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LADD REINSTATES QUARTERLY CASH DIVIDEND

 HIGH POINT, N.C., Feb. 26 /PRNewswire/ -- The board of directors of LADD Furniture, Inc. (NASDAQ-NMS: LADF) have reinstated cash dividend payments to the company's shareholders, with the declaration of a cash dividend of $.03 per share of LADD common stock. The dividend is payable March 23, 1993 to shareholders of record March 8. LADD's last previous cash dividend, also $.03 per share, was paid on Nov. 15, 1991.
 In mid-January 1992, LADD chairman and chief executive officer Richard R. Allen announced the temporary suspension of cash dividends, citing depressed conditions in the U.S. furniture industry and an anticipated fourth quarter loss for the company. At that time he stated, "It is our intention to reinstate cash dividends at the earliest possible time, consistent with industry conditions and LADD's earnings levels."
 Commenting on the dividend restoration announced today, Allen said he was pleased with the LADD board's expression of confidence in the company's future earnings prospects, adding, "We are delighted to be able to reinstate cash dividend payments to our shareholders, following several difficult years for the U.S. furniture industry. Even though a number of economic uncertainties linger, we believe the furniture industry is now in the early stages of a sustainable long-term recovery." He concluded, "U.S. housing activity and home sales have shown persistent, if somewhat uneven, recovery since bottoming early in 1991, and we expect these trends to continue, spurred by the current low levels of both interest rates and inflation."
 Headquartered in High Point, N.C., LADD is the fourth largest North American manufacturer of residential furniture and a leading supplier of contract furniture to the guest room, government and health care markets domestically and abroad. LADD sells its broad range of wood, upholstered and metal furniture products under the major brand names American Drew, American of Martinsville, Barclay, Brown Jordan, Clayton Marcus, Daystrom, Design Horizons, Fournier, Lea Industries and Pennsylvania House, and markets these products worldwide through LADD International. LADD also owns and operates two support companies, Lea Lumber & Plywood and LADD Transportation. LADD's stock is traded on the over-the-counter National Market System under the NASDAQ symbol LADF.
 -0- 2/26/93
 /CONTACT: John J. Ong, LADD Furniture, Inc., 919-888-6353/
 (LADF)


CO: LADD Furniture, Inc. ST: North Carolina IN: REA SU: DIV

SB -- CH007 -- 0812 02/26/93 11:13 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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