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KAHLER'S FIRST QUARTER FINANCIAL RESULTS SET RECORDS; SCORES MAJOR FINANCIAL GAINS IN MAJOR AREAS

 ROCHESTER, Minn., April 21 /PRNewswire/ -- Kahler Corporation (NASDAQ-NMS: KHLR) reported a record first quarter. Key first quarter results were:
 -- Net income of $223,000 versus a loss of $465,000 a year ago. (Because of the seasonality of its business, Kahler in recent past years has reported a loss for the first quarter.)
 -- Funds flow from operations of $1,486,000 versus a deficit of $1,284,000 a year ago. (Funds flow from operations is calculated by adding depreciation and amortization to gross operating profit, deducting interest expense, adjusting the result to reflect actual cash generated by properties Kahler owns in partnership with others, deducting actual fixed asset expenditures and actual income taxes paid.)
 -- Total revenues increased 20 percent to $27,739,000.
 The key reasons for these results were as follows:
 -- Business at Kahler's Intermountain West hotels was strong for the entire quarter and Kahler's Rochester hotels had a particularly good January.
 -- The Sheraton San Marcos in Chandler, Ariz., exceeded its operating goals and reported the best quarter in its five year history.
 -- Kahler's newest hotel, the Olympia Park in Park City, Utah, experienced a good ski season and contributed positively to Kahler's income and cash flow.
 "The strong operating results for the first quarter provide us a good start for 1993," said Harold W. Milner, president and chief executive officer. "We are working very hard to extend these positive results for the second quarter and the remainder of 1993."
 In an unrelated matter, the company has been orally advised that the Securities and Exchange Commission will initiate a public administrative proceeding questioning the appropriateness of the accounting treatment in its 1988 and 1989 financial statements of the University Park Hotel as an "asset held for sale."
 KAHLER CORPORATION
 Financial Highlights
 (In thousands, except per share amounts)
 13 Weeks Ended
 4/4/93 3/29/92
 Total revenues $27,739 $23,067
 Revenue of owned operations 21,475 13,992
 Gross operating profit 2,223 (794)
 Income (loss) from operations
 before income taxes 318 (3,103)
 Income (loss) before extraordinary
 item and change in accounting principle 223 (2,170)
 Extraordinary item net of income taxes -- 1,955
 Cumulative effect of change in accounting
 for nonpension post-retirement benefits -- (250)
 Net income (loss) 223 (465)
 Income (loss) applicable to common stock $.09 $(.32)
 -0- 4/21/93
 /CONTACT: Mary Farrell of Kahler Corporation, 507-285-2707/
 (KHLR)


CO: Kahler Corporation ST: Minnesota IN: LEI SU: ERN

:END

DS -- MN018 -- 8805 04/21/93 13:42 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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