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WILLAMETTE INDUSTRIES ANNOUNCES IMPROVED EARNINGS

 PORTLAND, Ore., Oct. 13 /PRNewswire/ -- Willamette Industries (OTC: WMTT) reported third quarter earnings of $21,105,000 or $.38 per share, including a charge of $.13 per share to reflect the increased federal income tax rate retroactive to January 1. Third quarter earnings excluding the retroactive federal tax charge were $.51 per share, up 38 percent from third quarter 1992 and up 4 percent compared to second quarter 1993 results.
 Year-to-date earnings, excluding accounting changes made in the first quarter of 1993, were $1.43 per share, exceeding 1992 nine- month earnings by 12 percent.
 Sales for the nine months were $1,964,187,000, up 11 percent.
 William Swindells, Willamette's chief executive officer, said the company's Building Materials Group earnings, while down from second quarter, were double those of last year. Particleboard and medium density fiberboard prices improved during the quarter while lumber and plywood prices were down from near-record levels earlier in the year. Volumes shipped were lower due to normal summer vacation shutdowns.
 Despite continued weakness in the company's brown paper and bleached pulp markets, earnings for Willamette's Paper Group doubled over second quarter. This was due to high operating rates and recent improvements in pricing for the company's uncoated free sheet and converted white paper products, according to Swindells.
 Willamette Industries is a forest products company with 1.2 million acres of timberland in Oregon and the South. Its 90 manufacturing facilities make lumber, plywood, particleboard, medium density fiberboard, engineered wood products, bleached pulp, corrugated boxes, bags and communication papers.
 WILLAMETTE INDUSTRIES, INC.
 FINANCIAL HIGHLIGHTS
 1993 1992
 Quarter Ended Sept. 30
 Share Earns $ .38 $ .37
 Sales 677,101,000 622,548,000
 Earnings Before Taxes 45,730,000 32,335,000
 Net Earnings 21,105,000 (A) 20,048,000
 Average Shares Outstanding 54,807,000 54,743,000
 1993 1992
 Nine Months Ended Sept. 30
 Share Earns
 Before Accounting Changes $ 1.43 $ 1.28
 Accounting Changes $ .48 .00
 Net Earnings $ 1.91 $ 1.28
 Sales $1,964,187,000 $1,775,702,000
 Earnings Before Taxes $ 138,419,000 $ 110,166,000
 Earnings After Taxes and
 Before Accounting Changes $ 78,572,000 (A) $ 68,303,000
 Accounting Change -
 Net of Tax $ 26,364,000 $ ---
 Net Earnings $ 104,936,000 $ 68,303,000
 Average Shares Outstanding 54,797,000 53,464,000
 (A) Includes $.13 per share charge in the third quarter and $.11 per share charge in the nine months to reflect increase in Federal income tax rate.
 -0- 10/13/93
 /CONTACT: J.A. Parsons, executive vice president of Willamette, 503-273-5635/
 (WMTT)


CO: Willamette Industries ST: Oregon IN: PAP SU: ERN

LG -- NY025 -- 1556 10/13/93 10:02 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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