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BUSH INDUSTRIES REPORTS FOURTH QUARTER/YEAR-END GAIN; ANNOUNCES QUARTERLY DIVIDEND, EXPECTS IMPROVED FIRST QUARTER RESULTS

 JAMESTOWN, N.Y., March 1 /PRNewswire/ -- Bush Industries, Inc. (AMEX: BSH), a leading manufacturer of ready-to-assemble (RTA) and casegoods furniture, today confirmed previously reported preliminary gains in sales and income for the fourth quarter and 1992 year ended Jan. 2, 1993.
 In addition, the board of directors declared a quarterly cash dividend of 3 cents per share payable March 25, 1993, to all Class A and Class B shareholders of record on March 11, 1993.
 Fourth quarter net income increased 10 percent to $1,150,000 or 25 cents per share, from $1,047,000 or 23 cents per share, for the same period of the prior year. Sales for the final three months of 1992 increased by 4.4 percent to $38,504,000 from $36,892,000 for the period a year ago.
 Net income for the year grew by 15 percent to $2,771,000 or 60 cents per share, from $2,405,000 or 53 cents per share, for the year earlier. Sales for 1992 increased to $127,990,000, up from $126,459,000 in 1991.
 "In addition to our increased profitability in 1992, significant goals were accomplished to further financially strengthen the company," said Paul Bush, chairman and chief executive officer. "We substantially refinanced our debt with a $50 million loan package from Mellon Bank, we reduced receivables by 23 percent and lowered our inventories by 13 percent."
 "The continual improvements in our efficiency, the strengthening of our balance sheet, the enthusiastic response to our new product introductions at recent trade shows, coupled with an improving economy, contribute to our belief that we will achieve further sales and earnings increases in 1993," he concluded.
 BUSH INDUSTRIES, INC.
 Financial Highlights
 Fourth Quarter Year
 14 weeks 13 weeks 53 weeks 52 weeks
 Periods ended 1/2/93 12/28/91 1/2/93 12/28/91
 Net sales $38,504,000 $36,892,000 $127,990,000 $126,459,000
 Income before taxes 1,865,000 1,813,000 4,569,000 4,249,000
 Net income 1,150,000 1,047,000 2,771,000 2,405,000
 Income per share $.25 $.23 $.60 $.53
 Average shares
 outstanding 4,628,904 4,611,098 4,637,456 4,576,096
 /delval/
 -0- 3/1/93
 /CONTACT: Hal Le Vay of Porter, Le Vay & Rose, 212-564-4700, for Bush Industries/
 (BSH)


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

LJ-JS -- NY036 -- 1321 03/01/93 10:36 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:415
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