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SMART & FINAL INC. NET INCOME UP 28.5 PERCENT FOR THE FOURTH QUARTER AND 25.9 PERCENT FOR FISCAL 1992

 SANTA BARBARA, Calif., Feb. 18 /PRNewswire/ -- Smart & Final Inc. (NYSE: SMF) today reported that net income increased 28.5 percent for the 13-week fourth quarter ended Jan. 3, 1993.
 Excluding the non-recurring charges of $8.7 million recorded in fiscal 1991, fiscal 1992 net income of $14.4 million increased 25.9 percent over the prior year.
 Fourth quarter sales of $191.7 million increased 21.8 percent over the prior year. Fourth quarter net income of $3.2 million increased 28.5 percent over the prior fourth quarter.
 Fourth quarter net income of $3.2 million equaled 16 cents per share, compared to $2.5 million, or 12 cents per share for the period in fiscal 1991. Earnings per share reflect a 3-for-2 stock split on Feb. 5, 1993.
 For the fourth quarter of 1992 comparable store sales increased 10.5 percent while same store transactions increased 16.0 percent.
 For the 53-week 1992 fiscal year, sales totaled $765.1 million, an increase of 15.4 percent over the 52-week 1991 fiscal year. Net income of $14.4 million equaled 71 cents per share compared to $2.74 million, or 18 cents per share for the fiscal 1991. Results in 1991 reflect non-recurring charges of $8.7 million or 56 cents per share.
 Earnings per share for 1992 were lower than the 1991 results of 74 cents per share, excluding the non-recurring charges, because of 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, earnings per share would have increased from 74 cents to 92 cents per share.
 For fiscal 1992 same store sales increased 10.4 percent while comparable customer transactions increased 15.3 percent over the prior year. Total customer transactions increased 19.6 percent to 21 million.
 Robert J. Emmons, chairman and chief executive officer, stated, "Despite the continued weakness in the California economy, Smart & Final's strong fourth quarter and year-end results are due to implementing a successful Low Price Program, introducing Sunday openings and by continuing a cost reduction program."
 During the fourth quarter, the company opened seven new stores including four in California, two in Arizona and one store in Nevada. This brought total new store openings in 1992 to 14, five of which were relocations.
 Smart & Final Inc., founded in 1871 in downtown Los Angeles, operates 126 non-membership grocery warehouses in California, Arizona and Nevada.
 SMART & FINAL INC.
 Earnings Release Highlights
 (000s omitted except for per share data)
 13 Weeks 12 Weeks
 Ended Ended Pct.
 Jan. 3, 1993 Dec. 29, 1991 Increase
 Sales $191,727 $157,477 21.8 pct.
 Net income 3,184 2,477 28.5 pct.
 Earnings per share(d) 0.16 0.12
 Average shares
 outstanding(d) 20,483,955 20,143,452
 53 Weeks 52 Weeks
 Ended Ended Pct.
 Jan. 3, 1993 Dec. 29, 1991 Increase
 Sales $765,071 $663,138 15.4 pct.
 Net income $14,434 2,740(a) 25.9 pct.
 Earnings per share(d) 0.71(b)(c) 0.18(a)(b)
 Average shares
 outstanding(d) 20,373,195 15,618,627
 (a) Reflects two non-recurring charges aggregating $14.54 million before taxes, or $8.72 million after taxes ($0.56 per share based on 15,618,627 shares outstanding).
 (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 year, earnings per share in 1992 would have increased from $0.71 to $0.92 for the year.
 (d) Reflects 3-for-2 stock split on Feb. 5, 1993.
 -0- 2/18/93
 /CONTACT: Leanne Reynolds of Smart and Final, 805-564-6735/
 (SMF)


CO: Smart & Final Inc. ST: California IN: REA SU: ERN

LS-EH -- LA039 -- 8092 02/18/93 16:33 EST
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Date:Feb 18, 1993
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