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SUN TELEVISION AND APPLIANCES, INC. FIRST QUARTER INCOME RISES 58 PERCENT

 SUN TELEVISION AND APPLIANCES, INC. FIRST QUARTER
 INCOME RISES 58 PERCENT
 COLUMBUS, Ohio, July 6 /PRNewswire/ -- Sun Television and Appliances, Inc. (NASDAQ: SNTV) reported today that net income rose 58 percent in its first quarter ended May 31, 1992, on a 40 percent increase in net sales and service revenues. Net income for the first quarter this year was $1,238,000 as compared to $784,000 for the similar period last year. Net sales and service revenues were $70,261,000 for the quarter versus $50,180,000 for last year's comparable period. Earnings per share rose 13 percent to $.17 versus $.15 in the prior year, notwithstanding an increase of 39 percent in Sun's average shares outstanding this quarter because of the company's two public common stock offerings during the fiscal year ended Feb. 29, 1992.
 Comparable store sales increased 4 percent for the first quarter ended May 31, 1992 versus the comparable quarter of the prior year. This comparable store sales increase was achieved despite the cooler weather experienced during May which negatively impacted the sales of air conditioners.
 Robert E. Oyster, president, stated, "Our continued improvement in sales and earnings reflect our commitment to a strategy of controlled growth in existing and new markets. This strategy will be continued with the expected opening of four to six new stores during the remainder of the fiscal year."
 Sun TV's gross profit percentage declined by 0.5 of a percentage point of net sales in the first quarter compared to last year, reflecting continued promotional sales activity in new markets, lower air conditioner sales and an uncertain retail environment. Selling, general and administrative expenses were reduced by 0.2 of a percentage point of net sales, reflecting efficiencies associated with the increased store base.
 Sun TV is a specialty retailer of high quality, brand name consumer electronic, home appliance and home office products in 24 stores in central and northeast Ohio and western Pennsylvania. 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, 1992 and 1991
 (In thousands, except per share amounts)
 (Unaudited)
 1992 1991
 Net sales and service revenues $70,261 $50,180
 Cost of sales 50,376 35,724
 Gross profit 19,885 14,456
 Selling, general and
 administrative expense 17,620 12,673
 Amortization of intangibles 123 127
 Income from operations 2,142 1,656
 Interest income 33 87
 Interest expense (161) (463)
 Income before taxes 2,014 1,280
 Income taxes 776 496
 Net income $1,238 $784
 Net income per share $.17 $.15
 Common stock and equivalents 7,167 5,170
 -0- 7/6/92
 /CONTACT: Robert E. Oyster of Sun Television & Appliances, Inc., 614-445-8401/
 (SNTV) CO: Sun Television & Appliances, Inc. ST: Ohio IN: REA SU: ERN


KK -- CL003 -- 6525 07/06/92 09:18 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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