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AMERIWOOD INDUSTRIES POSTS RECORD SALES, EARNINGS IN SECOND QUARTER, FIRST HALF

 AMERIWOOD INDUSTRIES POSTS RECORD SALES, EARNINGS
 IN SECOND QUARTER, FIRST HALF
 GRAND RAPIDS, Mich., July 16 /PRNewswire/ -- Ameriwood Industries International Corporation (NASDAQ: AWII), one of the country's largest producers of ready-to-assemble (RTA) furniture and a leading supplier of stereo speaker cabinets to original equipment manufacturers of consumer electronics, posted record sales and net income for both the second quarter and the first half of 1992, Ameriwood President and Chief Executive Officer Joseph J. Miglore reported today.
 The company's manufacturing facilities are in Dowagiac, Mich., and Tiffin, Ohio.
 Net sales for the three months ended June 30 reached a new second- quarter high of $18,496,200, a 9.2-percent increase over last year's $16,942,100, Miglore said. Operating income was $866,100, a 36.4-percent increase over last year's $634,900; net income was a second-quarter record of $1,168,800, as compared to last year's $349,100 net loss; and earnings were 57 cents per share, as compared to last year's net loss of 14 cents per share.
 Miglore attributed the company's strong second-quarter showing in sales and operating income to its continuing growth in the RTA furniture field, where it has been increasing its market share. RTA sales climbed 14.4 percent, compared to last year's second quarter, he said. Stereo speaker cabinet sales were also up, he said, a more modest 2.7 percent.
 Added Miglore, "We are continuing to maintain a strong presence in all our markets. We have expanded sales to our current customers, developed new accounts in our current markets, and successfully opened new markets through new channels of distribution."
 Building on the first quarter, which also posted record results, the first half figures, too, made new highs. Net sales were $37,805,800, a 16.3-percent increase over last year's $32,507,000; operating income was $1,451,900, a 40.1-percent increase over last year's $1,036,200; net income was $1,978,600, as compared to last year's $611,800 net loss; and earnings were 97 cents per share, as compared to last year's net loss of 24 cents per share.
 The turnaround in the net income was largely due to the absence of litigation charges in 1992 vs. 1991, and Ameriwood's increased sales volume, Chairman Neil L. Diver said. Earlier this year, the company settled all its shareholder lawsuits that were outstanding at the end of 1991, recording all settlement expenses, including accruals for estimated 1992 legal and professional expenses relating to these lawsuits and settlements, in last year's fourth quarter.
 Earnings per share also benefited from the company's repurchase of 498,100 of its shares that were held by Atlantis Group with whom it had been embroiled in litigation for a number of years.
 AMERIWOOD INDUSTRIES INTERNATIONAL CORP.
 Quarter Ended June 30 1992 1991
 Net sales $18,496,200 $16,942,100
 Operating income 866,100 634,900
 Provision for income taxes --- ---
 Net income (loss) 1,168,800 (349,100)(a)
 Per share $0.57 ($0.14)
 Average shares outstanding 2,056,700 2,526,900
 Six Months Ended June 30 1992 1991
 Net sales 37,805,800 $32,507,000
 Operating income 1,451,900 1,036,200
 Provision for income taxes --- ---
 Net income (loss) 1,978,600 (611,800)(a)
 Per share $0.97 ($0.24)
 Average shares outstanding 2,047,400 2,526,900
 (a) -- Includes $1,162,900 in shareholder litigation expenses incurred in the second quarter of 1991 and $1,975,100 in shareholder litigation expenses incurred in the first half of 1991.
 -0- 7/16/92
 /CONTACT: Joseph J. Miglore, president, 616-530-6300, or Neil L. Diver, chairman, 818-449-2323, both of Ameriwood Industries; or Gabriel Werba or Michael Carmichael of Gabriel Werba & Associates, 313-259-4947, for Ameriwood Industries/
 (AWII) CO: Ameriwood Industries International Corporation ST: Michigan IN: SU: ERN


JG-KR -- DE034 -- 0012 07/16/92 17:20 EDT
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Date:Jul 16, 1992
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