FAMILY BARGAIN REPORTS PROFITS OF $4.5 MILLION

NEW YORK--Family Bargain Corp. reported second-quarter earnings of $4.5 million, or $1.04, after special items, against a loss of $509,000 a year ago. Net income for the quarter ended July 30 includes a $5.7 million gain from debt repurchased at a discount. Family Bargain also had a $215,000 loss from discontinued operations in the quarter. Also in the quarter, the company had a $985,000 loss from continuing operations.
Sales rose 9.9 percent to $31.3 million from $28.5 million.
The company completed its restructuring in the quarter. Its preferred stock offering in July provided Family Bargain with $28.3 million in net proceeds, which reduced debt and enabled the company to continue store renovations and relocations.
Since the offering, the company opened three stores to bring the total to 89.

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