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WTD REPORTS THIRD-QUARTER RESULTS

 PORTLAND, Ore., Feb. 23 /PRNewswire/ -- WTD Industries Inc. (NASDAQ: WTDIQ) reported net income of $20.99 million, or $2.45 per share, for the quarter ended Jan. 31, 1993, compared with a net loss of $788,000, or 32 cents per share, for the quarter ended Jan. 31, 1992. Included in this year's quarterly results were extraordinary gains of $19.89 million, principally resulting from the restructuring of debt associated with the company's reorganization. Income before taxes and extraordinary items for the quarter was $1.41 million, which included net reorganization credits of $858,000 resulting from the reversal of previously accrued reorganization charges. Net income before extraordinary items for the quarter was $1.10 million, or 10 cents per share, compared with a net loss of $482,000, or 19 cents per share, for the quarter ended Jan. 31, 1992. Third-quarter net sales were $49.7 million, up 17 percent from the $42.5 million in the comparable period last year.
 For the nine months ended Jan. 31, 1993, net income was $20.37 million, or $4.50 per share, compared to net income of $62,000, or 2 cents per share, during the comparable period ended Jan. 31, 1992. Income before extraordinary items for the nine months ended Jan. 31, 1993, was $484,000, or 5 cents per share. Sales were $170.5 million for the nine months, up 14 percent from the $149.7 million in the prior year.
 Per-share earnings (loss) in the prior periods have been restated for the four-for-10 reverse common stock split associated with the company's reorganization. In addition, current period per-share earnings are affected by the issuance of additional shares of common stock and the assumed conversion of Series B preferred stock issued during the quarter pursuant to the company's reorganization.
 "Our third-quarter results were better than anticipated, primarily as a result of sharply higher lumber prices and secondarily because of increased mill efficiencies resulting from mechanical improvements and quality-control programs instituted over the past 12 months," said WTD President Bruce Engel.
 "However, log prices have increased dramatically, log flows remain restricted, and both log and lumber markets are very volatile. These factors make it difficult to determine the course that profit margins will follow," Engel concluded.
 WTD INDUSTRIES INC.
 FINANCIAL HIGHLIGHTS
 (Unaudited, in thousands except per-share amounts)
 Three Months Nine Months
 Ended Jan. 31: 1993 1992 1993 1992
 Net sales $49,706 $42,483 $170,520 $149,738
 Cost of sales 45,176 39,910 159,567 138,118
 Gross profit 4,530 2,573 10,953 11,620
 Selling, general and
 administrative expenses 2,901 2,750 8,505 8,932
 Reorganization charges
 (credits) (858) 687 563 2,549
 Operating income (loss) 2,487 (864) 1,885 139
 Other income (expense):
 Interest expense (1,155) (18) (1,197) (214)
 Miscellaneous 78 78 105 138
 Total (1,077) 60 (1,092) (76)
 Income (loss) before
 income taxes 1,410 (804) 793 63
 Provision for income
 taxes (benefit) 309 (322) 309 25
 Income (loss) before
 extraordinary items 1,101 (482) 484 38
 Extraordinary items --
 income tax benefit of
 net operating loss
 carryforward 309 (306) 309 24
 Gain on debt restructure 19,580 -- 19,580 --
 Total 19,889 (306) 19,889 24
 Net income (loss) $20,990 $ (788) $ 20,373 $ 62
 Net Income (Loss) Per
 Common Share:
 Before extraordinary items $ 0.10 $ (0.19) $ 0.05 $ 0.02
 Extraordinary items 2.35 (0.13) 4.45 --
 Net income (loss) $ 2.45 $ (0.32) $ 4.50 $ 0.02
 Average number of shares
 outstanding 8,454 2,492 4,465 2,492
 -0- 2/23/93
 /CONTACT: Bruce Davis or Carol Nelson of WTD Industries, 503-246-3440/
 (WTDIQ)


CO: WTD Industries Inc. ST: Oregon IN: PAP SU: ERN

LM-SW -- SE016 -- 9601 02/23/93 17:01 EST
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Date:Feb 23, 1993
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