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SUN TELEVISION AND APPLIANCES, INC. THIRD QUARTER INCOME RISES 81 PERCENT

SUN TELEVISION AND APPLIANCES, INC. THIRD QUARTER INCOME RISES 81 PERCENT
 COLUMBUS, Ohio, Jan. 7 /PRNewswire/ -- Sun Television and Appliances, Inc. (NASDAQ: SNTV) today reported that net income rose 81 percent in its fiscal third quarter ended Nov. 30, 1991 to $1,182,000 from $655,000 in the comparable period last year. Earnings per share for the third quarter rose 46 percent to $.19 versus $.13 in the prior year, notwithstanding an increase of 22 percent in Sun's average shares outstanding this quarter because of the company's initial public offering in July of 1991. Net sales and service revenues rose 19 percent in the third quarter to $64,888,000 from $54,531,000 in the prior year period.
 For the nine months ended Nov. 30, 1991, net income rose 77 percent to $3,269,000 versus $1,852,000 during the comparable prior year period. Earnings per share for the fiscal nine months rose 58 percent to $.57 from $.36 last year, notwithstanding an increase of 11 percent in Sun's average shares outstanding. Net sales and service revenues rose 17 percent to $168,141,000 in the nine months ended Nov. 30, 1991 from $143,204,000 in the prior year.
 The company opened six stores during the fiscal third quarter, three in the Cleveland metropolitan area, one in Akron, one in Youngstown, and a replacement store in Columbus, bringing the total stores to 24 by Nov. 30, 1991. A fourth store in the Cleveland area opened right after the close of the quarter in early December.
 Comparable store sales decreased approximately 1 perrcent for the third quarter ended Nov. 30, 1991, versus the prior year, including the impact of this year's much later Thanksgiving Day. For the fiscal nine months ended Nov., 30, 1991, comparable store sales reflected an increase of less than 1 percent over the prior year.
 Robert Oyster, president of the company, said, "We continue to be pleased with our results to date, particularly in view of the highly uncertain economic environment. The Pittsburgh and Steubenville, Ohio, markets continue their improved contributions to our results, and initial indications upon our entrance into the Cleveland, Akron and Youngstown markets have been positive."
 The infusioon of equity capital from Sun's July initial public offering has permitted the company to renegotiate its bank credit agreements on more favorable terms during the fiscal third quarter. The renegotiated terms inclde, among other things, extending the repayment schedule to 1997 from 1994, and a reduction in the interest rates and commitment fees.
 Oyster said, "The renegotiated credit agreements give further financial strength to the company and, combined with the proceeds from our initial public offering, provide the appropriate capital for Sun's expansion plans."
 Sun Television and Appliances, Inc. is a leading specialty retailer of consumer electronics and home appliances operating 25 stores in central and northern Ohio and western Pennsylvania.
 Sun Television and Appliances, Inc.
 Consolidated Statement of Income
 For the Three Months Ended Nov. 30, 1991 and 1990
 (In thousands, except per share amounts)
 (Unaudited)
 1991 1990
 Net sales and service revenues $64,888 $54,531
 Cost of sales 47,371 39,472
 Gross profit 17,517 15,059
 Selling, general and
 administrative expense 15,076 13,182
 Amortization of intangibles 123 127
 Income from operations 2,318 1,750
 Interest income 29 50
 Interest expense (318) (735)
 Income before taxes 2,029 1,065
 Income Taxes 847 410
 Net income $1,182 $ 655
 Net income per share $ .19 $ .13
 Common Stock and equivalents 6,298 5,170
 Sun Television and Appliances, Inc.
 Consolidated Statement of Income
 For the Nine Months Ended Nov. 30, 1991 and 1990
 (In thousands, except per share amounts)
 (Unaudited)
 1991 1990
 Net sales and service revenues $168,141 $143,204
 Cost of sales 121,052 103,338
 Gross profit 47,089 39,866
 Selling, general and
 administrative expense 40,017 34,515
 Amortization of intangibles 377 381
 Income from operations 6,695 4,970
 Interest income 154 189
 Interest expense (1,257) (2,148)
 Income before taxes 5,592 3,011
 Income Taxes 2,323 1,159
 Net income $3,269 $1,852
 Net income per share $ .57 $ .36
 Common Stock and equivalents 5,717 5,170
 -0- 1/7/92
 /CONTACT: Robert E. Oyster of Sun Television & Appliance, 614-445-8401/
 (SNTV) CO: Sun Television & Appliance Co. ST: Ohio IN: HOU SU: ERN


KK -- CL002 -- 7150 01/07/92 08:00 EST
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Date:Jan 7, 1992
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