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PULASKI FURNITURE REPORTS RESULTS

PULASKI FURNITURE REPORTS RESULTS
 PULASKI, Va., Feb. 14 /PRNewswire/ -- Pulaski Furniture Corporation (NASDAQ: PLFC), Pulaski, Va., today reported operating results for the first quarter of its current fiscal year and compared them with the like period of 1991 as follows:
 PULASKI FURNITURE CORPORATION
 First Quarter Ended 1/26/92 1/20/91
 Net sales $28,264,345 $26,549,855
 Income before income taxes 314,369 1,283,614
 Net income 214,714 844,618
 Earnings per share $0.08 $0.30
 The increase in sales is due primarily to a greater demand for furniture at promotional price levels, which is directly related to the current economic conditions. More units were shipped at the lower average prices, resulting in lower margins. Because of the weak economy, unstable credit conditions continue to concern the industry and the corporation.
 The lower earnings for the fiscal 1992 quarter were the result of the lower sales margins, and to lower production. The higher production in the 1991 quarter better absorbed manufacturing costs, which resulted in the higher earnings for that quarter.
 At the annual stockholders meeting, the stockholders elected two directors to Class II as proposed in the proxy statement. The board of directors at its Feb. 14, 1992, meeting declared a dividend of 13 cents per common share payable on March 16, 1992, to stockholders of record on March 2, 1992.
 -0- 2/14/92
 CONTACT: Bernard C. Wampler, president of Pulaski Furniture, 703-980-7330
 (PLFC)
CO: PULASKI FURNITURE CORPORATION
IN: ERN
ST: VIRGINIA (VA)


-- NY026 -- 9031 02/14/92
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Publication:PR Newswire
Date:Feb 14, 1992
Words:256
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