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SPORTSTOWN REPORTS FISCAL 1993 THIRD QUARTER RESULTS

 ATLANTA, Nov. 17 ~PRNewswire~ -- SportsTown, Inc. (NASDAQ: SPTN ) today reported its fifth consecutive profitable quarter by achieving record sales for the third quarter of its current fiscal year.
 Net sales for the third quarter ended Oct. 31, totaled $27.4 million, up 30.4 percent from $21.0 million for the same quarter in the previous year. Net sales for the first nine months were $80.3 million, an increase of 33.7 percent, compared to $60.1 million for the same period in the previous year. On a comparable store basis, net sales increased 16.7 percent for the third quarter and 23.0 percent for the first nine months compared to the same periods a year earlier.
 Net income for the third quarter was $30.2 thousand or $0.01 per share, compared to $139.1 thousand or $0.04 per share for the same quarter in the previous year. Third quarter net income reflects preopening expenses for a new store of $346.4 thousand this year as compared to no preopening expenses in the comparable period last year. For the first nine months, net income was $732.2 thousand or $0.16 per share, compared to a loss of ($548.7) thousand or ($0.17) per share for the same period in the previous year. Per share amounts assume conversion of preferred stock and related warrants from the date of issuance.
 At the beginning of the third quarter, SportsTown, Inc. operated 13 sporting goods megastores. During the quarter, the company opened its 14th megastore in Charlotte, N.C. The company has since opened its 15th store in Greenville, S.C., on Nov. 5, and plans to open three additional stores by year end, one in each of the Texas markets of Dallas, Houston and San Antonio.
 CONDENSED STATEMENT OF OPERATIONS
 (amounts in thousands, except per share amounts)
 THIRD QUARTER AND NINE MONTHS RESULTS
 (unaudited)
 3rd qtr. ending 9 mos. ending
 10~31~92 10~26~91 10~31~92 10~26~91
 Net Sales $27,431 $21,040 $80,342 $60,087
 Income (loss) before taxes 27 139 762 (549)
 Provision for taxes (3) --- 29 ---
 Net income (loss) $ 30 $ 139 $ 732 $ (549)
 Net income (loss) per shr. $ 0.01 $ 0.04 $ 0.16 $ (0.17)
 Wtd. avg. number of common
 equivalent shares outstanding,
 giving retroactive effect to the
 conversion of preferred
 stock and related warrants 5,049 3,214 4,450 3,141
 -0- 11~17~92
 ~CONTACT: Thomas K. Haas, chairman and CEO, or Clyde S. Fossum, chief financial officer, of SportsTown, 404-246-5300~
 (SPTN)


CO: SportsTown, Inc. ST: Georgia IN: REA SU: ERN

BR-EA -- AT005 -- 1717 11~17~92 09:55 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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