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

DATE: FRIDAY, January 17, 1992                   TAG: 9201170182
SECTION: BUSINESS                    PAGE: A-9   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

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REPORTED EARNINGS

Rowe Furniture's income quadruples in 4th quarter

Rowe Furniture Corp. of Salem on Thursday reported its 1991 fourth-quarter net income quadrupled that of the 1990 quarter despite a decline in sales.

The company still ended the 1991 fiscal year with a net loss of $474,000. That compares with profit of $263,000 in 1990.

Rowe Chairman Gerald Birnbach said the positive fourth-quarter showing reflected employee teamwork that raised productivity and held down production costs.

Fourth-quarter per-share earnings were 16 cents; for the year, there was a per-share loss of 18 cents.

Fourth-quarter net income was $392,000, up 263 percent from $108,000 in 1990. Net shipments, or revenues, were $17.2 million, down 2.3 percent from $17.6 million in 1990.

For the year ended Dec. 2, net shipments were $63.8 million, down 11.5 percent from $72.1 in fiscal 1990.

LADD Furniture cancels 4th-quarter dividend

LADD Furniture Inc., which owns American of Martinsville contract and residential divisions, on Thursday reported it will not pay a fourth-quarter dividend. The company estimated a fourth-quarter loss of 55 cents to 60 cents a share.

LADD's most recent quarterly cash dividend was 3 cents per share, paid on Nov. 15.

Chairman Richard R. Allen said LADD will report a "significant" fourth-quarter loss. He said figures will be released early next month.

The loss includes an increase in bad debt reserves and severance and early retirement pension expenses for 150 employees, a LADD spokesman said.

The spokesman said the employee reduction came from white-collar ranks. LADD's total work force is more than 6,000.

LADD, headquartered in High Point, N.C., is one of the largest U.S. producers of residential and contract furniture. It owns American Drew, American of Martinsville, Barclay, Brown Jordan, Clayton Marcus, Daystrom, Design Horizons, Lea Industries and Pennsylvania House.

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