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AMERIWOOD INDUSTRIES POSTS RECORD FIRST-QUARTER SALES, NET INCOME

 AMERIWOOD INDUSTRIES POSTS RECORD FIRST-QUARTER SALES, NET INCOME
 GRAND RAPIDS, Mich., April 29 /PRNewswire/ -- Ameriwood Industries International Corporation (NASDAQ: AWII) had record first-quarter sales and net income, President and Chief Executive Officer J.J. Miglore reported today.
 Sales climbed 24.1 percent, to $19,309,600 from the previous year's $15,564,900 first quarter; operating income rose 46.0 percent, to $585,800 from 1991's $401,300 first quarter; and net income was $809,800, equivalent to 40 cents per share, vs. a loss of $262,700, equivalent to 10 cents per share, for the first quarter of 1991, a 408.3-percent turnaround of $1,072,500.
 The improvement in sales, according to Miglore, resulted largely from the increasing customer base, acceptance of new products, greater company visibility and increased brand recognition. Ameriwood is one of the country's largest producers of ready-to-assemble furniture and one of the leading suppliers of stereo speaker cabinets to original equipment manufacturers of consumer electronics.
 The improvement in earnings, Miglore said, was primarily due to the increased sales volume, no provision for income taxes due to the recognition of certain deferred tax benefits, and the absence of litigation charges in 1992. The settlement expense of the Atlantis and class action suits -- including accrual for estimated 1992 legal and professional expenses -- was recorded in the fourth quarter of 1991.
 Earnings per share benefited from Ameriwood's repurchase of Atlantis' 498,100 shares in Ameriwood, which reduced the average number of common and common equivalent shares 19.1 percent, from 2,526,900 shares to 2,043,600, he said.
 AMERIWOOD INDUSTRIES INTERNATIONAL CORP.
 (Unaudited)
 Three Months Ended Percent
 March 31, Increase
 1992 1991 (Decrease)
 Net sales $19,309,600 $15,564,900 24.1
 Operating income 585,800 401,300 46.0
 Shareholder litigation --- 812,200 (100.0)
 Pre-tax income (loss) 809,800 (262,700) 408.3
 Net income (loss) 809,800 (262,700) 408.3
 Per share 0.40 (0.10) ---
 Average shares outstanding 2,043,600 2,526,900 ---
 -0- 4/29/92
 /CONTACT: Joseph J. Miglore, 616-530-6300, or Neil L. Diver, 818-449-2323, both of Ameriwood Industries International Corporation; or Gabriel Werba or Michael Carmichael of Gabriel Werba & Associates, 313-259-4947, for Ameriwood Industries International Corporation/
 (AWII) CO: Ameriwood Industries International Corporation ST: Michigan IN: SU: ERN


SM -- DE030 -- 4638 04/29/92 17:52 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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