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Hooker Furniture Reports Increased Sales and Earnings for the 2003 Third Quarter; Company Sets Nine Month Sales Record.

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Business Editors

MARTINSVILLE, Va.--(BUSINESS WIRE)--Sept. 30, 2003

Hooker Furniture (Nasdaq-SCM: HOFT) today reported record third quarter sales and higher year over year earnings for its quarter ended August 31, 2003. Net sales of $74.7 million increased 36.6% from $54.7 million in the third quarter of 2002, marking the seventh consecutive quarter of increased sales compared with the same prior year periods. Net income for the 2003 third quarter of $3.5 million, or $0.61 per share, increased 11.2% from $3.2 million, or $0.56 per share, in the 2002 quarterly period.

"We're very pleased with our third quarter operating results, especially our top line growth," said Paul B. Toms Jr., chairman and chief executive officer, noting that "this was the strongest quarter so far in 2003 for year over year sales growth in wood furniture."

Hooker set a nine-month sales record with sales of $229.3 million for the first nine months of 2003. "Given the mixed operating results in our industry, we believe we are gaining market share," Toms said. Sales for the 2003 nine-month period increased 28.9% from $177.9 million in the same 2002 period. Profitability for the 2003 nine-month period also increased compared to a year ago. For the first nine months of 2003 net income increased 17.2% to $11.1 million, or $1.94 per share, compared with $9.5 million, or $1.68 per share, in the 2002 nine-month period. Profitability for the 2003 nine-month period was negatively impacted by a special $1.5 million pretax ($911,000 after tax, or $0.16 per share) restructuring and asset impairment charge related to the August 2003 closing of Hooker's Kernersville, N.C. manufacturing facility.

Sales increases in the 2003 periods can be attributed to growth resulting from the Company's January 2003 acquisition of leather upholstery specialist Bradington-Young and internal growth within Hooker Furniture's wood furniture operations. "The integration of the Hooker and Bradington-Young sales forces into one selling organization is now complete, and we are beginning to see improved results from that integration," Toms said. Net sales for the Company's wood...

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