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WOLVERINE WORLD WIDE THIRD QUARTER RESULTS; NET LOSS OF $7.3 MILLION INCLUDES ONE TIME CHARGE OF $5.8 MILLION (AFTER TAX)

 WOLVERINE WORLD WIDE THIRD QUARTER RESULTS; NET LOSS OF $7.3 MILLION
 INCLUDES ONE TIME CHARGE OF $5.8 MILLION (AFTER TAX)
 ROCKFORD, Mich., Oct. 23 /PRNewswire/ -- Wolverine World Wide Inc. (NYSE: WWW) today reported a third quarter loss of $1.11 per share, or $7,347,000, which included a special charge of 88 cents per share, or $5,800,000 after tax. The special pre-tax charge of $9.5 million relates primarily to the company's previously announced disposition of its Brooks athletic shoe business, as well as other restructuring charges including severance costs for personnel reductions and discontinuance of an obsolete warehouse system. The charge for Brooks includes a write-down of assets and a provision for operating losses from the end of the third quarter through the expected date of sale.
 Sales in the 12-week period ending Sept. 5, 1992, were $86.5 million compared to $80.2 million in the year earlier period. This year's third period loss of $7,347,000 or $1.11 per share compares to last year's comparable period profit of $1,591,000 or 24 cents per share.
 The company reported that the Brooks Division had an after-tax loss in its wholly-owned European operations of 32 cents per share in the third quarter. Excluding that loss and the special charge, the company had a 9 cents per share profit.
 "We expect to complete the Brooks sale close to year-end which will clear the decks and enable us to focus all our energies and resources on developing the consumer recognition, trade reputation and comfort technologies of our core footwear brands,'' said Thomas D. Gleason, Wolverine World Wide chairman and CEO.
 "Divestiture of Brooks strongly positions Wolverine as a leading competitor in the key markets served by our core brands: (1) Hush Puppies in Comfort Casual Footwear for the entire family, (2) Wolverine Brand in Work and Outdoor Footwear, (3) Tru-Stitch in Constructed Slippers, and (4) Bates in Uniform Footwear," said Geoffrey B. Bloom, Wolverine president and COO.
 The executive said they expected Wolverine would complete 1992 with a traditionally profitable performance in the fourth quarter and anticipated 1993 would be a strong year for the company.
 A loss of $1.33 per share was reported for the first 36 weeks of 1992 compared with net earnings of $.35 per share for the comparable period ended Sept. 7, 1991. Net sales for the current nine months exceeded prior year by $15.5 million.
 Wolverine adopted FASB Statement No. 109, "Accounting For Income Taxes,'' in the third quarter of 1992 and restated the financial statements for all prior periods.
 Wolverine World Wide Inc. manufactures and markets a wide variety of branded footwear and pigskin leather. Major brands include Hush Puppies(R) shoes, Wolverine(R) work and sport footwear, Wolverine Wilderness(R) footgear, clothing and accessories, Coleman(R) footgear, Brooks(R) athletic footwear clothing and accessories, Bates(R) uniform footwear and Bates Floaters(R), French Toast children's shoes, Tru Stitch(R) slippers, Sioux-Mox(R) moccasins, Wimzees(R) casual footwear, Town and Country(TM) women's shoes, Kroupana(R) sueded pigskin and Breathin' Brushed Pigskin(R) leathers.
 -0- 10/23/92
 /CONTACT: Jim Lovejoy of Wolverine World Wide Inc., 616-866-5539 or fax, 616-866-0257/
 (WWW) CO: Wolverine World Wide Inc. ST: Michigan IN: TEX SU: ERN


TM -- NY076 -- 4380 10/23/92 17:40 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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