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

DATE: THURSDAY, February 7, 1991                   TAG: 9102070146
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

LADD FURNITURE SEES EARNINGS FALL

LADD Furniture Inc., parent of American of Martinsville, reported higher sales for 1990 but a sharp drop in earnings caused by a restructuring charge of $5.1 million for reserves and the planned sale of idle factories.

The High Point, N.C. company said its sales rose 13 percent to $511.9 million from $453 million as a result of its acquisition of the former Maytag Furniture Group. Net earnings were $480,000, down from $16.7 million a year ago. In the fourth quarter, LADD lost $6.7 million against earnings of $1.1 million; sales were $113.8 million, down 13 percent from $130.6 million. - Staff report

by CNB