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WOLOHAN LUMBER CO. REPORTS RECORD SALES

 SAGINAW, Mich., Oct. 13 /PRNewswire/ -- James L. Wolohan, president and chief executive officer for Wolohan Lumber Co. (NASDAQ-NMS: WLHN), reported third-quarter earnings of $3,144,000, $.44 per share, vs. $3,866,000, $.54 per share, for the same period of 1992. The earnings decline was due to the effect of lower gross margins (270 basis points lower than 1992), which offset the increase in sales and a slightly lower expense factor.
 Sales for the third quarter were $111,541,000, compared with $99,343,000 for the same period of 1992. The increase in sales resulted from a 13-percent increase in consumer (DIY) sales and an 11-percent increase in professional contractor sales. Sales at comparable stores (stores in operation at Sept. 30 and opened prior to July 1, 1992) increased 10 percent.
 Net income for the first nine months of 1993 (before the cumulative effect of an accounting change) was $7,679,000, $1.08 per share, compared with $8,613,000, $1.21 per share, in 1992. Sales for the nine- month period ended Sept. 30, 1993, were $278,759,000, a 5-percent increase over the same period of 1992.
 Wolohan Lumber Co. operates 54 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 SEPT. 30 1993 1992
 Sales $111,541,000 $99,343,000
 Net income 3,144,000 3,866,000
 Per share $.44 $.54
 FOR THE NINE MONTHS ENDED SEPT. 30 1993 1992
 Sales $278,759,000 $246,777,000
 Income before cumulative effect of
 accounting change $7,679,000 $8,613,000
 Cumulative effect of change in method
 of accounting for income taxes 516,000 ---
 Net income $8,195,000 $8,613,000
 Per share before cumulative effect
 of accounting change $1.08 $1.21
 Cumulative effect of change in method
 of accounting for income taxes .07 ---
 Per share after cumulative effect $1.15 $1.21
 -0- 10/13/93
 /CONTACT: Robert F. Anderson or Edward J. Dean of Wolohan Lumber, 517-793-4532/
 (WLHN)


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

SM -- DE041 -- 1755 10/13/93 14:13 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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