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AMERIWOOD REPORTS RECORD SALES, EARNINGS IN 1992

 GRAND RAPIDS, Mich., Feb. 11 /PRNewswire/ -- Ameriwood Industries International Corporation (NASDAQ: AWII) posted record sales and earnings in 1992, President and Chief Executive Officer J.J. Miglore reported today. Ameriwood is one of the country's largest producers of ready-to-assemble furniture and a leading supplier of stereo speaker cabinets to manufacturers of consumer electronics.
 Sales rose 11.4 percent to a new high of $87,692,200 versus 1991's $78,743,900, the previous high, and net income was a record $6,958,200, equivalent to earnings of $3.39 per share, versus 1991's loss of $8,760,500, equivalent to a loss of $3.47 per share.
 "Our Ameriwood Furniture division's performance was outstanding in 1992, posting a sales increase of 19 percent," Miglore said. "Our expanding market share reflects the continuing strong performance of our Affordable Brand Furniture, augmented by the increasing acceptance of our Members Only and Portfolio Brand furniture lines which were first offered in 1992.
 "Ameriwood OEM division's sales showed a more modest increase of approximately 3 percent," Miglore added.
 Fourth-quarter sales in 1992 were also a record -- $25,684,700 versus $23,659,100 the year before, an increase of 8.6 percent over that year's fourth quarter, the previous high. Net income was $2,680,700, equivalent to $1.30 per share, versus 1991's fourth-quarter loss of $9,345,000, equivalent to a loss of $3.69 per share.
 Miglore noted that for the fourth quarter and year ended Dec. 31, 1992, the company's earnings benefited from a settlement with its former law firm worth $1,465,600 to resolve all its claims against that firm. In addition, the company recognized approximately $1.8 million in tax benefits for the full year as a result of the loss in 1991. Earnings per share also benefited from the company's repurchase during 1992 of 498,100 of its shares previously held by Atlantis Group, Inc.
 Miglore stated that the 1991 losses in the fourth quarter and for the year resulted from shareholder litigation and settlements charges of $12,572,800 and $15,600,000, respectively, ending several protracted court battles.
 Miglore also noted that January 1993 sales were exceptionally strong. January ended with a record backlog for that month of approximately $17 million as compared to approximately $14 million at the end of January 1992.
 The Grand Rapids-based company has plants in Dowagiac, Mich., and Tiffin, Ohio.
 AMERIWOOD INDUSTRIES INTERNATIONAL CORP.
 Quarter Ended Dec. 31 1992 1991
 Sales $25,684,700 $23,659,100
 Operating income 2,198,700 2,623,300
 Shareholder litigation and
 settlements expense (recovery) (1,465,600) 12,572,800
 Income (loss) before taxes 3,549,400 (9,423,400)
 Income taxes 868,700 (78,400)
 Net income (loss) $2,680,700 ($9,345,000)
 Average shares outstanding 2,062,500 2,532,000
 Per share $1.30 ($3.69)
 Year Ended Dec. 31
 Sales $87,692,200 $78,743,900
 Operating income 5,872,700 5,822,100
 Shareholder litigation and
 settlements expense (recovery) (1,465,600) 15,600,000
 Income (loss) before taxes 7,826,900 (8,760,500)
 Income taxes 868,700 ---
 Net income (loss) $6,958,200 ($8,760,500)
 Average shares outstanding 2,054,900 2,528,200
 Per share $3.39 ($3.47)
 -0- 2/11/93
 /CONTACT: Joseph J. Miglore, president and CEO, 616-530-6300, or Neil L. Diver, chairman, 818-449-2323, both of Ameriwood Industries International Corporation/
 (AWII)


CO: Ameriwood Industries International Corporation ST: Michigan IN: SU: ERN

DH-JG -- DE024 -- 5742 02/11/93 13:15 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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