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RESEARCH ANALYST LOWERS EARNINGS ESTIMATES OF TJ INTERNATIONAL; LONG-TERM PROSPECTS CONTINUE TO LOOK POSITIVE

RESEARCH ANALYST LOWERS EARNINGS ESTIMATES OF TJ INTERNATIONAL;
 LONG-TERM PROSPECTS CONTINUE TO LOOK POSITIVE
 SEATTLE, Jan. 8 /PRNewswire/ -- The following was released today by Dain Bosworth:
 TJ International's announcement yesterday of a senior management restructuring and closure of plants in Wisconsin and Oregon have prompted a lowering of the company's earnings estimates. George Haloulakos (hah-loo-LAH-kose), a forest products analyst and vice president for research for Dain Bosworth Incorporated in Seattle today said, "The actions which were announced yesterday should help lower costs in 1992 but the company still is likely to lose money in the fourth quarter of 1991 on an operating basis."
 Late yesterday afternoon, TJ International, an engineered wood products and window manufacturing company, announced a restructuring plan including a wage and salary freeze, relocation and pay cuts for senior management in Hawkins, Wis., the closure of facilities in Boise, Idaho, and Stayton, Ore., and other measures. In announcing the move, company management said, "Business prospects are poor and weakening."
 "Although TJ had higher sales volumes in both October and November, sales dropped off sharply in December," Haloulakos said this morning. "Although the company has not yet quantified the effects of yesterday's announcement, I expect that they will do all they can to keep from repeating this painful process. That may include loading up as many special charges into the final quarter of 1991 as possible.
 "TJ's Boise-based joint venture with Canada's MacMillan Bloedel, in which TJ International is majority owner and managing partner, is an excellent strategy to capitalize on the positive trend toward increased usage of engineered wood products, but the forthcoming benefits are not likely to be seen for some time," Haloulakos said. "Therefore, TJ is appropriate for long-term investors only."
 Dain Bosworth is a full-service stock brokerage and investment banking firm with 11 Pacific Northwest offices located in Bellevue, Bellingham, Bremerton, Everett, Seattle, and Spokane, Wash., and in Bend, Eugene, Medford, Portland and Salem, Oregon. Founded in 1909, the Minneapolis-based corporation also has 51 offices in 15 states including Wisconsin, is a member of the New York Stock Exchange and is a subsidiary of Inter-Regional Financial Group (IFG).
 -0- 1/8/92
 /CONTACT: David Endicott of Communication Northwest Inc., 206-285-7070, for Dain Bosworth; or George Haloulakos of Dain Bosworth Incorporated, 206-621-3118/ CO: Dain Bosworth; TJ International ST: Washington, Oregon, Wisconsin IN: SU:


JH-LM -- SE014 -- 7846 01/08/92 13:35 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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