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STANDARD BRANDS PAINT CO. RELEASES FISCAL 1992 FIRST QUARTER RESULTS

STANDARD BRANDS PAINT CO. RELEASES FISCAL 1992 FIRST QUARTER RESULTS
 TORRANCE, Calif., June 1 /PRNewswire/ -- Standard Brands Paint Co. (NYSE: SBP) today announced consolidated sales for the first quarter of fiscal 1992 of $53,209,000 a decrease of 17.4 percent, compared to $64,427,000, the company's comparative sales for the prior year. During the quarter sales at the company's paint stores open for more than one year decreased 21.8 percent while sales at the art stores decreased 6.8 percent. Sales at the company's wholesale distribution subsidiary, Zynolyte, increased 18.7 percent to $5,660,000.
 Standard Brands Paint Co. is a manufacturer, distributor and retailer of paint and operates 135 paint stores serving the do-it-yourself market in the west.
 STANDARD BRANDS PAINT CO.
 Consolidated Balance Sheets
 (In thousands)
 (Unaudited)
 April 26, Jan. 26,
 Assets 1992 1992
 Current assets:
 Cash $12,035 10,210
 Accounts and notes receivable 8,145 6,249
 Inventories 40,454 39,336
 Prepaid expenses 6,151 5,096
 Total current assets 66,785 60,891
 Property, plant and equipment 213,304 212,947
 Less accumulated depreciation and
 amortization 77,105 75,646
 Net property, plant and equipment 136,199 137,301
 Other assets 3,564 3,564
 Total $206,548 201,756
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current installments of long-term debt $--- 147,368
 Accounts payable 7,575 21,545
 Accrued expenses 18,999 18,954
 Accrued interest 6,622 ---
 Total current liabilities 33,196 187,867
 Senior notes subject to compromise 119,643 ---
 Liabilities subject to compromise 45,476 ---
 Deferred income taxes 554 554
 Preferred stock subject to mandatory
 redemption, $.01 par value per share,
 authorized 5,000,000 shares
 10 percent cumulative convertible
 redeemable preferred stock
 issued and outstanding 79,452 7,817 7,795
 10 percent cumulative redeemable
 preferred stock, issued and
 outstanding 83,090 shares 8,173 8,151
 Common stock, $.01 par value per share,
 authorized 30,000,000 shares; issued
 and outstanding 5,572,000 shares 56 56
 Additional paid-in capital 84 74
 Retained earnings 4,364 10,074
 Less treasury stock, at cost,
 28,000 shares (815) (815)
 Less receivables (12,000) (12,000)
 Total $206,548 201,756
 STANDARD BRANDS PAINT CO.
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands)
 Three Months Ended
 April 26, April 28,
 1992 1991
 Net sales $53,209 $64,427
 Costs and expenses
 Cost of sales 32,593 38,337
 Selling, general and administrative
 expenses 21,952 25,630
 Interest income (293) (261)
 Interest expense 3,652 4,558
 Other 4 1
 Loss before reorganization items,
 income taxes and cumulative effect
 of a change in accounting
 principle (4,699) (3,838)
 Reorganization items -- professional fees (966) ---
 Loss before income taxes and cumulative
 effect of a change in accounting
 principle (5,665) (3,838)
 Income tax benefit --- 1,420
 Loss before cumulative effect of a change
 in accounting principle (5,665) (2,418)
 Cumulative effect to prior years of the
 change in accounting for inventories --- 1,360
 Net loss ($5,665) (1,058)
 Net loss for common shareholders:
 Net loss ($5,665) (1,058)
 Adjustment for preferred dividends (406) (406)
 Accretion on redeemable preferred stock (44) ---
 Total ($6,115) (1,464)
 Per common share
 Loss before cumulative effect of change
 in accounting principle ($1.11) (.51)
 Cumulative effect on prior years of the
 change in accounting for inventories --- .25
 Net loss per common share ($1.11) (.26)
 -0- 6/1/92
 /CONTACT: Kathy Rosin or Dan Bane, CFO, of Standard Brands Paint, 310-214-2411/
 (SBP) CO: Standard Brands Paint Co. ST: California IN: REA SU: ERN


KJ-JL -- LA008 -- 5521 06/01/92 09:03 EDT
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Date:Jun 1, 1992
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