The Rowe Companies Authorized to Purchase 1,000,000 Common Shares

Furniture World Magazine

The Rowe Companies (NYSE: ROW) announced that its Board of Directors has authorized the purchase of 855,000 additional common shares on the open market, bringing to 1,000,000 common shares the Company is now authorized to purchase. The shares to be purchased represent 6.5% of the outstanding common stock. The Board on November 5, 1997 approved the purchase of 1,100,000 common shares (adjusted for a recent 10% stock dividend), of which to date Rowe has purchased 955,000 shares. There are 13.2 million shares currently outstanding. "Given the opportunities we believe exist for The Rowe Companies, the Company's stock at recent price levels represents a significant long-term value. Thus, we are substantially increasing our buy back program," said Gerald M. Birnbach, Chairman and CEO. The Rowe Companies is comprised of Rowe Furniture, a major manufacturer of quality upholstered furniture; The Mitchell Gold Co., a fast-growing, upholstered furniture manufacturer serving some of the nation's leading specialty retailers; The Wexford Collection, a manufacturer of casual wood furniture; Storehouse, Inc., a 43-store retail furniture chain; and Home Elements, a 16-store specialty retail furniture group.