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YEAR-END RESULTS ANNOUNCED AT HI/LO

 YEAR-END RESULTS ANNOUNCED AT HI/LO
 1992 Growth Plans Outlined
 HOUSTON, Texas, Feb. 20 /PRNewswire/ -- Hi-LO Automotive, Inc. (NYSE: HLO) today announced results for its fourth quarter and year ended Dec. 31, 1991.
 Net sales for the fourth quarter ended Dec. 31, 1991, increased 7.5 percent to $36.8 million from $34.2 million for the fourth quarter of 1990. Same store sales increased 3.7 percent over the same period of the previous year. Net income for the quarter was $1.5 million, up 64.5 percent compared to $.9 million in the fourth quarter of 1990. Earnings per share for the quarter were $.16 compared to $.14 for the fourth quarter of the previous year. In addition to the dilutive effect of the Company's initial public offering in May 1991, earnings per share in the fourth quarter of 1991 were impacted by a $.02 per share charge due to an accrual relating to the new Texas franchise tax.
 Net sales for the fiscal year ended Dec. 31, 1991, increased 9.3 percent to $155.7 million compared to $142.5 million in 1990. Same store sales for 1991 increased 6.0 percent over 1990 levels. Income for the year ended Dec. 31, 1991, before an extraordinary charge of $1.2 million after income taxes recorded in the second quarter was $6.9 million, up 37.8 percent compared to $5.0 million for 1990. The extraordinary charge in the second quarter of 1991 related to the refinancing of bank debt.
 Earnings per share for the year ended Dec. 31, 1991, were $.80, before the extraordinary charge of $.14, compared to $.77 for 1990.
 Hi/LO opened four new stores during the fourth quarter, for a total of eight new stores in 1991. The Company's total store count as of Dec. 31, 1991, was 114.
 T. Michael Young, Chief Executive Officer, commented on the Company's performance, "We are pleased with the results for 1991. Net sales and same store sales were up for the year despite weak economic conditions. Hi/LO is positioned for growth in 1992. The commercial sales program is established, and we expect this segment to continue its strong contribution to sales.
 "We plan to open 14-16 new stores in 1992 with 6-10 of those going into the Dallas market. Also, in 1992 we will undertake a multi-media advertising campaign emphasizing Hi/LO's large inventory and low prices."
 Hi/LO Automotive, Inc. sells automotive aftermarket parts, products and accessories to retail and commercial customers through its 115 stores in Texas and Louisiana.
 -0- 2/20/92
 /CONTACT: Gary D. Walther, Chief Financial Officer, Hi-LO Automotive, Inc., 713-991-6052/
 (HLO) CO: Hi-LO Automotive, Inc. ST: Texas IN: AUT SU: ERN


CM -- CH002 -- 0817 02/20/92 09:48 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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