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CANAL CAPITAL CORPORATION REVISES 1992 RESULTS

 NEW YORK, Feb. 4 /PRNewswire/ -- Canal Capital Corporation today reported a revised net loss of $3,817,000 or $0.90 per common share, for the year ended Oct. 31, 1992 as compared with a previously reported net loss of $2,217,000 or $0.53 per common share.
 The increase in the net loss of $1.6 million or $0.37 per common share represents an accrual for damages and associated expenses awarded plaintiffs in a lawsuit against a wholly owned subsidiary of Canal in December 1992. The company is appealing the verdict and believes its arguments to overturn the jury's verdict are well grounded in fact and warranted by existing law. However, the ultimate outcome is unknown at the present time. The company has made an accrual in the amount of $1.6 million relating to this award and associated expenses.
 Revenues, as previously reported, were not affected by this additional accrual.
 CANAL CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Operating Results
 Year Ended Oct. 31 1992 1991
 Revenues $6,968,000 $11,280,000
 Income (loss) from continuing
 operations (4,674,000) (5,300,000)
 Extraordinary gain on retirement
 of debt 857,000 --
 Net income (loss) (3,817,000) (5,300,000)
 Net income (loss) applicable to
 common shares (3,914,000) (5,430,000)
 Net income (loss) per common share $(0.90) $(1.25)
 Three Months Ended Oct. 31 1992 1991
 Revenues $1,368,000 $ 1,692,000
 Net income (loss) (2,740,000) (1,800,000)
 Net income (loss) applicable to
 common shares (2,772,000) (1,830,000)
 Net income (loss) per common share $(0.64) $(0.42)
 -0- 2/4/93
 /CONTACT: Reginald Schauder of Canal Capital Corporation, 212-826-6040/


CO: Canal Capital Corporation ST: New York IN: SU: ERN

WB-PS -- NY078 -- 2997 02/04/93 12:42 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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