Paul Bush
Chairman and CEO
"The North American furniture market continued to be soft throughout the second quarter, as order patterns from our retail partners remained cautious"

Bush Industries, Inc. (NYSE:BSH) released its second quarter financial results for the period ended June 28, 2003.

Net sales for the second quarter decreased approximately 10.3 percent to $70.8 million compared with $78.9 million in last year's second quarter. Net income was $101,000, or $0.01 per diluted share, compared with net income of $541,000, or $0.04 per diluted share in the same quarter for the previous year. Included in the 2003 second quarter results was a charge of $488,000 net of income taxes ($725,000 pre-tax), or $0.035 per diluted share, which was taken as part of the Company's cost reduction initiative to adjust Bush Furniture North America's capacity and lower ongoing operating costs across all divisions.

The Company currently expects sales in the third quarter to be in a range of $78.0 million to $82.0 million, softer than originally anticipated, and expects a fully diluted EPS loss of $0.05 to $0.10.