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THE PRICE COMPANY REPORTS THIRD QUARTER RESULTS FISCAL 1993

 SAN DIEGO, June 17 /PRNewswire/ -- The Price Company (NASDAQ: PCLB) announced today results for the third quarter of fiscal 1993 ended June 6, 1993. In view of the activity involving The Price Company stock, the company decided to accelerate its release of quarterly results.
 In the 12-week third quarter ended June 6, 1993, the reported sales were $1.729 billion, compared with $1.658 billion last year, an increase of 4.3 percent. Income before interest and taxes was $34.5 million, compared with $50.4 million last year, a decrease of 31.6 percent. Income before interest and taxes in the prior year included an $11.2 million pre-tax gain on the sale of properties to The Price REIT, which increased earnings per share by approximately 12 cents. Income for this quarter does not include any real estate gains. Net income was $17.1 million, compared with $28.5 million last year, a decrease of 40.2 percent. Fully diluted earnings per share were $.37, compared with $.57 last year, a decrease of 35.1 percent. Excluding the prior-year real estate gains, fully diluted earnings per share were $.37, compared with $.45 last year, a decrease of 17.8 percent.
 In the 40 weeks of fiscal 1993, sales were $5.953 billion, compared with $5.631 billion last year, an increase of 5.7 percent. Income before interest and taxes was $150.8 million, compared with $172.0 million last year, a decrease of 12.3 percent. Net income was $81.0 million, compared with $99.5 million last year, a decrease of 18.5 percent. Fully diluted earnings per share for the 40 weeks were $1.70, compared to $1.94 last year, a decrease of 12.4 percent.
 Comparable warehouse sales for all Price Clubs which were operating during the same period last year decreased 9.6 percent in the third quarter and decreased 7.0 percent for the 40-week period.
 The company currently operates 93 Price Clubs in the United States and Canada (16 in Canada). In addition, the company, in a joint venture with Controladora Comercial Mexicana, S.A. de C.V., operates two Price Clubs in Mexico City. The second location, in Mexico City, was opened May 1, 1993. During the third quarter (May 29, 1993), the Surrey, British Columbia, warehouse was closed. The effect of this closing was to reduce earnings by $1.4 million U.S. dollars or 2 cents per share.
 Separately, the company on June 10, 1993, agreed to sell approximately $117 million of shopping centers and Price Club properties to The Price REIT. The sale is contingent upon completion of an equity offering by The Price REIT and is expected to close in August 1993.
 -0- 6/17/93
 /CONTACT: Dale Fisher, investor relations of The Price Company, 619-581-4692/
 (PCLB)


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

JL-BP -- SD003 -- 2907 06/17/93 08:45 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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