Tuesday Morning Corporation Reports Strong Second Quarter Results - Second Quarter Net Income Increases 81% -.

DALLAS, Aug. 1 /PRNewswire/ --

Tuesday Morning Corporation (Nasdaq: TUES), North America's largest operator of deep-discount closeout home furnishings and gift stores, today announced financial results for the second quarter and six months ended June 30, 2000.

For the second quarter of 2000, net income increased 81% to $4.5 million, or $0.11 per fully diluted share, compared to $2.5 million, or $0.06 per fully diluted share on a pro forma basis for the same period a year ago. For the six months ended June 30, 2000, the Company's net income grew 95% to $6.8 million from last year's net income of $3.5 million. During the second quarter, net sales rose 23% to $132.6 million compared to net sales of $107.7 million for the same period last year. For the six months period, net sales grew 24% to $223.1 million from net sales of $179.4 million posted in the year ago period. Comparable store sales increased 12.8% for the quarter and 13.7% for the six months ended June 30, 2000.

Mark E. Jarvis, Chief Financial Officer, commented, "We are very pleased with the results of our second quarter. Our customers responded enthusiastically to the exciting mix of merchandise, which featured lawn and garden as well as summer living themes. We are also very encouraged by the continued improvement in our operating performance which is being driven by our strong sales performance and low operating costs."

Tuesday Morning ...