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TUESDAY MORNING CORPORATION REPORTS SALES AND PROFITS

 DALLAS, March 9 /PRNewswire/ -- Tuesday Morning Corporation (NASDAQ: TUES), the Dallas-based deep discount retail chain, reported record 1992 sales of $160.1 million, up 30 percent over 1991 sales of $123.4 million. The sales increase was propelled by a strong 32 percent increase in sales in the fourth quarter. Fourth quarter sales rose sharply to $71.0 million from $53.7 million.
 Comparable store sales for the fourth quarter advanced at a robust 9.0 percent rate. For the entire year, comparable store sales rose 8.2 percent which was the second largest increase in the company's history.
 Earnings per share rose to $0.72 diluted by a 24 percent increase in the number of shares outstanding from the $0.70 posted in 1991. Net income for the year rose to $6.6 million from $5.2 million in 1991, a 27 percent increase. Fourth quarter net income increased to 6.5 million in 1992 from 5.7 million in 1991 reflecting the increases in catalog and distribution costs incurred in the fourth quarter.
 The company also announced plans to close its catalog division, which lost approximately $1.1 million in 1992, in order to concentrate its efforts on its core retail business and expanding store base which increased 27 percent from 150 stores in 1991 to 190 stores in 1992. The catalog division will continue to operate through the current catalog and will close immediately thereafter. Catalog losses, including dissolution expenses, are expected to be immaterial for 1993.
 Tuesday Morning is a deep-discount, closeout gift chain operating 194 stores in 29 states. The stores are open four times a year on an event sale basis during the retail industry's peak selling seasons. Each location offers thousands of closeout items in categories that include gifts, housewares, linens, toys and seasonal items such as holiday trim. All merchandise is sold at 50-80 percent off retail prices and the firm specializes in famous-maker, first quality merchandise which is often found in prestigious department and specialty stores.
 TUESDAY MORNING CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheets
 Dec. 31, 1992 and 1991
 (in thousands, except per share amounts)
 Dec. 31 1992 As 1991
 Reported W/UNICAP
 Assets:
 Current assets:
 Cash and cash equivalents $1,527 $21,705 $21,705
 Marketable equity securities -- 1,791 1,791
 Inventories 63,698 29,534 32,171
 Prepaid expenses 1,803 697 697
 Other current assets 2,264 1,301 1,301
 Total current assets 69,292 55,028 57,665
 Property, plant and equipment:
 Land 8,315 7,752 7,752
 Building 13,074 12,929 12,929
 Furniture and fixtures 14,760 11,764 11,764
 Equipment 330 241 241
 Leasehold improvements 1,271 1,108 1,108
 Total 37,750 33,794 33,794
 Less accumulated depreciation
 and amortization 11,795 9,803 9,803
 Net property, plant and equipment 25,955 23,991 23,991
 Other assets 1,128 216 216
 Total assets $96,375 79,235 81,872
 Liabilities and
 Shareholders' Equity
 Current liabilities:
 Note payable $ 3,500 -- --
 Current installments on mortgages 1,298 1,289 1,289
 Accounts payable 10,328 6,365 6,365
 Accrued expenses:
 Sales tax 1,423 880 880
 Other 2,531 1,690 1,849
 Federal income taxes 2,294 2,148 3,027
 Total current liabilities 21,374 12,372 13,410
 Mortgages on property, plant
 and equipment, excluding
 current installments 8,893 10,356 10,356
 Deferred federal income taxes 2,062 1,462 1,462
 Shareholders' equity:
 Preferred stock of $1 par value per
 share. Authorized 2,000,000 shares,
 none issued -- -- --
 Common stock of $.01 par value per
 share. Authorized 20,000,000 shares;
 issued 8,641,286 shares in 1992 and
 8,514,986 shares in 1991 86 85 85
 Additional paid-in capital 23,014 22,185 22,185
 Retained earnings 40,946 32,775 34,374
 Total shareholders' equity
 Total shareholders' equity 64,046 55,045 56,644
 Commitments -- -- --
 Total liabilities and
 shareholders' equity $ 96,375 $ 79,235 $ 81,872
 TUESDAY MORNING CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (in thousands, except per share amounts)
 Year Ended Dec. 31 1992 1991 1991 Proforma
 As Reported W/UNICAP
 Net sales $160,075 $123,356 $123,356
 Cost of sales 105,381 70,745 81,159
 Gross profit 54,694 52,611 42,197
 Selling, general and
 administrative 44,828 44,621 33,897
 Operating income 9,866 7,990 8,300
 Other income (expense):
 Interest income 367 142 142
 Interest expense (771) (793) (793)
 Other, net 440 234 234
 Total 36 (417) (417)
 Earnings before income taxes 9,902 7,573 7,883
 Federal income tax expense
 (benefit)
 Current 2,881 2,678 2,678
 Deferred 449 (103) 3
 Total 3,330 2,575 2,681
 Earnings before cumulative
 effect of change in accounting
 for inventory 6,572 4,998 5,202
 Cumulative effect at Dec. 31,
 1991 of change in accounting
 for inventory (net of tax) 1,599 -- --
 Net earnings 8,171 4,998 5,202
 Net earnings per common share
 and share equivalents:
 Earnings before cumulative
 effect of change in accounting
 for inventory $.72 $.67 $.70
 Cumulative effect of change
 in accounting for inventory .17 -- --
 Net earnings $.89 $.67 $.70
 -0- 3/9/93
 /CONTACT: Mark E. Jarvis, chief financial officer and senior vice president of Tuesday Morning Corporation, 214-387-3562, or Barbara Buzzell of Laurey Peat + Associates, 214-871-8787, for Tuesday Morning Corporation/
 (TUES)


CO: Tuesday Morning Corporation ST: Texas IN: REA SU: ERN

PS-LD -- NY009 -- 4425 03/09/93 10:01 EST
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Date:Mar 9, 1993
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