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THE SUNBELT COMPANIES ANNOUNCES FIRST QUARTER RESULTS

 GREENVILLE, S.C., Nov. 17 /PRNewswire/ -- The Sunbelt Companies, Inc. (NASDAQ: SBLT) announced today their first quarterly report since their initial public offering was completed on Oct. 22, 1993.
 For the three months ended Oct. 30, 1993, Sunbelt reported sales of $17.4 million compared to $17.1 million for the same period last year. (1) Net Income was $540,000 compared to $478,000 for the same period last year, or a 13 percent increase. Earnings per share are $0.23 per share compared to $0.21 (A) last year.
 In the nine month period ended Oct. 30, 1993, Sunbelt sales were $51.8 million compared to $44.6 million for the previous nine months, or a 16 percent increase. (2) Net Income was $1.5 million compared to $1.3 million for the prior nine months, an increase in earnings of 16 percent. Earnings per share were $0.65 compared to $0.67 (B) for the previous period.
 "We are glad to have successfully completed our initial public offering so that we can now concentrate on operations and seek new building materials companies to add to the Sunbelt portfolio of companies," said Tom Mills, president and chief executive officer. "Business has been strong in the southeast and, as long as mortgage rates remain at the present level, we feel confident that we can continue our growth in the foreseeable future. The proceeds from the IPO provided us with a stronger capital structure and we are well positioned to build Sunbelt to a much larger size," added Mills.
 (1) Pretax income increased 30 percent from $668,000 to $870,000.
 (2) Pretax income increased 24 percent to $2.5 million from $1.9
 million.
 THE SUNBELT COMPANIES, INC. AND SUBSIDIARIES
 SELECTED FINANCIAL DATA
 (000'S OMITTED)
 UNAUDITED
 Three Months Ended Nine Months Ended
 10/30/93 10/31/92 10/30/93 10/31/92
 Sales $17,404 $17,118 $51,784 $44,641
 Earnings before
 Interest and Taxes $ 1,068 $ 913 $ 3,142 $ 2,572
 Earnings:
 Pre-Tax $ 870 $ 668 $ 2,489 $ 1,852
 After-Tax $ 540 $ 478 $ 1,530 $ 1,325
 Earnings per share: $ 0.23 $0.21(A) $ 0.65 $ 0.67(B)
 Weighted Average Number
 of Shares Outstanding 2,369,295 2,241,874 2,340,449 1,978,900
 (A) E.P.S. would have been $0.18 without the benefit of $72,000 in net operating loss carry forwards for the period.
 (B) E.P.S. would have been $0.57 without the benefit of $198,000 in net operating loss carry forwards for the period.
 -0- 11/17/93
 /CONTACT: Tom Elliott of The Sunbelt Companies, 803-232-6393/
 (SBLT)


CO: The Sunbelt Companies, Inc. ST: South Carolina IN: CST SU: ERN

MM-CM -- CH002 -- 5344 11/17/93 09:54 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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