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/C O R R E C T I O N -- KAHLER CORPORATION ANNOUNCES RESULTS/

 In MN021, Kahler Corporation Announces Results, moved yesterday, we have been informed by the company that the headings on the tabular material should read, "7/4/93, 6/28/92, 7/4/93, 6/28/92," rather than, "4/4/93, 3/29/92, 4/4/93, 3/29/92," as originally issued. The corrected release follows in its entirety.
 KAHLER CORPORATION ANNOUNCES RESULTS
 ROCHESTER, Minn., July 22 /PRNewswire/ -- During the second quarter Kahler Corporation's (NASDAQ-NMS: KHLR) operations continued the strong trend established during the first quarter. Key results compared to a year ago were:
 -- Net income for the second quarter increased $59,000 or 5.1 percent and increased $747,000 or 109.1 percent for the six-month period.
 -- Funds flow from operations for the second quarter increased $698,000 or 25.7 percent and increased $3,468,000 or 243.0 percent for the six-month period. (Funds flow from operations is calculated by adding depreciation and amortization to gross operating profit, deducting interest expense, adjusting the result to reflect actual cash generated by properties Kahler owns in conjunction with others and deducting actual fixed asset expenditures and actual income taxes paid.)
 -- Total revenues for the second quarter increased $1,000,000 or 3.6 percent and increased $5,672,000 or 11.1 percent for the six-month period.
 The key reasons for these results were as follows:
 -- Kahler's Intermountain West hotels have experienced strong business during the entire first six months of 1993.
 -- Kahler continued its efforts to control costs which have resulted in improved operating margins.
 -- A continual effort by Kahler's marketing personnel has resulted in strong group bookings that have made up for any softness in the individual travelers.
 The consolidated statement of operations for the second quarter of 1993 and the first six months of 1993 is below.
 "Kahler's strong operating performance has continued through the second quarter with revenues, net income and funds flow from operations exceeding last year's results," said Harold W. Milner, president and chief executive officer. "This improvement over last year's second quarter is particularly gratifying because Kahler's 1993 second quarter was particularly strong. Kahler's operating personnel and corporate staff are committed to do the best that they can to see that these positive trends continue."
 In June 1993, Kahler made an equity investment and assumed operation of the 174-room Plaza One Hotel in Rock Island, Ill.
 In an unrelated matter, the Securities and Exchange Commission has initiated an administrative cease and desist proceeding against Kahler and two of its officers. This proceeding questions the appropriateness of the accounting treatment by Kahler in its 1988 and 1989 financial statements of the University Park Hotel as an "asset held for sale." The proceeding also questions the amount of disclosure made by Kahler concerning the legal problems between Kahler and its partners in the ownership of the Sheraton San Marcos Hotel.
 KAHLER CORPORATION
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share amounts)
 (Unaudited)
 Second Quarter Ended Year-to-Date
 Through
 7/4/93 6/28/92 7/4/93 6/28/92
 Total revenues $29,045 $28,045 $56,784 $51,112
 Revenue of owned operations 25,546 19,933 47,021 33,925
 Gross operating profit 3,938 3,712 6,161 2,918
 Income (loss) from operations
 before income taxes 1,727 1,643 2,045 (1,460)
 Income (loss) before
 extraordinary item and change
 in accounting principle 1,209 1,150 1,432 (1,020)
 Extraordinary item net of
 income taxes -- -- -- 1,955
 Cumulative effect of change in
 accounting for nonpension
 post-retirement benefits -- -- -- (250)
 Net income (loss) $1,209 $1,150 $1,432 $685
 Income applicable to
 common stock $.33 $.32 $.38 $.17
 -0- 7/22/93
 /CONTACT: Mary Farrell of Kahler Corporation, 507-285-2707/
 (KHLR)


CO: Kahler Corporation ST: Minnesota IN: LEI SU: ERN

AL -- MN021 -- 5342 07/23/93 17:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jul 23, 1993
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