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SOUTHLAND EXPECTS TO RECORD NONRECURRING CHARGES IN FOURTH QUARTER

 DALLAS, Feb. 17 /PRNewswire/ -- The Southland Corporation said today that, while its 7-Eleven convenience stores have been achieving improved operating results over the last four months, it expects to record in the fourth quarter of 1992 approximately $29 million of nonrecurring charges, as discussed below, which are related to the company's business restructuring.
 Clark Matthews, Southland's president and chief executive officer, commented, "7-Eleven's operating results improved in the fourth quarter and January when compared to prior-year periods, largely due to the continued strength of gasoline gross profits and the benefits we are starting to realize from the business restructuring plan that we began to implement in 1992, including our new merchandising strategy and ongoing expense reductions. The company is focusing on remodeling and further improving the profitability of its ongoing store base, and these fourth-quarter charges are unrelated to our continuing operations."
 The $29 million of charges in the fourth quarter include an additional $4 million loss from the sale of the company's distribution and food processing business in November, as well as $25 million related to store closings and divestitures in 1992 or planned for 1993. The company previously reported a $102.0 million loss for the first nine months of 1992, which included a $41.0 million charge for the distribution business transaction, $17.5 million in severance and related costs, and $9.5 million for store divestitures and closings, all of which are part of the company's restructuring.
 The company plans to release its fourth-quarter and full-year results by early March.
 The Southland Corporation's operations include over 6,100 7-Eleven and other convenience stores in the United States and Canada. In addition, licensees and affiliates operate more than 7,500 7-Eleven stores in parts of the United States and 19 other countries.
 -0- 2/17/93
 /CONTACTS: Cecilia Stubbs Norwood, 214-828-7272, or Markeeta


McNatt, 214-828-7209, both of Southland; or recorded update, 214-828-7587/

CO: The Southland Corporation ST: Texas IN: REA SU: ERP

GK -- NY104 -- 7505 02/17/93 16:26 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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