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

DATE: SATURDAY, July 30, 1994                   TAG: 9408010035
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

ROWE PLANS STOCK BUY-BACK

Rowe Furniture Co., which has a manufacturing plant in Salem, said Friday it will buy up to 500,000 shares of its common stock on the open market.

Joe Sears of the Roanoke office of Scott & Stringfellow said the stock closed Friday at $8.75, up $1.25, or 16.6 percent, over Thursday's figure. It was as high as $9 at one point Friday.

Volume was 36,800 shares Friday, which is very high for Rowe Furniture. Sears said volume had been unusually heavy for three days, so the market apparently anticipated Friday's move by the Rowe board of directors.

Rowe Chairman Gerald M. Birnbach said the stock buy-back program reflects management's belief that the stock is undervalued. He said Rowe is experiencing excellent business conditions, and its manufacturing facilities are operating with extended production schedules.

The company is benefiting from significant year-over-year increases in orders from existing customers and adding new accounts, he said.

Rowe, a producer of mid-priced upholstered furniture, reported shipments of $53.5 million for the six months ended May 29, up 29 percent over the prior year.

by CNB