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Rankin Automotive Group Announces Year End Earnings

28 May 1999

Rankin Automotive Group Announces Year End Earnings

    ALEXANDRIA, La., May 27 -- The fiscal year ended
February 25, 1999 will without a doubt prove to be a landmark year, the
quantum leap for Rankin Automotive Group, Inc. ("Company").
The Company made dramatic progress under the most trying of circumstances.
Faced with the crisis of having no major auto parts supplier for our stores,
the Company boldly pushed forward on two fronts by purchasing its major
supplier, APS, Inc.'s distribution center in Monroe, Louisiana in October of
1998.  In addition, negotiations continued that lead to the tripling of the
size of the Company as announced on March 1, 1999 through the recently
completed acquisitions of US. Parts Corporation, Allied Distributing Company,
and Automotive and Industrial Supply, Inc.  Our sales for fiscal year ended
February 25, 1999 were $40.1 million, versus $38.7 million for the same period
last year, but on a proforma basis, our combined annual sales would now be in
excess of $140.0 million.
    The pressure on the Company's supply chain associated with the bankruptcy
of the APS system and the subsequent purchase and ramp up of the Monroe
Distribution Center late in the year had an adverse affect on the Company's
1999 operations.  The Company recognized a loss of $693,000 or ($.15) per
share for the year versus $789,000 loss or ($.17) per share last year.  On a
proforma basis, the Company's earnings would have been $.37 per share after
taxes on 1999 sales based upon the historical performance of the combined
companies.  The proforma earnings exclude a $1.2 million loss carryforward
available to minimize income taxes in future years, and any benefits resulting
from synergies to be enjoyed by the new larger Company.  Acquisition financing
was provided through a $45 million credit facility with Heller Financial.
    The Company's executive team includes Ali Attayi, President and Chief
Operating Officer, David Epstein, Senior Vice-President/Distribution, Terry
Bryden, Senior Vice-President/Stores and Al Cannon, Senior Vice-
President/Operations.  These men were operating the existing three companies
that Rankin acquired.  Joining with them are many others making a very strong
management team.
    Rankin sells automotive parts, products and accessories to commercial and
retail customers in Texas, Louisiana, Mississippi, Alabama, and Arkansas
through its six distribution centers, 67 stores and three machine shops.
    Some of the information in this press release constitutes forward-looking
information based on current information and expectations of the Company that
involve a number of uncertainties.  Among the factors that could materially
affect the validity of the forward-looking information are the following:
changes in current industry trends, changes in competitive factors, changes in
the economic environment in which the Company has its operations, and other
factors which would generally affect the operations of the Company.