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BUSH INDUSTRIES 2ND QUARTER EARNINGS RISE 278 PCT, SALES 46 PCT; HALF-YEAR EARNINGS CLIMB 221 PCT, SALES 33 PCT; DECLARES DIVIDEND

 JAMESTOWN, N.Y., July 19 /PRNewswire/ -- Bush Industries, Inc. (AMEX: BSH), a leading manufacturer of ready-to-assemble (RTA) and casegoods furniture, today reported strong gains in sales and earnings for the second quarter and six months ended July 3, 1993.
 Second quarter net income rose 278 percent to $1,530,000 or 33 cents per share from $405,000 or 9 cents per share for the prior year's comparable period. Sales for the quarter increased 46 percent to $39,301,000 from $26,930,000 for the second quarter of 1992.
 Six-month net income climbed 221 percent to $2,040,000 or 44 cents per share from $635,000 or 14 cents per share for the same period last year. Half-year sales were up 33 percent to $74,494,000 from $55,865,000 for the first half of the prior year.
 "The dramatic sales gains were achieved through broadened channels of distribution and exciting new product introductions, especially in the home theater and home office areas. To support this continued strong sales demand and our customer service commitment, we have increased our production significantly," Paul Bush, chairman and chief executive officer, said.
 "Our substantial profitability gains were the result of our continuing reductions in operating costs, higher volumes, and the investments we have made over the past several years in new product development, facilities, acquisitions, and the evolution of a corporate culture in which every employee is dedicated to making Bush Industries a `World Class Company,'" he further stated.
 "In June, we announced a general line price increase of less than four percent to help offset the impact of further particleboard price increases which we incurred early in July," he noted.
 "We believe the acceptance of our new products, at both the retail and consumer levels, coupled with our expanded distribution, will generate further gains during the second half of the year," he concluded.
 The board of directors has declared a regular quarterly cash dividend of 3 cents per share, payable Aug. 23, 1993, to shareholders of record at the close of business on Aug. 9, 1993.
 BUSH INDUSTRIES, INC.
 Financial Highlights (Unaudited)
 Periods ended 13 Weeks 26 Weeks
 7/3/93 6/27/92 7/3/93 6/27/92
 Sales $39,301,000 $26,930,000 $74,494,000 $55,865,000
 Income before
 taxes 2,550,000 675,000 3,400,000 1,060,000
 Net income 1,530,000 405,000 2,040,000 635,000
 Earnings per share $.33 $.09 $.44 $.14
 Average shares
 outstanding 4,647,928 4,646,394 4,643,160 4,654,401
 -0- 7/19/93
 /CONTACT: Hal Le Vay of Porter, Le Vay & Rose, Inc., 212-564-4700, for Bush Industries, Inc./
 (BSH)


CO: Bush Industries, Inc. ST: New York IN: HOU SU: ERN DIV

LG-OS -- NY038 -- 3008 07/19/93 11:12 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
Words:473
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