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STANDARD BRANDS PAINT CO. RELEASES FISCAL 1991 THIRD QUARTER RESULTS

STANDARD BRANDS PAINT CO. RELEASES FISCAL 1991 THIRD QUARTER RESULTS
 TORRANCE, Calif., Dec. 11 /PRNewswire/ -- Standard Brands Paint Co. (NYSE: SBP) today reported reduced sales and a net loss for the third quarter of its fiscal year ending Jan. 26, 1992. Financials follow.
 STANDARD BRANDS PAINT CO.
 Consolidated Balance Sheets
 (in thousands)
 (Unaudited)
 Oct. 27, Jan. 27,
 1991 1991
 Assets
 Current assets:
 Cash $6,728 10,814
 Accounts and notes receivable 7,369 7,060
 Inventories 44,601 52,944
 Prepaid expenses 10,105 9,875
 Total current assets 68,803 80,693
 Property, plant and equipment 214,490 213,696
 Less accumulated depreciation and
 amortization 74,200 70,207
 Net property, plant and equipment 140,290 143,489
 Other assets 4,911 4,924
 Total $214,004 229,106
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current installments of long-term
 debt including $119,000 and
 $121,000 due to holders of
 the preferred stock $148,423 34,341
 Accounts payable 20,072 20,791
 Accrued expenses 13,212 17,538
 Total current liabilities 181,707 72,670
 Long-term debt, excluding current
 installments 84 122,151
 Deferred income taxes 5,516 4,197
 Preferred stock subject to mandatory
 redemption provisions $.01 par value,
 authorized 5,000,000 shares;
 issued and outstanding 163,000 shares at
 Oct. 27, 1991 and Jan. 27, 1991 15,750 15,724
 Common stock, $.01 par value per share,
 authorized 30,000,000 shares; issued
 and outstanding 5,533,000 shares at
 Oct. 27, 1991 and 5,521,000 shares
 at Jan. 27, 1991 56 56
 Additional paid-in capital 29 --
 Retained earnings 23,677 29,138
 Less treasury stock, at cost, 28,000
 shares at Oct. 27, 1991 and 31,000
 shares at Jan. 27, 1991 (815) (830)
 Less receivables and other contra
 accounts (12,000) (14,000)
 Total $214,004 229,106
 STANDARD BRANDS PAINT CO.
 Consolidated Statements of Operations
 (Unaudited)
 (in thousands)
 Nine Months Ended Three Months Ended
 Oct. 27, Oct. 28, Oct. 27, Oct. 28,
 1991 1990 1991 1990
 Net sales $202,099 230,311 64,543 77,707
 Costs and expenses
 Cost of sales 119,876 127,647 37,775 41,822
 Selling, general and
 administrative
 expenses 78,515 91,129 26,001 30,173
 Restructuring
 charge --- 4,700 --- ---
 Interest income (1,014) (1,214) (359) (357)
 Interest expense 13,285 13,778 4,383 4,692
 Other (income)
 expense 78 25 (70) (2)
 Gain (loss) before income taxes,
 discontinued operations
 and cumulative effect of
 a change in accounting
 principle (8,641) (5,754) (3,187) 1,379
 Income tax
 provision (benefit) (2,635) (2,315) (456) 538
 Gain (loss) before discontinued
 operations and cumula-
 tive effect of a change
 in accounting
 principle (6,006) (3,439) (2,731) 841
 Loss from discontinued
 operations less income
 tax benefit of $400 --- (600) --- ---
 Gain (loss) before cumulative
 effect of a change in
 accounting
 principle (6,006) (4,039) (2,731) 841
 Cumulative effect of
 a change in account-
 ing principle (1,359) --- --- ---
 Net income (loss) (4,647) (4,039) (2,731) 841
 Dividends on preferred
 stock including $406
 of dividends in
 arrears at
 Oct. 27, 1991 (1,218) (1,218) (406) (406)
 Net loss for common
 shareholders ($5,865) (5,257) (3,137) 435
 Per common share
 Loss before discon-
 tinued operations
 and cumulative
 effect of a change
 in accounting
 principle ($1.31) (.82) (.57) .08
 Discontinued
 operations --- (.10) --- ---
 Cumulative effect of
 a change in account-
 ing principle .25 --- --- ---
 Total ($1.06) (.92) (.57) .08
 -0- 12/11/91
 /CONTACT: Craig Walker, VP-communications of Standard Brands Paint, 310-214-2411/
 (SBP) CO: Standard Brands Paint Co. ST: California IN: REA SU: ERN


KJ-SE -- LA002 -- 1303 12/11/91 08:03 EST
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Date:Dec 11, 1991
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