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HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 RESULTS AND DECLARES FIRST QUARTER CASH DIVIDEND

 ATLANTA, Feb. 10 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT HAVTA) today reported higher sales and earnings for the fourth quarter and year ended Dec. 31, 1992.
 Net sales for the fourth quarter totaled $82.0 million compared with $64.9 million in the year-earlier period. Net income for the quarter was $2,552,000, or $0.44 per share, vs. $958,000, or $0.17 per share a year ago.
 For the year, net sales amounted to $282.0 million compared with $246.4 million in 1991. Net income for 1992 totaled $4.5 million, or $0.79 per share, compared with $2.2 million, or $0.40 per share, in the prior year.
 Commenting on the results, Frank S. McGaughey Jr., president and chief executive officer, said: "Results for the fourth quarter were impacted by the acceleration of positive trends established earlier in the year. Same-store sales for the quarter and the year increased 24.9 percent and 13.7 percent, respectively. Also contributing to the improved results was the success of the Thomasville line of merchandise added to our showrooms in 1992 and the new upscale interiors look installed in approximately one-third of our stores, some of which included expanded sales areas.
 "Current plans for 1993 call for the opening of up to three new stores and additional refurbishings such that over one-half of our stores will have the upscale interiors look by year end. Square footage in several of these showrooms will also be increased."
 McGaughey concluded: "We are encouraged by the strength of sales and earnings in the fourth quarter. Our strategy to upgrade store interiors and merchandise and to expand our showrooms in better locations has been very well received. We are optimistic that these conditions will continue to favorably impact our business."
 At the quarterly meeting of the board of directors of the company held today in Atlanta, the directors authorized a cash dividend to be paid on the two classes of $1 par value common stock of the corporation, payable March 1 to stockholders of record at the close of business on Feb. 20, at a rate of $0.0975 per share on the outstanding shares of common stock (Cusip No. 419596 10 1) and $0.0925 per share on the outstanding shares of Class A common stock (Cusip No. 419596 20 0).
 Haverty's currently operates 88 retail furniture showrooms in 11 states throughout the southeast and southwest. The company's two classes of common shares are traded on the NASDAQ National Market System under the symbols HAVT and HAVTA.
 HAVERTY FURNITURE COMPANIES INC.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 (Unaudited)
 3 mos. ended 12/31/92 12/31/91 Pct. chg.
 Net sales $81,994 $64,914 26.3
 Other customer revenues,
 principally credit
 service charges 2,509 2,860 (12.3)
 Income before income taxes $ 4,046 $ 1,520 166.2
 Provision for income taxes 1,494 562 165.8
 Net income $ 2,552 $ 958 166.4
 Earnings per share $ .44 $ .17 158.8
 Avg. shares outstanding 5,789 5,648 2.5
 Cash dividends per share:
 Common stock $ .0975 $ .095 2.6
 Class A common stock .0925 .09 2.8
 Year ended 12/31/92 12/31/91 Pct. chg.
 Net sales $282,022 $246,390 14.5
 Other customer revenues,
 principally credit
 service charges 10,489 11,566 (9.3)
 Income before income taxes $ 7,188 $ 3,555 102.2
 Provision for income taxes 2,656 1,315 102.0
 Net income $ 4,532 $ 2,240 102.3
 Earnings per share $ .79 $ .40 97.5
 Avg. shares outstanding 5,714 5,661 0.9
 Cash dividends per share:
 Common stock $ .3825 $ .38 .7
 Class A common stock .3625 .36 .7
 -0- 2/10/93
 /CONTACT: Dennis L. Fink, senior vice president-Finance of Haverty Furniture Companies, 404-881-1911/
 (HAVT HAVTA)


CO: Haverty Furniture Companies, Inc. ST: Georgia IN: REA SU: ERN

RA-BR -- AT009 -- 5140 02/10/93 12:11 EST
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Date:Feb 10, 1993
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