 14 new stores are relocations.
 Founded in 1871 in downtown Los Angeles, Smart & Final Inc. operates 120 grocery warehouses in California, Arizona and Nevada.
 SMART & FINAL INC.
 Earnings Release Highlights
 (000s omitted except for per share data)
 16 weeks ended Percent
 Oct. 4, Oct. 6, Increase/
 1992 1991 (Decrease)
 Sales $238,867 $207,763 15.0 pct
 Net income 5,100 4,074 25.2 pct
 Earnings per share .38(b) .36(c) 5.6 pct
 Average shares
 outstanding 13,562,064(b) 11,427,133 18.7 pct
 40 weeks ended Percent
 Oct. 4, Oct. 6, Increase/
 1992 1991 (Decrease)
 Sales $573,344 $505,661 13.4 pct
 Net income 11,250 263 4,177.6 pct
 Earnings per share .83(b) .03(a)(c) 2,666.7 pct
 Average shares
 outstanding 13,558,132(b) 9,507,453 42.6 pct
 (a) For 1991, results include a non-recurring contract settlement after-tax charge of $8.7 million or $0.92 per share.
 (b) Earnings per share are penalized by the sale of 5 million shares of common stock in July 1991. Proceeds of the sale were largely offset by a special $68.8 million dividend paid in June 1991.
 (c) On a pro forma basis utilizing the same number of shares in each quarter, and eliminating the non-recurring charge, earnings per share would have increased from $0.30 to $0.38 for the quarter, and from $0.66 to $0.83 for the first three quarters.
 -0- 10/22/92
 /CONTACT: Leanne Reynolds of Smart & Final, 805-564-6735/
 (SMF) CO: Smart & Final Inc. ST: California IN: REA SU: ERN


JL-JB -- LA011 -- 3801 10/22/92 16:03 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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