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THE BARBERS, HAIRSTYLING FOR MEN & WOMEN FIRST QUARTER RESULTS

 MINNEAPOLIS, Jan. 13 /PRNewswire/ -- The Barbers(R), Hairstyling for Men & Women, Inc. at its annual shareholders meeting today announced earnings for the first quarter ended Dec. 30, 1993. Earnings for the quarter were $117,000 or $.07 per share, an increase of $24,000 over the previous year. In addition to releasing its first quarter's earnings, management reaffirmed its intent to obtain full NASDAQ listing in the near future.
 In reviewing the company's financial performance, Fred Huggins, president of The Barbers, attributed the increase in earnings to strong results at the salon level and the recent acquisition of Family Haircut Stores. Royalty revenues increased 9.6% over those for the first quarter of last year. This result is even more impressive when adjusted for the number of weeks in the quarter. First quarter of FY 1993 had 14 weeks versus 13 weeks in the current year. On an equivalent week basis, the royalty revenue increased by 18.0%.
 Overall, revenues increased 8.9% versus the prior year when adjusted to an equivalent week basis. Revenues from product sales were down 1.9% on an adjusted basis, while general and administrative expenses increased 4.6% versus the prior year adjusted basis.
 The total number of salons open decreased from 632 to 610. The decrease in total stores open was in the Hair Performers chain. In August 1993, the company transferred 57 non-performing Hair Performers franchise contracts back to the original franchisor. Most of the remaining Hair Performers have converted to the City Looks Salons International name. As of Dec. 30, 1993, the company has 504 Cost Cutters Family Haircut salons, 22 Family Haircut Stores (most have signed agreements to convert to Cost Cutters), and 84 upscale salons, most of which operate under the name of City Looks Salon International.
 THE BARBERS, HAIRSTYLING FOR MEN & WOMEN, INC.
 CONSOLIDATED STATEMENT OF INCOME
 (Amounts in thousands, except per share data)
 12/30/93 12/31/92
 Revenues $2,908 $2,876
 Operating expenses 2,733 2,727
 Operating income 175 149
 Other income (expense) 20 6
 Income before income taxes 195 155
 Income taxes 78 62
 Net income $117 $93
 Net income per share $.07 $.06
 Weighted average shares
 outstanding 1,681 1,676
 Number of salons open 610 632
 -0- 1/13/93
 /CONTACT: Joe Francis, chairman of the board of The Barbers, Hairstyling for Men & Women 612-331-8500, ext. 125/


CO: The Barbers, Hairstyling for Men & Women, Inc. ST: Minnesota IN: REA SU: ERN

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Publication:PR Newswire
Date:Jan 13, 1994
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