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WOLVERINE WORLD WIDE REPORTS 1991 FOURTH QUARTER, YEAR END RESULTS

 WOLVERINE WORLD WIDE REPORTS 1991 FOURTH QUARTER, YEAR END RESULTS
 ROCKFORD, Mich., March 6 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported a 2 percent sales increase for the fourth quarter ended Dec. 28, 1991, to $104.3 million, reflecting the consumer trend toward value-oriented brands.
 Net earnings for the fourth quarter were $1.0 million or $.15 per share after the non-recurring expense of $6.1 million or $.93 per share relating to the settlements of civil suits announced on March 2, 1992. Without the non-recurring expense, net earnings for the quarter would have been $7.1 million or $1.08 per share. Earnings for the comparable 1990 quarter were $4.2 million or $.62 per share.
 Net earnings for 1991 totaled $3.25 million, or $.50 per share, versus a loss of $5.7 million, or $.86 per share, reported for 1990. Earnings for the current year included the non-recurring expense in the fourth quarter of $.93 per share while 1990 results included a provision for restructuring and litigation costs of $12.3 million, or $1.85 per share. Without the non-recurring charges, 1991 net earnings would have been $9.3 million, or $1.43 per share, and 1990 would have earned $6.6 million, or $.99 per share.
 Sales for the current year were $313.8 million compared to $322.1 million in 1990. The reduction in sales relates primarily to the discontinuance of certain contract shoe manufacturing operations and the downsizing of factory outlet retail store operations included in 1990 results.
 Thomas D. Gleason, Wolverine chairman and CEO, said, "Earnings from from operations exceeded our 1991 plan prior to the decision to settle the civil suits relating to the company's former pigskin procurement partnership in Texas. While we are convinced all of the allegations against Wolverine were totally unfounded, we decided to put these allegations behind us rather than be held hostage for three to five years to continue litigation with its attendant legal costs and diversion of management attention."
 Commenting on 1991 results, Gleason said, "The favorable impact on earnings shows the restructuring plans implemented during 1990 are working and will continue to strengthen results during 1992. Excluding both the legal costs in 991 and the restructuring charges in 1990, comparable earnings from operations after tax were $1.43 per share in
1991 and $.99 in 1990. On the sales side, improved volume was achieved by our Hush Puppies, Wolverine and Bates brands, and the licensing group for the Hush Puppies and Brooks brands despite the tough economic climate."
 Gleason expressed confidence that Wolverine World Wide is strongly positioned for 1992. "The quality tradition and technology leadership of our brands combined with updated styling make them ideally suited to meet the 'value' demands of today's U.S. consumer. Outside the U.S., our presence in 65 countries cushions our international business from localized economic or political problems," he said.
 Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leathers, including Hush Puppies shoes, Wolverine work and sport footwear, Brooks athletic footwear, apparel and accessories, Wolverine Wilderness footwear and apparel, Coleman footgear, Town & Country shoes, Tru-Stitch slippers, Bates Floaters, Sioux-Mox moccasins, Wimzees casual footwear, Kroupana sueded pigskin and Breathin' Brushed Pigskin leathers.
 WOLVERINE WORLD WIDE, INC. CONSOLIDATED STATEMENT OF OPERATIONS
 ($000s except share and per share data)
 FULL YEAR 16 WEEKS
 1991 1990 1991 1990
 Net sales and other
 operating income $313,820 $322,170 $104,347 $101,937
 Earnings (loss)
 before taxes (B) 4,537 (A) (6,240) (B) 1,836 5,984
 Income tax (credit) 1,287 (519) 876 1,831
 Net earnings (loss) 3,250 (5,721) 960 4,153
 PER SHARE:
 Net earnings (loss) (B) $.50 (A) $(.86) $.15 $.62
 Shares used for
 computing earnings
 per share 6,549,131 6,667,006 6,556,262 6,628,200
 NOTES:
 (A) After restructuring charges and litigation costs of
 $11.6 million ($1.15 per share) and $4.6 million ($0.70 per share),
 respectively, for the year 1990.
 (B) After litigation settlement and related costs of
 $7.5 million ($0.93 per share) for the year 1991.
 CONDENSED BALANCE SHEET:
 ASSETS: Dec. 28, 1991 Dec. 29, 1990
 Cash and securities $ 2,206 $ 2,488
 Receivables 64,201 61,852
 Inventories 77,892 71,624
 Other current assets 11,178 6,332
 Total current assets 155,477 142,296
 Plant & equipment, net 33,488 31,578
 Other assets 19,111 15,941
 Total assets $208,076 $189,815
 LIABILITIES AND EQUITY:
 Notes payable and
 current maturities $ 18,438 $ 1,996
 Accounts payable, trade 15,778 17,218
 Accrued expenses 19,153 19,633
 Nonrecurring charges 8,315 5,601
 Total current liabilities 61,684 44,448
 Long-term debt 31,596 34,267
 Other noncurrent liab. 4,411 3,492
 Stockholders' equity 110,385 107,608
 Total liabilities and
 equity $208,076 $189,815
 -0- 3/6/92
 /CONTACT: Jim Lovejoy of Wolverine World Wide, 616-866-5539; fax 616-866-0257/
 (WWW) CO: Wolverine World Wide Inc. ST: Michigan IN: TEX SU: ERN


TQ -- NY027 -- 5866 03/06/92 12:35 EST
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