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BUSH INDUSTRIES REPORTS SECOND QUARTER/SIX MONTHS EARNINGS GAINS; EXPECTS SALES AND EARNINGS INCREASES FOR 1992

 BUSH INDUSTRIES REPORTS SECOND QUARTER/SIX MONTHS EARNINGS GAINS;
 EXPECTS SALES AND EARNINGS INCREASES FOR 1992
 JAMESTOWN, N.Y., July 20 /PRNewswire/ -- Bush Industries, Inc. (AMEX: BSH), a leading manufacturer of ready-to-assemble (RTA) and casegoods furniture, today reported earnings gains for the second quarter and six months ended June 27, 1992.
 Second quarter net income increased 25 percent to $405,000 or 9 cents per share from $304,000 or 7 cents per share for the same period last year. Net sales for the quarter declined about 4 percent to $26,930,000 from $27,983,000 for the 1991 quarter, primarily as the result of soft retail sales in April and May, coupled with a delay, until the third quarter, of shipments to a major customer.
 For the six months, net income increased more than 40 percent to $635,000 or 14 cents per share on net sales of $55,865,000 versus net income of $452,000 or 10 cents per share on net sales of $54,490,000 for the first half of the prior year. Sales for the first six month period of 1992 increased by 2.5 percent.
 "The sales results and our product placement for the first half, as well as current order patterns, make us optimistic for the balance of 1992," Paul Bush, chairman and chief executive officer, said. "And, we continue to invest in marketing programs that help continue our diversification into our major markets, and that stimulate the sell through of our products at the retail level. In addition, our continual improvement in operating performance, coupled with lower inventories, receivables and a lower interest rate, resulted in increased profits in the second quarter," Bush noted.
 "All of these factors lead us to believe that sales and earnings for 1992 will be higher than those of 1991," stated Bush.
 BUSH INDUSTRIES, INC.
 Financial Highlights (Unaudited)
 Period ended 13 weeks 26 Weeks
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $26,930,000 $27,983,000 $55,865,000 $54,490,000
 Income before taxes 675,000 542,000 1,060,000 822,000
 Net income 405,000 304,000 635,000 452,000
 Earnings per share $ .09 $ .07 $ .14 $ .10
 Average shares
 outstanding 4,646,637 4,541,717 4,651,441 4,541,717
 -0- 7/20/92
 /CONTACT: Hal LeVay of Porter, LeVay & Rose, 212-564-4700, for Bush Industries/
 (BSH) CO: Bush Industries, Inc. ST: New York IN: HOU SU: ERN


SH-OS -- NY010 -- 0588 07/20/92 09:13 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:425
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