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OW OFFICE WAREHOUSE, INC. REPORTS 1992 FIRST-QUARTER RESULTS AND EXPIRATION OF HART-SCOTT-RODINO WAITING PERIOD

 OW OFFICE WAREHOUSE, INC. REPORTS 1992 FIRST-QUARTER RESULTS AND
 EXPIRATION OF HART-SCOTT-RODINO WAITING PERIOD
 VIRGINIA BEACH, Va., May 11 /PRNewswire/ -- OW Office Warehouse, Inc. (NASDAQ: OWWH) reported net sales of $49,948,000 for the first quarter ended March 28, 1992, compared with $29,553,000 for the same quarter last year, an increase of 69.0 percent. Comparable sales increase for the first quarter was 12.3 percent for the 21 stores which were open for more than one year.
 After incurring $389,000 in pre-opening expenses for the first quarter and extraordinary charges of $125,000 ($.02 per share) related to the previously announced acquisition of the company by Officemax, Inc., the company had a net loss of $190,000 ($.04 per share) compared with a net loss of $60,000 ($.04 per share) for the comparable quarter in 1991. The company did not incur any pre-opening expenses or extraordinary charges in the first quarter of 1991.
 Selling, general and administrative costs were reduced to 2.9 percent of first-quarter 1992 revenue from 4.0 percent of revenues in the first quarter of 1991.
 The company also announced that the waiting period expired under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the previously announced acquisition of the company by Officemax, Inc., for $11.00 per share in cash.
 OW OFFICE WAREHOUSE, INC.
 Condensed Statements of Operations
 (In thousands, except per share amounts - Unaudited)
 Three months 3/28/92 3/30/91
 Sales $49,948 $29,553
 Cost of Goods Sold and
 Occupancy Cost 39,526 23,109
 Gross Profit 10,422 6,444
 Direct Store Expense 8,287 4,973
 Pre-Opening Expense 389 0
 General and Administrative Expense 1,469 1,169
 Total 10,145 6,142
 Operating Profit 277 302
 Net Interest Expense 342 362
 Loss Before Income Taxes and
 Extraordinary Item (65) (60)
 Provision for Income Taxes 0 0
 Net Loss before Extraordinary
 Item (65) (60)
 Extraordinary Item 125 0
 Net Loss (190) (60)
 Net Loss Per Common and Common
 Equivalent Share:
 Net Loss Before Extraordinary
 Item $ (0.02) $ (0.04)
 Extraordinary Item 0.02 0.00
 Net Loss $ (0.04) $ (0.04)
 Average Common and Common
 Equivalent Shares: 5,867.3 4,493.2
 -0- 5/11/92
 /CONTACT: R. Michael Rouleau of OW Office Warehouse, 804-671-2300/
 (OWWH) CO: OW Office Warehouse, Inc. ST: Virginia IN: REA SU: ERN


LR -- NY105 -- 8845 05/11/92 17:44 EDT
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Publication:PR Newswire
Date:May 11, 1992
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