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SPEC'S MUSIC, INC. ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS

 MIAMI, June 10 /PRNewswire/ -- Spec's Music, Inc. (NASDAQ: SPEK) today announced record fiscal third quarter results.
 Revenues for the three months ended April 30, 1993 increased by 19 percent to a third quarter record $17.5 million, compared to $14.8 million for the same period a year ago. On a same-store basis, comparing the results of only those stores that had been open for more than one year, revenues for the quarter increased by 12 percent.
 As a consequence of a previously announced $1,635,000, or $.32 per share, after-tax restructuring charge, the company reported a net loss for the period equal to $1,079,000, or $.21 per share. For the comparable quarter in 1992, the company earned $347,000, or $.07 per share.
 Without the restructuring charge, according to Spec's chief financial officer Peter Blei, third-quarter earnings from operations increased by 49 percent to $556,000, or $.11 per share, compared to $374,000, or $.07 per share, a year ago. The charge, he explained, related to the company's recently announced strategic plan, which called for selected store closings, a reduction in the carrying value of the video rental inventory, and the abandonment of certain assets in store renovations.
 For the nine months ended April 30, 1993, the company reported revenues of $55.2 million, a 16 percent increase over the 1992 comparable period's $47.5 million. On a same-store basis, revenues for the nine months increased by 7 percent.
 Net earnings for the 1993 nine-month period, once again reflecting the restructuring charge, were $585,000, or $.11 per share, compared to $2,027,000 or $.38 per share for the same period a year ago. Without the restructuring charge, however, net earnings for the 1993 nine-month period would have been $2,587,000, or $.50 per share, 28 percent higher than the prior year.
 SPEC'S MUSIC, INC.
 SUMMARY OF FINANCIAL RESULTS
 Third Quarter Nine Months
 Ended April 30, Ended April 30,
 1993 1992 1993 1992
 Revenues $17,528,000 $14,770,000 $55,229,000 $47,499,000
 Net earnings
 before
 restructuring
 charge $ 556,000 $ 374,000 $ 2,587,000 $ 2,027,000
 Net earnings per
 share before
 restructuring
 charge $ .11 $ .07 $ .50 $ .38
 Net earnings
 (loss) ($ 1,079,000) $ 374,000 $ 585,000 $ 2,027,000
 Net earnings
 (loss) per
 share ($ .21) $ .07 $ .11 $ .38
 Shares
 outstanding 5,195,000 5,402,000 5,203,000 5,366,000
 Spec's Music, Inc. is the largest specialty retailer of pre-recorded music and video products in Florida. The company, which was founded in 1948 by Martin W. Spector, currently operates 59 stores, including 57 in Florida and two in Puerto Rico.
 -0- 6/10/93
 /CONTACT: Ann Lieff, president, 305-592-7288, ext. 330, or Peter Blei, chief financial officer, 305-592-7288, ext. 303, both of Spec's Music, Inc./
 (SPEK)


CO: Spec's Music, Inc. ST: Florida IN: REA SU: ERN

JB-AW -- FL001 -- 0490 06/10/93 09:28 EST
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Date:Jun 10, 1993
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