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SUN TELEVISION AND APPLIANCES, INC. FIRST QUARTER NET INCOME RISES 64 PERCENT

 COLUMBUS, Ohio, June 28 /PRNewswire/ -- Sun Television and Appliances, Inc. (NASDAQ: SNTV) reported today that net income rose 64 percent in its first quarter ended May 31, 1993, to $2,031,000 versus $1,238,000 in the similar period last year. Earnings per share for the quarter rose 35 percent to $.23 versus $.17 in the prior year notwithstanding an increase of 23 percent in the company's average shares outstanding this quarter as compared to the similar period last year.
 Net sales and service revenues rose 39 percent to $97,799,000 from $70,261,000 for last year's comparable period. Comparable store sales increased 8 percent for the first quarter ended May 31, 1993 versus the comparable quarter of the prior year. Sales from eight new stores opened the latter part of last year and early this year accounted for the remainder of the sales increase.
 Robert E. Oyster, president, stated "Our sales and earnings continued to reflect improvement despite the continued uncertain general economic climate which has resulted in a relatively soft retail environment. We believe this improvement is the result of the company's strong customer relationships and continued successful implementation of our controlled growth strategy of opening new stores in existing or contiguous markets. The company expects to open eight new stores during fiscal 1994, including the opening of six locations in Western New York state in the Fall."
 Sun TV's income from operations improved by 0.1 percent to 3.2 percent of net revenues in the first quarter this year compared to 3.1 percent last year. This 0.1 percent improvement was the result of an 0.8 percent of net revenues improvement in selling, general and administrative expenses offset by a decline of 0.7 percent in gross profit percentage. The selling, general and administrative improvement reflects efficiencies associated with the increased store base, particularly in payroll costs, while the decline in gross profit percentage reflects the uncertain retail climate and increased sales of computers and related products which have generally lower gross profit margins compared to other products sold in the stores.
 Interest income increased by $298,000 this year versus last year and is attributable to the temporary investment of a significant portion of the proceeds from the last common stock offering in short-term U.S. Treasury securities. The decrease in interest expense by $104,000 is attributable to the company having repaid all outstanding bank debt as of the end of the last fiscal year. The company continues to incur interest charges on the capitalized lease and bank commitment fees on its credit facilities.
 Sun TV is a specialty retailer of high quality, brand name consumer electronic, home appliance and home office products in 32 stores in Ohio, Pennsylvania, and West Virginia. Sun TV's common stock is traded over the counter and is quoted on the NASDAQ National Market System under the symbol SNTV.
 SUN TELEVISION AND APPLIANCES, INC.
 CONSOLIDATED STATEMENT OF INCOME
 For the three months ended May 31, 1993 and 1992
 (In thousands, except per share amounts)
 (Unaudited)
 1993 1992
 Net sales and service revenues $97,799 $70,261
 Cost of sales 70,846 50,376
 Gross profit 26,953 19,885
 Selling, general and
 administrative expense 23,746 17,620
 Amortization of intangibles 123 123
 Income from operations 3,084 2,142
 Interest income 331 33
 Interest expense (57) (161)
 Income before taxes 3,358 2,014
 Income taxes 1,327 776
 Net income $2,031 $1,238
 Net income per share $.23 $.17
 Common stock and equivalents 8,834 7,167
 -0- 6/28/93
 /CONTACT: Robert E. Oyster of Sun Television and Appliances, Inc., 614-445-8401/
 (SNTV)


CO: Sun Television and Appliances, Inc. ST: Ohio IN: REA SU: ERN

BM -- CL011 -- 6144 06/28/93 10:15 EDT
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Date:Jun 28, 1993
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