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KAHLER CORPORATION ANNOUNCES RESULTS

 ROCHESTER, Minn., March 11 /PRNewswire/ -- Kahler Corporation (NASDAQ-NMS: KHLR) reported continued growth and improvement in its operations for 1992. However, non-recurring charges adversely affected the net results for 1992.
 Key 1992 operating indicators were:
 -- Total revenues of all operations were $103,267,000; this is an increase of 7.4 percent over 1991 and the first time Kahler's total annual revenues exceeded $100,000,000.
 -- Gross operating profit increased $297,000 or 4.4 percent over 1991.
 -- Funds flow from operations for 1992 were $3,803,000 as compared to $1,627,000 in 1991, representing an increase of 233.7 percent. (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.)
 One-time, non-recurring charges for 1992 included:
 -- Settlement of a lawsuit concerning ownership of one hotel. As part of this settlement, Kahler agreed to pay its partner and the partner agreed to relinquish its interest in the hotel. The total cost to Kahler, including legal fees, was $1,588,000.
 -- Kahler closed an unprofitable formal wear warehouse in San Jose, Calif., and elected not to exercise various options concerning a hotel in Wisconsin Dells, Wis. As a result, Kahler incurred a net loss on sale of assets of $293,000.
 -- As a result of Kahler's anticipated 1993 move of its Textile Care Services laundry facility in Rochester to a new location, Kahler included a $400,000 writedown of assets and reserve for demolition of the old laundry in the loss on sale of assets.
 -- Kahler has recorded a cumulative charge of $250,000 for non- pension post retirement benefits.
 "The increase of funds flow from operations by 233 percent over 1991 to a total of $3,803,000 is a major accomplishment for Kahler," said Harold W. Milner, president and chief executive officer. "In addition, all major non-recurring charges confronting Kahler have been absorbed in 1992. 1993 should see a further improvement in operating results because of the continued improvement of funds flow, a good sales program resulting in strong sales and tight cost controls."
 The summarized financial information for 1992 and 1991 is as follows (000s omitted):
 Year Ended
 1/3/93 12/29/91
 Total revenues $103,267 $96,174
 Revenue of owned operations 74,030 64,668
 Gross operating profit 7,107 6,810
 Income (loss) from operations
 before income taxes (4,335) 725
 Income (loss) before extraordinary item
 and change in accounting principle (3,957) 488
 Extraordinary item net of income taxes 2,517 164
 Cumulative effect of change in
 accounting for nonpension
 postretirement benefits (250) --
 Net income (loss) $(1,690) $652
 Income (loss) applicable to common stock $(1.17) ? $.23
 -0- 3/11/93
 /CONTACT: Steven R. Stenhaug of Kahler Corporation, 507-285-2708/
 (KHLR)


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

KH -- MN003 -- 4977 03/11/93 08:58 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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