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UNITED STATIONERS INC. REPORTS SECOND QUARTER SALES UP 7 PERCENT, NET INCOME UP 48 PERCENT

 UNITED STATIONERS INC. REPORTS SECOND QUARTER
 SALES UP 7 PERCENT, NET INCOME UP 48 PERCENT
 DES PLAINES, Ill., April 1 /PRNewswire/ -- United Stationers Inc. (NASDAQ-NMS: USTR) reported record sales of $260 million in its second quarter ended Feb. 29, 1992, a 7 percent increase from the $244 million in the comparable year-ago quarter. Net income was $3.4 million, up 47.7 percent compared to $2.3 million in the year-ago quarter. Earnings per share were $0.22 in the second quarter of fiscal 1992, up 46.7 percent compared to $0.15 in the second quarter of fiscal 1991.
 For the six months ended Feb. 29, 1992, sales were $508 million, up 4 percent compared to sales of $489 million a year ago. Net income was $6.2 million, up 25.7 percent from $4.9 million a year ago. Earnings per share for the six months were $0.40, compared to $0.32 in the first half of fiscal 1991.
 "Our performance in the second quarter reflects the success of our new marketing initiatives and sales growth in all regions of the country. In addition, the quarter benefited from one additional sales day," said Joel D. Spungin, chairman of the board. "Gross margin declined from 23.3 percent in the second quarter of fiscal 1991 to 22.4 percent in the second quarter of fiscal 1992 as lower-margin computer-related products grew to represent a larger percentage of our sales volume.
 "Operating expenses decreased as a percent to sales from 21.0 percent in the second quarter of fiscal 1991 to 19.6 percent in the second quarter of fiscal 1992. This decrease reflects our ongoing productivity improvements and cost containment efforts," Spungin added.
 United Stationers Inc. is the nation's largest wholesaler of office products to resellers. Through its computer-based physical distribution system, more than 25,000 items are made available substantially within 24 hours through distribution points in 58 major hub cities.
 UNITED STATIONERS INC
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (in thousands of dollars, except share data)
 (unaudited)
 For The For The
 3 Months Ended 6 Months Ended
 Feb. 29, Feb. 28, Feb. 29, Feb. 28,
 1992 1991 1992 1991
 NET SALES $ 260,445 $ 243,566 $ 507,701 $488,915
 COST OF SALES 202,055 186,861 394,863 377,840
 Gross Profit on
 Sales $ 58,390 $ 56,705 $ 112,838 $111,075
 OPERATING EXPENSES $ 51,026 $ 51,257 $ 99,441 $ 99,889
 Income from
 Operations $ 7,364 $ 5,448 $ 13,397 $ 11,186
 OTHER EXPENSES, net (1,483) (1,541) (2,775) (2,955)
 Income before Income
 Taxes $ 5,881 $ 3,907 $ 10,622 $ 8,231
 INCOME TAXES 2,467 1,595 4,454 3,325
 NET INCOME $ 3,414 $ 2,312 $ 6,168 $ 4,906
 WEIGHTED AVERAGE
 NUMBER OF COMMON
 SHARES OUTSTANDING 15,532,666 15,521,345 15,526,665 15,517,542
 Net Income Per Common
 Share $ .22 $ .15 $ .40 $ .32
 UNITED STATIONERS INC.
 BALANCE SHEET HIGHLIGHTS
 (in thousands of dollars)
 Feb. 29, 1992 Aug. 31, 1991
 (unaudited) (audited)
 Accounts Receivable (net) $115,142 $ 98,482
 Inventories (LIFO) 139,435 129,258
 Current Assets 281,413 258,728
 Current Liabilities 116,395 123,381
 Working Capital 165,018 135,347
 Long-Term Obligations 89,575 68,867
 Stockholders' Investment $184,774 $181,584
 -0- 4/01/92
 /CONTACT: Allen B. Kravis, chief financial officer, or Kathleen S. Dvorak, manager-investor relations, 708-699-5000, United Stationers/
 (USTR) CO: United Stationers Inc. ST: Illinois IN: SU: ERN


TQ -- NY083 -- 3999 04/01/92 15:48 EST
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Date:Apr 1, 1992
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