Factory Card Outlet Corp.

Ticker:	FCPY	745 Birginal Drive
Exchange:	NASDAQ-National Market	Bensenville, Illinois 60106
Industry:	Retail	(630) 238-0010

Type of Shares:	Common Shares	Filing Date:	10/10/96
U.S. Shares:	2,627,000	Offer Date:	12/13/96
Non-U.S. Shares:	0	Filing Range:	$10.00 - $12.00
Primary Shares:	2,550,000	Offer Price:	$9.00
Secondary Shares:	77,000	Gross Spread:	$0.63
Offering Amount:	$28,897,000	Selling:	$0.35
Expenses:	$800,000	Reallowance:	$0.10
Shares Out After:	6,618,409

Manager	Tier	Phone
Alex. Brown & Sons Incorporated	Lead Manager	(410) 727-1700
Piper Jaffray Incorporated	Co-manager	(612) 342-6000

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	6/29/96				6/29/96
Revenue:	$94.59			Assets:	$59.14
Net Income:	$0.07			Liabilities:	$32.02
EPS:	$0.01			Equity:	$27.12
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

Factory Card Outlet Corp. is a rapidly growing chain of company-owned superstores offering a vast assortment of party supplies, greeting cards, gift wrap and other special occasion merchandise at everyday value prices. As of September 23, 1996, the company operated 112 stores in 13 states, primarily in the Midwest and mid-Atlantic regions of the United States. To maintain the quality and consistency of its retail presentation, the company operates all of its stores, which comprise the largest chain of company-operated superstores within the party supply and special occasion category. The company opened 15, 25 and 32 superstores in fiscal 1994, 1995 and 1996, respectively, and plans to open 30 to 35 superstores in fiscal 1997, including five which were opened through September 23, 1996, and at least 40 superstores in fiscal 1998.

Use of Proceeds

The proceeds from the proposed offering will be used for repayment of debt, opening new superstores and general corporate purposes.

Last updated: 12/22/96