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STANDARD BRANDS PAINT CO. REPORTS FISCAL 1992 SECOND QUARTER AND FIRST HALF RESULTS

 STANDARD BRANDS PAINT CO. REPORTS FISCAL 1992
 SECOND QUARTER AND FIRST HALF RESULTS
 TORRANCE, Calif., Sept. 4 /PRNewswire/ -- Standard Brands Paint Co. (NYSE: SBP) today announced consolidated sales for the second 13- week period ended July 26, 1992 and for the first half of its 1992 fiscal year. Financials follow.
 STANDARD BRANDS PAINT CO.
 Consolidated Balance Sheets
 (in thousands)
 (Unaudited)
 July 26, Jan. 26,
 Assets 1992 1992
 Current assets:
 Cash $8,836 10,210
 Accounts and notes receivable 4,709 6,249
 Inventories 44,307 39,336
 Prepaid expenses 7,643 5,096
 Total current assets 65,495 60,891
 Property, plant and equipment 211,296 212,947
 Less accumulated depreciation and
 amortization 78,309 75,646
 Net property, plant and equipment 132,987 137,301
 Other assets 3,564 3,564
 Total $202,046 201,756
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current installments of long-term
 debt including related parties of
 $119,643 at Jan. 26, 1992 $--- 147,368
 Accounts payable 9,403 21,545
 Accrued expenses 17,421 18,954
 Accrued post petition interest 6,236 ---
 Total current liabilities 33,060 187,867
 Senior notes subject to compromise
 (due to related party) 117,914 ---
 Liabilities subject to compromise 44,916 ---
 Deferred income taxes 554 554
 Preferred stock subject to mandatory
 redemption $.01 par value per share,
 authorized 5,000,000 shares;
 10 pct Cumulative convertible
 redeemable preferred stock,
 issued and outstanding 79,452 7,842 7,795
 10 pct Cumulative redeemable
 preferred stock, issued and
 outstanding 83,090 shares 8,200 8,151
 Common stock, $.01 par value per share,
 authorized 30,000,000 shares; issued
 and outstanding 5,600,000 shares 56 56
 Additional paid-in capital 84 74
 Retained earnings 2,235 10,074
 Less treasury stock, at cost,
 28,000 shares (815) (815)
 Less receivables from LESOP (12,000) (12,000)
 Total $202,046 201,756
 STANDARD BRANDS PAINT CO.
 Consolidated Statements of Operations
 (Unaudited)
 (in thousands)
 Six Months Ended Three Months Ended
 July 26, July 28, July 26, July 28,
 1992 1991 1992 1991
 Net sales $115,897 137,556 62,688 73,129
 Costs and expenses
 Cost of sales 69,032 82,101 36,439 43,764
 Selling, general and
 administrative
 expenses 46,273 52,514 24,321 26,884
 Interest income (547) (656) (254) (395)
 Interest expense 7,064 8,902 3,412 4,344
 Other 102 148 98 147
 Loss before
 reorganization items,
 income taxes,
 and cumulative effect of
 a change in accounting
 principle (6,027) (5,453) (1,328) (1,615)
 Reorganization items --
 professional items (1,716) --- (750) ---
 Loss before income
 taxes and cumulative
 effect of a change
 in accounting
 principle (7,743) (5,453) (2,078) (1,615)
 Income tax benefit --- 2,178 --- 758
 Loss before cumulative
 effect of a change
 in accounting
 principle (7,743) (3,275) (2,078) (857)
 Cumulative effect to
 prior years of the
 change in account-
 ing for inventories --- 1,360 --- ---
 Net loss ($7,743) (1,915) (2,078) (857)
 Net loss for common
 shareholders:
 Net loss ($7,743) (1,915) (2,078) (857)
 Adjustment for
 preferred
 dividends (812) (813) (406) (406)
 Accretion on
 redeemable
 preferred stock (96) --- (52) ---
 Total ($8,651) (2,728) (2,536) (1,263)
 Per common share
 Loss before cumulative
 effect of change
 in accounting
 principle ($1.56) (.74) (.46) (.23)
 Cumulative effect on
 prior years of the
 change in account-
 ing for inventories --- .25 --- ---
 Net loss per
 common share ($1.56) (.49) (.46) (.23)
 -0- 9/4/92
 /CONTACT: Kathy Rosin, director of corporate communications, or


Dan Bane, CFO, of Standard Brands Paint, 310-214-2411/
 (SBP) CO: Standard Brands Paint Co. ST: California IN: REA SU: ERN


LS-KJ -- LA007 -- 6792 09/04/92 08:03 EDT
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Date:Sep 4, 1992
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