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THE PRICE COMPANY REPORTS SECOND QUARTER RESULTS FISCAL 1993

 SAN DIEGO, March 31 /PRNewswire/ -- The Price Company (NASDAQ: PCLB) announced today results for the second quarter of fiscal 1993 ended March 14, 1993.
 In the 12-week second quarter ended March 14, 1993, the reported sales were $1.634 billion, compared with $1.519 billion last year, an increase of 7.6 percent. Income before interest and taxes was $33.9 million, compared with $35.3 million last year, a decrease of 4.1 percent. Net income was $17.4 million, compared with $20.6 million last year, a decrease of 15.7 percent. Fully diluted earnings per share were $.38, compared with $.42 last year, a decrease of 9.5 percent.
 In the 28 weeks of fiscal 1993, sales were $4.224 billion, compared with $3.973 billion last year, an increase of 6.3 percent. Income before interest and taxes was $116.3 million, compared with $121.6 million last year, a decrease of 4.4 percent. Net income was $64.0 million, compared with $71.0 million last year, a decrease of 9.8 percent. Fully diluted earnings per share for the 28 weeks were $1.32, compared to $1.37 last year, a decrease of 3.6 percent.
 Comparable warehouse sales for all Price Clubs which were operating during the same period last year decreased 6.4 percent in the second quarter and decreased 5.9 percent for the 28-week period.
 The company currently operates 94 Price Clubs in the United States and Canada (17 in Canada). In addition, the company, in a joint venture with Controladora Comercial Mexicana, S.A. de C.V., operates one Price Club in Mexico City.
 THE PRICE COMPANY
 Consolidated Income Statement
 Second Quarter Fiscal 1993 and 1992
 (Unaudited)
 (000s except per share data)
 Second Quarter Year-to-Date
 (12 Weeks) (28 Weeks)
 March 14, March 15, March 14, March 15,
 1993 1992 1993 1992
 Operating
 revenues:
 Sales $1,634,296 $1,519,232 $4,223,959 $3,972,897
 Membership fees
 and other income 40,082 34,752 102,982 89,049
 Real estate
 operations, net 3,580 3,604 13,137 13,684
 Total operating
 revenues 1,677,958 1,557,588 4,340,078 4,075,630
 Operating costs
 and expenses:
 Cost of sales 1,484,412 1,383,296 3,840,341 3,621,402
 Selling, general
 and administrative 159,681 138,979 383,433 332,632
 Total operating
 expenses 1,644,093 1,522,275 4,223,774 3,954,034
 Operating income 33,865 35,313 116,304 121,596
 Non-operating items:
 Income from
 investments 1,918 5,988 5,056 12,810
 Interest expense (6,808) (7,041) (14,736) (16,533)
 Income before
 income taxes 28,975 34,260 106,624 117,873
 Income taxes (11,590) (13,635) (42,650) (46,913)
 Net income $17,385 $20,625 $63,974 $70,960
 Net income per share:
 Primary $.38 $.42 $1.35 $1.40
 Fully diluted $.38 $.42 $1.32 $1.37
 Number of shares
 used in calculation:
 Primary 46,268 52,674 49,798 52,793
 Fully diluted 46,268 52,679 55,788 58,783
 THE PRICE COMPANY
 Consolidated Balance Sheet
 Second Quarter Fiscal 1993 and 1992
 (Unaudited)
 (000s)
 March 14, March 15,
 1993 1992
 Assets
 Current Assets
 Cash $0 $11,095
 Short-term investments 23,218 173,562
 Merchandise inventories 455,675 381,883
 Receivables, net 53,492 49,882
 Prepaid expenses and other current assets 8,429 19,232
 Deferred taxes 12,074 5,886
 Total current assets 552,888 641,540
 Property, plant and equipment
 Land 511,134 389,233
 Buildings and improvements 394,130 303,883
 Equipment and fixtures 225,738 163,451
 Construction in progress 21,524 35,145
 Total 1,152,526 891,712
 Less accumulated depreciation (166,898) (127,451)
 Total 985,628 764,261
 Other assets
 Property held for development or
 lease to others, net 321,453 281,547
 Investment in real estate joint ventures 46,252 47,453
 Investment in foreign subsidiaries 12,957 2,680
 Goodwill, net 47,048 49,898
 Notes receivable 49,424 58,106
 Miscellaneous other assets 13,767 21,718
 Total 490,901 461,402
 Total assets $2,029,417 $1,867,203
 Liabilities and shareholders' equity
 Current liabilities
 Bank checks outstanding,
 less cash on deposit $31,336 $0
 Bank note payable 45,000 0
 Accounts payable 384,375 355,795
 Payroll and related accruals 83,948 66,136
 Accrued sales and other taxes 43,043 31,010
 Income taxes payable 11,074 7,996
 Other current liabilities 34,504 42,860
 Total current liabilities 633,280 503,797
 Long-term liabilities
 Long-term debt 511,067 513,755
 Deferred income taxes 17,303 9,512
 Other 5,864 8,573
 Total 534,234 531,840
 Shareholders' equity
 Common stock 4,621 4,881
 Paid-in capital 36,868 124,370
 Retained earnings 827,102 704,976
 Foreign currency translation (6,688) (2,661)
 Total 861,903 831,566
 Total liabilities and
 shareholders' equity $2,029,417 $1,867,203
 NOTE: During the second quarter of fiscal 1993 the LIFO reserve was increased by $900,000 to a balance of $11,700,000. This compares to an increase of $1,500,000 in the second quarter of fiscal 1992 to an ending balance of $12,800,000.
 THE PRICE COMPANY
 Questions & Answers
 (1) DID PCLB SELL ANY PROPERTY DURING THE SECOND QUARTER?
 There were no significant sales of real estate in the second quarter of either year.
 (2) WHAT IS THE BREAKDOWN OF COMPARABLE WAREHOUSE SALES THIS
 QUARTER?
 Second Quarter
 California (8.6) pct
 All other United States (2.7) pct
 Total United States (6.5) pct
 Canada ($U.S.) (6.0) pct
 Total company (6.4) pct
 Canada ($C) 1.4 pct
 (3) DID THE CANADIAN EXCHANGE RATE CHANGE IN THE SECOND QUARTER?
 The weighted average exchange rate for translating Canadian dollars was 79.1 U.S. cents for each Canadian dollar during the second quarter of fiscal 1993, as compared to 85.3 U.S. cents during the same period last year.
 (4) HOW WAS EARNINGS PER SHARE CALCULATED?
 Earnings per share was calculated as follows (000s):
 SECOND QUARTER YEAR-TO-DATE
 Primary F. Diluted Primary F. Diluted
 Shares outstanding
 (wtd. avg.) 46,209 46,209 46,202 46,202
 Impact of options/warrants 59 59 54 54
 Add'l shares
 (5.5 pct converts) 0 0 3,542 3,542
 Add'l shares
 (6.75 pct converts) 0 0 0 5,990
 Total shares used 46,268 46,268 49,798 55,788
 After-tax earnings $17,385 $17,385 $63,974 $63,974
 Interest, net
 (5.5 pct converts) 0 0 3,187 3,187
 Interest, net
 (6.75 pct converts) 0 0 0 6,267
 Adjusted income $17,385 $17,385 $67,161 $73,428
 Earnings per share $0.38 $0.38 $1.35 $1.32
 The calculation of primary and fully diluted earnings per share for the second quarter does not reflect the assumed conversion of the convertible subordinated debentures as the effect is anti-dilutive.
 The number of common stock shares outstanding at March 14, 1993, was approximately 46,213,000.
 -0- 3/31/93
 /CONTACT: Dale Fisher, investor relations, of The Price Company, 619-581-4692/
 (PCLB)


CO: The Price Company ST: California IN: REA SU: ERN

JL-LS -- SD003 -- 1368 03/31/93 09:08 EST
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