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WOLOHAN LUMBER CO. REPORTS RECORD SALES FOR THE FIRST QUARTER

 SAGINAW, Mich., April 14 /PRNewswire/ -- James L. Wolohan, president and chief executive officer for Wolohan Lumber Co. (NASDAQ-NMS: WLHN), reported that first-quarter earnings before the cumulative effect of an accounting change were $180,000, three (3) cents per share, compared with $498,000, seven (7) cents per share for the same period of 1992.
 During the first quarter the company continued store expansion and remerchandising efforts. Expenses associated with these projects were $430,000 or two (2) cents per share higher than first-quarter 1992 costs of $230,000.
 Sales increased 3 percent to $63,617,000 from $61,543,000 in the first quarter of 1992. The increase in sales resulted from a 15-percent increase in professional contractor sales and an 8-percent decrease in consumer (DIY) sales. Sales at comparable stores (stores in operation prior to Jan. 1, 1992) increased 2 percent in the first quarter.
 The company, as required, adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" in the first quarter. The cumulative effect of this accounting change was $516,000, seven (7) cents per share. The company also adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Post- Retirement Benefits Other Than Pensions." The company's plan is contributory with retiree contributions adjusted annually, such that retirees pay the full projected costs of the health care medical benefits provided by the plan. As a result, adoption of Statement No. 106 had no impact on the company's financial position or results of operation.
 Wolohan Lumber Co. operates 53 building material stores in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, and Wisconsin.
 Wolohan Lumber Co.'s common stock is traded over the counter and quoted daily in The Wall Street Journal on the NASDAQ Over-The-Counter Market, National Market Issues. Its NASDAQ symbol is WLHN.
 WOLOHAN LUMBER CO.
 For the three months ended March 31
 1993 1992
 Sales $63,617,000 $61,543,000
 Income before cumulative
 effect of accounting change 180,000 498,000
 Cumulative effect of change in
 method of accounting for income
 taxes 516,000 ---
 Net income $696,000 $498,000
 Per share before cumulative effect
 of accounting change $.03 $.07
 Cumulative effect of change in method
 of accounting for income taxes .07 ---
 Per share after cumulative effect $.10 $.07
 WOLOHAN LUMBER CO.
 QUARTERLY INCOME COMPARISON
 FOR THE THREE MONTHS ENDED MARCH 31, 1993
 (000s)
 CHANGE FROM
 1993 ACTUAL 1992 ACTUAL PRIOR YEAR
 $ Percent $ Percent $ Percent
 Cash sales 28,726 45.2 31,319 50.9 (2,593) -8.3
 Charge sales 34,891 54.8 30,224 49.1 4,667 15.4
 Total 63,617 100.0 61,543 100.0 2,074 3.4
 Gross margin - LIFO 16,855 26.5 16,712 27.2 143 0.9
 Total other income 649 1.0 620 1.0 29 4.7
 Total gross income 17,504 27.5 17,332 28.2 172 1.0
 S,G&A expenses 14,725 23.1 14,189 23.1 536 3.8
 Depreciation 1,649 2.6 1,620 2.6 29 1.8
 Interest 841 1.3 734 1.2 107 14.6
 Total expense 17,215 27.1 16,543 26.9 672 4.1
 Income before tax 289 0.5 789 1.3 (500) -63.4
 Income tax 109 0.2 291 0.5 (182) -62.5
 Net income before
 cumulative effect of
 accounting change 180 0.3 498 0.8 (318) -63.9
 Cumulative effect of
 change in method of
 acct. for income taxes 516 0.8 0 0.0 516 ---
 Net income 696 1.1 498 0.8 198 39.8
 Average shares 7,140 --- 7,136 --- --- ---
 Per share before
 cumulative effect of
 accounting change $0.03 --- $0.07 --- ($0.04) ---
 Cumulative effect of
 change in method of
 acct. for income taxes $0.07 --- $0.00 --- $0.07 ---
 Per share after
 cumulative effect $0.10 --- $0.07 --- $0.03 ---
 WOLOHAN LUMBER CO.
 QUARTERLY BALANCE SHEET COMPARISON
 MARCH 31, 1993
 (000s)
 3/31/93 12/31/92 9/30/92 6/30/92 3/31/92
 Cash and cash
 equivalents $35,784 $45,169 $39,695 $32,266 $22,768
 Accounts receivable 17,292 18,027 21,466 21,886 14,675
 Inventories 61,992 35,613 43,034 50,626 59,641
 Total current assets 116,350 101,027 105,11 ? 105,776 98,082
 Total current liabilities 46,768 29,386 31,811 35,957 30,176
 Net working capital 69,582 71,641 73,299 69,819 67,906
 Fixed assets 54,269 53,117 50,720 51,550 51,126
 Total assets 172,277 155,963 157,392 158,621 150,624
 Total invested capital
 Long-term debt 35,628 36,390 36,510 36,985 38,544
 Shareowners' equity 88,769 88,496 87,081 83,714 79,964
 124,397 124,886 123,591 120,699 118,508
 Balance sheet ratios
 Current 2.5:1 3.4:1 3.3:1 2.9:1 3.3:1
 Liquidity .77:1 1.5:1 1.25:1 .90:1 .76:1
 Long-term debt/
 total assets .21:1 .23:1 .23:1 .23:1 .26:1
 Shareowners' equity/
 total assets .52:1 .57:1 .55:1 .53:1 .53:1
 Capitalization ratio .29:1 .29:1 .30:1 .31:1 .33:1
 Book value per share $12.43 $12.40 $12.20 $11.73 $11.20
 -0- 4/14/93
 /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

KE-SM -- DE016 -- 5711 04/14/93 12:23 EDT
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Date:Apr 14, 1993
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