Lindal Cedar Homes earns $.33 per share on 1995 revenues of $42.3 million

Business Wire, Feb 20, 1996

SEATTLE--(BUSINESS WIRE)--Feb. 20, 1996--Lindal Cedar Homes Inc. (NASDAQ:LNDL) today reported net earnings of $1,337,000, or $.33 per share, on revenues of $42.3 million in 1995 compared to net earnings of $1,017,000, or $.25 per share, on revenues of $39.5 million in 1994.

Both 1994 and 1995 net earnings include after-tax income due to a refund of tarriffs withheld by the U.S. government on the use of Canadian lumber from 1992 until early 1994. 1995 net earnings also include profits Lindal earned from harvesting its timber rights in British Columbia which were acquired in 1994, primarily, to lock up a two-year supply of cedar for the company's custom homes. Neither event is expected to occur in 1996.

The timber harvest, which was completed last summer, contributed a total of $503,000, or $.12 per share, to the company's net earnings in 1995. Also included in 1995 net earnings is approximately $130,000 or $.03 per share, of after-tax income due to tarriff refunds. 1994 net earnings include approximately $400,000, or $.10 per share, of after-tax income due to the tarriff refund.

Lindal reported a loss of $43,000, or $.01 per share, on revenues of $10.2 million in 1995's fourth quarter compared to a net income of $481,000, or $.12 per share, on revenues of $10.0 million in the fourth quarter of 1994. The 1994 results reflect approximately $400,000, or $.10 per share, of after-tax income due to the tariff refund.

"Lindal entered 1996 with a record backlog of custom home orders. 1996 looks like it could be a good year for housing because of the trend towards lower interest rates," said Robert Lindal, chairman and chief executive officer.

Lindal Cedar Homes is the world's largest manufacturer of top-of-the-line, year-round cedar homes which are sold under the trademarks of Lindal Cedar Homes and Lindal SunRooms. Over 175 distributors are located in the United States, Canada, Japan, and other foreign countries. -0-

                  LINDAL REPORTS 1995 FINANCIAL RESULTS