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WTD INDUSTRIES ANNOUNCES AGREEMENT WITH CREDITORS; REPORTS FIRST-QUARTER RESULTS

 WTD INDUSTRIES ANNOUNCES AGREEMENT WITH CREDITORS;
 REPORTS FIRST-QUARTER RESULTS
 PORTLAND, Ore., Aug. 31 /PRNewswire/ -- WTD Industries Inc. (NASDAQ: WTDQC) announced today that it has reached an agreement in principle with representatives of its major creditors on the material terms of a consensual plan in its Chapter 11 proceedings. The creditor group, consisting of senior lenders, bondholders and unsecured creditors, has agreed with the company that an amended Plan and Disclosure Statement will be filed with the court as soon as possible. The amended plan to be filed will replace both plans currently before the court.
 The hearing to approve the Disclosure Statement and establish a plan confirmation hearing schedule will be held on Oct. 5, 1992.
 WTD also reported today a net loss of $1.2 million, or 19 cents per share, for the quarter ended July 31, 1992, compared to net income of $3.1 million, or 49 cents per share, for the same period in 1991. First-quarter net sales were $63.6 million compared to $56.2 million for the comparable period last year.
 "Continued weakness in the national economy kept lumber prices depressed during the quarter," said WTD President Bruce L. Engel.
 WTD also reported that Judge Samuel J. Steiner, presiding over the Chapter 11 reorganization proceedings of WTD, recently ruled that the company may continue to use cash collateral under an operating budget through the effective date of its Plan of Reorganization or Nov. 30, 1992, whichever is sooner.
 "We believe that the consensual plan, which is based upon updated economic forecasts, will maximize the company's viability and its performance as a reorganized operation. Existing common stock will remain in place, though significantly diluted. We look forward to emergence from Chapter 11 by the end of this calendar year," Engel concluded.
 Details of the plan will be available on Sept. 28, 1992.
 WTD INDUSTRIES INC.
 FINANCIAL HIGHLIGHTS
 (Unaudited, in thousands, except per-share amounts)
 Three Months Ended July 31: 1992 1991
 Net sales $ 63,628 $ 56,239
 Cost of sales 61,308 48,515
 Gross profit 2,320 7,724
 Selling, general and administrative
 expenses 2,757 3,491
 Reorganization charges 736 1,019
 Operating income (loss) (1,173) 3,214
 Other income (expenses):
 Interest expense (21) (131)
 Miscellaneous 3 34
 Total (18) (97)
 Income (loss) before income taxes (1,191) 3,117
 Provision for income taxes -- 1,247
 Income (loss) before extraordinary item (1,191) 1,870
 Extraordinary item - income tax benefit
 of net operating loss carryforward -- 1,185
 Net income (loss) $(1,191) $ 3,055
 Net income (loss) per common share:
 Before extraordinary item $ (0.19) $ 0.30
 Extraordinary item -- 0.19
 Net income (loss) $ (0.19) $ 0.49
 Average number of shares outstanding 6,229 6,229
 -0- 8/31/92
 /CONTACT: Bruce Davis of WTD Industries, 503-246-3440/
 (WTDQC) CO: WTD Industries Inc. ST: Oregon IN: PAP SU: ERN


LM-SF -- SE007 -- 5193 08/31/92 18:47 EDT
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Date:Aug 31, 1992
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