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BUSH INDUSTRIES SEES STRONG SECOND QUARTER, FULL YEAR GAINS; ADDS 3 NEW DIRECTORS

 JAMESTOWN, N.Y., June 17 /PRNewswire/ -- Bush Industries, Inc. (AMEX: BSH), a leading manufacturer of ready-to-assemble (RTA) and casegoods furniture, expects strong gains in both sales and profits for the second quarter ended July 3, 1993, and for the full year, Paul Bush, chairman and chief executive officer, told the Annual Meeting of Shareholders here, today.
 "We believe earnings per share for the second quarter will exceed 25 cents on sales of approximately $38 million, and if current conditions continue, we expect results for all of 1993 will be substantially better than 1992. For the second quarter of 1992, the company reported earnings per share of nine cents


on sales of $27 million. For 1992, Bush reported earnings per share of 60 cents and sales of $128 million.
 "The dramatic gains are being achieved through broadened channels of distribution; new products, especially in the home theater and home office areas; and continuing increases in operating efficiencies," Bush explained. "We are mitigating most of the impact of rising wood prices by effectively reviewing and reducing our costs, and we are increasing our prices by under four percent," he noted. "We are now realizing the benefits of investments during recent years in facilities, product development, acquisitions, and the evolution of a corporate culture in which every employee is dedicated to making Bush Industries a world class company," Bush concluded.
 Shareholders re-elected the six directors and added three new directors. Robert E. Hallagan, 49, president and chief executive officer of Heidrick & Struggles, Inc., an international executive search firm with more than 150 consultants in 26 offices worldwide, was elected a Class A director. Two Bush Industries officers were elected Class B directors. They are Gregory P. Bush, 28, vice president of administration, and Lewis H. Aronson, 41, vice president of corporate development.
 The company's certificate of incorporation was amended to decrease the number of authorized Class A shares from 18 million to 9 million and decrease the number of Class B authorized shares of Class B stock from 9 million to 3 million, reducing the annual Delaware Franchise Tax expense. The appointment of Deloitte & Touche as independent accountants for the year ending Jan. 1,
1994 was ratified by shareholders. -0- 6/17/93
 /CONTACT: Hal Le Vay of Porter, Le Vay & Rose, Inc., 212-564-4700, for Bush Industries/
 (BSH)


CO: Bush Industries, Inc. ST: New York IN: SU: ERP PER

MP-LG -- NY029 -- 2979 06/17/93 10:00 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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