
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, June 26, 1990                   TAG: 9006260146
SECTION: BUSINESS                    PAGE: A-3   EDITION: METRO   
SOURCE: 
DATELINE:                                 LENGTH: Medium

MOST FURNITURE COMPANIES REPORT INCOME, SALES DOWN

Rowe Furniture Corp. of Salem reported declines in earnings and sales for its second quarter and first half, and Lane Furniture's parent, Interco Inc., said its earnings are below last year mainly because of "soft industry connections."

Rowe's net shipments in the first half of its fiscal year totaled $37.9 million, down from $42.4 million a year ago. Shipments in the first quarter were $18.3 million, down from $20.8 million. Net income for the six months ending June 3 was $475,000, less than half the $1 million earned a year earlier; earnings for the second quarter were $3,000, down from $349,000.

Interco, a St. Louis company operating in bankruptcy reorganization, has seen improvement in furniture order rates and expects a pickup in second-half business, said Richard B. Loynd, chairman. Interco furniture units are Lane and Broyhill Furniture.

In the fiscal year ending in February, Lane, Broyhill and Ethan Allen had a loss of $58,566, compared with earnings of $15,695 the year before. Sales were $910,403, down from $1.1 million. Interco did not report separate financial results for Lane Furniture.

Lane, based at Altavista, has a new line of reclining sofas and love seats that have been well received and its sales "will be above target," Loynd said. - Staff report

***CORRECTION***

Published correction ran on June 28, 1990\ Correction

Because of a reporter's error, a story in Tuesday's editions incorrectly stated that Interco Inc., the St. Louis-based owner of Lane Furniture, is operating in bankruptcy reorganization. The company said it is considering reorganization in bankruptcy as an alternative solution to its financial problems.

***CORRECTION***

Published correction ran on June 29, 1990\ Because of a reporter's error, earnings and sales figures for the Lane, Broyhill and Ethan Allen furniture units of Interco Inc. were incorrect in a story in Tuesday's editions. The units had operating earnings of $101.5 million in the fiscal year ended in February, down from $131.7 million in the year before. Sales were $910.4 million, down from $1.1 billion.

Memo: correction

by CNB