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UNITED STATIONERS REPORTS FISCAL 1992 SALES AND NET INCOME UP 15 PERCENT

UNITED STATIONERS REPORTS FISCAL 1992 SALES AND NET INCOME UP 15 PERCENT
 DES PLAINES, Ill., Oct. 8 /PRNewswire/ -- United Stationers Inc. (NASDAQ: USTR) reported record sales of $1.1 billion for its fiscal year ended Aug. 31, 1992, a 15 percent increase over the $951 million in the prior year. Net income for fiscal 1992 was $11.4 million after pre-tax restructuring charges of $5.9 million, compared to $9.9 million earned in fiscal 1991. Earnings per share were $.71 on 16,088,450 weighted average shares outstanding, compared to $.64 on 15,518,654 shares the prior year.
 Fiscal 1992 results were affected by the $5.9 million restructuring charge related to severance and closing of certain facilities associated with the June 24, 1992, acquisition of Stationers Distributing Company. Net income and earnings per share without the restructuring charge would have been $15.1 million and $.93, respectively.
 "Our 15 percent sales increase includes two full months of sales from Stationers Distributing. Our sales growth rate without the acquisition was 7 percent, reflecting the continuing success of our recent marketing initiatives as well as growth in most geographic regions," said Joel D. Spungin, chairman of the board and chief executive officer.
 "Gross margin decreased to 22.4 percent in fiscal 1992 from 23.0 percent in fiscal 1991, primarily caused by a LIFO charge of $2.7 million in fiscal 1992 versus a LIFO pickup of $2.4 million in fiscal 1991. Operating expenses as a percentage of net sales decreased to 20.0 percent in fiscal 1992 from 20.6 percent in fiscal 1991. This is particularly noteworthy since the figure includes the $5.9 million restructuring charge. Without this charge, our operating expense ratio was 19.5 percent," added Spungin.
 "We are pleased with our progress related to the integration of our two organizations since joining forces with Stationers Distributing in June 1992. We are achieving our goals and are confident that the merger will enhance our future profitability," spungin concluded.
 FOURTH QUARTER
 Net sales for the fourth quarter ended Aug. 31, 1992 were $331 million, up 47 percent compared to sales of $225 million for the same quarter of the prior year. Net income after the restructuring charge was $1.6 million, compared to $2.8 million a year ago. Earnings per share were $.08, compared to $.18 per share in the year-ago quarter. Net income and earnings per share would have been $5.2 million and $.30 respectively, up 85 percent and 67 percent without the restructuring charge. Weighted average shares outstanding were 17,754,249 in the fourth quarter of fiscal 1992, compared to 15,518,555 in the same quarter last year.
 United Stationers Inc. is North America's largest wholesale of office products to resellers. Through its computer-based distribution system, it makes more than 25,000 items available substantially within 24 hours through distribution points in 64 major hub cities.
 The common stock of United Stationers is traded over-the-counter (OTC), is reported through the NASDAQ system (SYMBOL: USTR) and is quoted in its national market system listings.
 UNITED STATIONERS INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (in thousands of dollars, except share data)
 (Unaudited) (Audited)
 For The 3 Months Ended For the Year Ended
 Aug. 31, Aug. 31, Aug. 31, Aug. 31,
 1992 1991 1992 1991
 NET SALES $331,319 $224,952 $1,094,275 $951,109
 COST OF SALES 256,278 170,063 848,588 732,401
 Gross profit on sales $75,041 $54,889 $245,687 $218,708
 OPERATING EXPENSES $63,845 $48,418 $213,372 $195,694
 RESTRUCTURING CHARGE 5,913 -- 5,913 --
 TOTAL OPERATING
 EXPENSES $69,758 $48,418 $219,285 $195,694
 Income from operations $5,283 $ 6,471 $ 26,402 $ 23,014
 OTHER EXPENSE, net 1,908 1,481 6,139 6,096
 Income before
 income taxes $ 3,375 $ 4,990 $ 20,263 $ 16,918
 INCOME TAXES 1,818 2,146 8,899 7,008
 NET INCOME $ 1,557 $ 2,844 $ 11,364 $ 9,910
 WEIGHTED AVERAGE NUMBER
 OF COMMON SHARES
 OUTSTANDING 17,754,249 15,518,555 16,088,450 15,518,654
 Net income per common
 share $0.08 $0.18 $0.71 $0.64
 UNITED STATIONERS INC.
 BALANCE SHEET HIGHLIGHTS
 (in thousands of dollars)
 Aug. 31, 1992 Aug. 31, 1991
 (audited) (audited)
 Accounts receivable(net) $145,040 $ 98,482
 Inventories (LIFO) 223,439 129,258
 Current assets 398,239 258,728
 Goodwill, net 40,978 --
 Current liabilities 183,628 123,381
 Working capital 214,611 135,347
 Long-term obligations 156,276 68,867
 Stockholders' investment $223,387 $181,584
 -0- 10/8/92
 /CONTACT: Allen Kravis, CFO, or Kathleen Dvorak, manager, investor relations of United Stationers, 708-699-5000/
 (USTR) CO: United Stationers Inc. ST: Illinois IN: SU: ERN


PS -- NY051 -- 7827 10/08/92 12:02 EDT
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