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WOLOHAN LUMBER CO. REPORTS RECORD SALES

 WOLOHAN LUMBER CO. REPORTS RECORD SALES
 SAGINAW, Mich., Feb. 13 /PRNewswire/ -- James L. Wolohan, president


and chief executive officer for Wolohan Lumber Co. (NASDAQ-NMS: WLHN), reported record sales of $303,715,000 for 1991, an increase of 3 percent over the previous record set in 1990. Comparable store sales increased 3 percent. Net income totaled $9,325,000, $1.31 per share, compared with $11,826,000 and $1.66 per share in 1990.
 Sales were $69,920,000 for the three months ended Dec. 31, 1991, compared with $67,748,000 for the same period of 1990, an increase of 3 percent. Sales at comparable stores (stores in operation at Dec. 31 and opened prior to Oct. 1, 1990) increased 3 percent from 1990.
 Net income for the fourth quarter was $1,761,000, $.25 per share, vs. $2,765,000, $.39 per share, for the same period of 1990. Mr. Wolohan attributed the decline in earnings for the fourth quarter to sluggish sales, lower gross margins, primarily due to higher costs of forest products and increased competitive pressures, and increased operating costs.
 One new store will be opened in May and significant renovation projects are in process at five stores with completion scheduled during the first quarter. Wolohan Lumber continues to look for attractive acquisition opportunities within its Midwest markets. In January, the company borrowed $15 million to finance future store expansion.
 Wolohan Lumber Co. is a publicly held company operating 51 lumber and building material retail 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 Dec. 31 1991 1990
 Sales $69,920,000 $67,748,000
 Net income $1,761,000 $2,765,000
 Per share(a) $.25 $.39
 For the year ended Dec. 31 1991 1990
 Sales $303,715,000 $295,570,000
 Net income $9,325,000 $11,826,000
 Per share(a) $1.31 $1.66
 (a) Adjusted for the 10-percent stock dividend in 1991.
 -0- 2/13/92
 /CONTACT: Robert F. Anderson or David G. Honaman of Wolohan Lumber Co., 517-793-4532/
 (WLHN) CO: Wolohan Lumber Co. ST: Michigan IN: REA SU: ERN


ML -- DE015 -- 9694 02/13/92 11:21 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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