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UNITED STATIONERS REPORTS FIRST QUARTER RESULTS

 UNITED STATIONERS REPORTS FIRST QUARTER RESULTS
 DES PLAINES, Ill., Jan. 6 /PRNewswire/ -- United Stationers Inc.


(NASDAQ: USTR) today reported net sales of $247 million in its first quarter ended Nov. 30, 1991, a 1 percent increase from the $245 million in the comparable year-ago quarter. Net income was $2.8 million, up 6 percent from the $2.6 million in the year-ago quarter. Earnings per share were $.18 on 15,520,665 weighted average shares outstanding, compared to $.17 on 15,513,782 shares for the year-ago quarter.
 "The recession continues to affect industry-wide demand for office products. Gross margin declined from 22.2 percent to 22.0 percent, reflecting a shift in our product mix toward more computer related products and promotionally priced items. Operating expenses decreased as a percent to sales from 19.8 percent in the first quarter of fiscal 1991 to 19.6 percent in the first quarter of fiscal 1992, reflecting the positive results of our cost containment efforts," said Joel D. Spungin, chairman of the board.
 United Stationers Inc. is North America's largest wholesaler of office products to resellers. Through its computer-based distribution system, it makes mroe than 25,000 items available substantially within 24 hours through distribution points in 57 major hub cities.
 UNITED STATIONERS INC.
 Condensed Consolidated Statements of Income
 (Unaudited)
 (In thousands of dollars, except share data)
 Three months ended Nov. 30 1991 1990
 Net sales $247,256 $245,349
 Cost of sales 192,808 190,979
 Gross profits on sales 54,448 54,370
 Operating expenses 48,415 48,632
 Income from opertions 6,033 5,738
 Other income (expenses), net (1,292) (1,414)
 Income before income taxes 4,741 4,324
 Income taxes 1,987 1,730
 Net income $ 2,754 $ 2,594
 Weighted average number of
 common shares outstanding 15,520,665 15,513,782
 Net income per common share $0.18 $0.17
 UNITED STATIONERS INC.
 Balance Sheet Highlights
 (In thousands of dollars)
 11/30/91 8/31/91
 (Unaudited) (Audited)
 Accounts receivable (net) $111,300 $ 98,482
 Inventories (LIFO) 132,222 129,258
 Current assets 271,163 258,728
 Current liabilities 111,901 123,381
 Working capital 159,262 135,347
 Long-term obligations 88,221 68,867
 Stockholders' investment $182,828 $181,584
 -0- 1/6/92
 /CONTACT: Allen B. Kravis, chief financial officer, or Kathleen S. Dvorak of United Stationers, 708-699-5000/
 (USTR) CO: United Stationers Inc. ST: Illinois IN: SU: ERN


GK -- NY040 -- 6892 01/06/92 11:59 EST
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Publication:PR Newswire
Date:Jan 6, 1992
Words:416
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/C O R R E C T I O N -- UNITED STATIONERS INC./(Correction Notice)

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