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WOLOHAN LUMBER CO. REPORTS RECORD SALES, INCREASED EARNINGS

 SAGINAW, Mich., Feb. 16 /PRNewswire/ -- James L. Wolohan, president and chief executive officer for Wolohan Lumber Co. (NASDAQ-NMS: WLHN), reported record sales of $343,938,000 for 1992, an increase of 13 percent over the previous record set in 1991. Comparable store sales increased 11 percent. Net income increased 13 percent to $10,528,000, $1.48 per share, compared with $9,325,000 and $1.31 per share in 1991.
 Sales were $79,161,000 for the three months ended Dec. 31, 1992, compared with $69,920,000 for the same period of 1991, an increase of 13 percent. Sales at comparable stores (stores in operation at Dec. 31 and opened prior to Oct. 1, 1991) increased 10 percent from 1991.
 Net income for the fourth quarter was $1,915,000, $.27 per share, vs. $1,761,000, $.25 per share, for the same period of 1991. Mr. Wolohan attributed the improvement in earnings for the fourth quarter to increased sales and lower operating costs which offset a decline in gross margins, primarily due to higher costs of forest products which increased the LIFO adjustment by $700,000 compared to fourth quarter 1991.
 One new store will be opened in the first quarter and projects in process at year end include the major expansion of one store and a relocation of an existing store. Other store updates and relocations are planned for 1993, all part of an $8 million capital expenditure program. In addition, Wolohan Lumber continues to look for attractive acquisition opportunities within its Midwest markets.
 Wolohan Lumber Co. is a publicly held company operating 52 lumber and building material retail stores in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio and Wisconsin.
 WOLOHAN LUMBER CO.
 For the three months ended Dec. 31 1992 1991
 Sales $79,161,000 $69,920,000
 Net income $1,915,000 $1,761,000
 Per share $.27 $.25
 For the year ended Dec. 31 1992 1991
 Sales $343,938,000 $303,715,000
 Net income $10,528,000 $9,325,000
 Per share $1.48 $1.31
 Wolohan Lumber Co.'s common stock is traded over the counter and quoted in The Wall Street Journal on the NASDAQ Over the Counter Market, National Market Issues. Its NASDAQ symbol is WLHN.
 -0- 2/16/93
 /CONTACT: Robert F. Anderson or Edward J. Dean of Wolohan Lumber Co., 517-793-4532/
 (WLHN)


CO: Wolohan Lumber Co. ST: Michigan IN: REA SU: ERN

ML -- DE018 -- 6839 02/16/93 13:46 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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