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THE PRICE COMPANY

 SAN DIEGO, June 24 /PRNewswire/ -- The Price Company (NASDAQ: PCLB) made available today its customary income statement and balance sheet detail for its previously announced third quarter fiscal year 1993 earnings. The release of these earnings (on June 17, 1993) had been accelerated due to the announcement regarding the merger of The Price Company and Costco Wholesale Corp.
 THE PRICE COMPANY
 Consolidated Income Statement
 Third Quarter Fiscal 1993 and 1992
 (Unaudited)
 (000s except per share data)
 Third Quarter Year-to-Date
 (12 Weeks) (40 Weeks)
 June 6, June 7, June 6, June 7,
 1993 1992 1993 1992
 Operating
 revenues:
 Sales $1,729,119 $1,658,323 $5,953,078 $5,631,220
 Membership
 fees and
 other income 34,994 33,093 137,976 122,142
 Real estate
 operations, net 2,978 15,068 16,115 28,752
 Total operating
 revenues 1,767,091 1,706,484 6,107,169 5,782,114
 Operating costs
 and expenses:
 Cost of sales 1,570,050 1,511,314 5,410,391 5,132,716
 Selling,
 general and
 administrative 162,587 144,806 546,020 477,438
 Total operating
 expenses 1,732,637 1,656,120 5,956,411 5,610,154
 OPERATING INCOME 34,454 50,364 150,758 171,960
 Non-operating items:
 Income from
 investments 1,222 3,603 6,278 16,413
 Interest expense (7,256) (6,631) (21,992) (23,164)
 INCOME BEFORE
 INCOME TAXES 28,420 47,336 135,044 165,209
 Income taxes (11,368) (18,840) (54,018) (65,753)
 NET INCOME $17,052 $28,496 $81,026 $99,456
 Net income
 per share:
 Primary $0.37 $0.59 $1.72 $1.99
 Fully diluted $0.37 $0.57 $1.70 $1.94
 Number of shares
 used in
 calculation:
 Primary 46,135 50,959 49,756 52,235
 Fully diluted 46,135 56,949 55,746 58,224
 THE PRICE COMPANY
 Consolidated Balance Sheet
 Third Quarter Fiscal 1993 and 1992
 (Unaudited) (000s)
 June 6, June 7,
 1993 1992
 ASSETS
 CURRENT ASSETS
 Cash $0 $13,406
 Short-term investments 1,304 122,348
 Merchandise inventories 439,320 389,130
 Receivables, net 58,767 47,124
 Prepaid expenses
 and other current assets 6,655 5,856
 Deferred taxes 12,074 5,886
 TOTAL CURRENT ASSETS $518,120 $583,750
 PROPERTY, PLANT
 AND EQUIPMENT
 Land 523,779 448,928
 Buildings and improvements 404,548 313,618
 Equipment and fixtures 231,211 173,288
 Construction in progress 19,388 47,107
 Total 1,178,926 982,941
 Less accumulated
 depreciation (180,068) (136,021)
 Total 998,858 846,920
 OTHER ASSETS
 Property held for
 development or lease
 to others, net 333,489 269,830
 Investment in real estate
 joint ventures 45,967 47,314
 Investment in foreign
 subsidiaries 15,491 2,725
 Goodwill, net 43,077 49,758
 Notes receivable 51,802 55,008
 Miscellaneous other assets 13,964 16,525
 Total 503,790 441,160
 TOTAL ASSETS $2,020,768 $1,871,830
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Bank checks outstanding,
 less cash on deposit $3,371 $0
 Commercial paper 46,918 0
 Accounts payable 392,423 382,349
 Payroll and related accruals 86,058 76,220
 Accrued sales and
 other taxes 43,987 40,855
 Income taxes payable 3,320 10,928
 Other current liabilities 43,152 37,340
 TOTAL CURRENT LIABILITIES 619,229 547,692
 LONG-TERM LIABILITIES
 Long-term debt 509,537 512,092
 Deferred income taxes 16,194 13,888
 Other 5,780 8,380
 Total 531,511 534,360
 SHAREHOLDERS' EQUITY
 Common stock 4,601 4,673
 Paid-in capital 31,135 53,656
 Retained earnings 844,154 733,472
 Foreign currency translation (9,862) (2,023)
 Total 870,028 789,778
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $2,020,768 $1,871,830
 NOTE: During the third quarter of fiscal 1993, the LIFO reserve was increased by $900,000 to a balance of $12,600,000. This compares to an increase of $1,500,000 in the third quarter of fiscal 1992 to an ending balance of $14,300,000.
 THE PRICE COMPANY
 June 24, 1993
 QUESTIONS & ANSWERS
 1. DID PCLB SELL ANY PROPERTY DURING THE THIRD QUARTER?
 There were no significant sales of real estate in the third quarter of 1993. The third quarter of fiscal 1992 included a pre-tax gain of $11.2 million from the sale of properties to The Price REIT which increased earnings per share by approximately 12 cents.
 2. DID THE CANADIAN EXCHANGE RATE CHANGE IN THE THIRD QUARTER?
 The weighted average exchange rate for translating Canadian dollars was 79.2 U.S. cents for each Canadian dollar during the third quarter of fiscal 1993, as compared to 83.8 U.S. cents during the same period last year.
 3. HOW WAS EARNINGS PER SHARE CALCULATED?
 Earnings per share was calculated as follows (000s):
 THIRD QUARTER YEAR-TO-DATE
 Primary F. Diluted Primary F. Diluted
 Shares
 outstanding
 (wtd. avg.) 46,126 46,126 46,180 46,180
 Impact of
 options/warrants 9 9 34 34
 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 46,135 46,135 49,756 55,746
 After-tax
 earnings $17,052 $17,052 $81,026 $81,026
 Interest, net
 (5.5 pct converts) 0 0 4,550 4,550
 Interest, net
 (6.75 pct converts) 0 0 0 8,957
 Adjusted income $17,052 $17,052 $85,576 $94,533
 Earnings
 per share $0.37 $0.37 $1.72 $1.70
 The calculation of primary and fully diluted earnings per share for the third 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 June 6, 1993, were approximately 46,015,000.
 -0- 6/24/93
 /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 -- 5175 06/24/93 09:05 EDT
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