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CANAL CAPITAL REPORTS FIRST QUARTER RESULTS

 CANAL CAPITAL REPORTS FIRST QUARTER RESULTS
 NEW YORK, March 10 /PRNewswire/ -- Canal Capital Corporation


(NYSE: COW) today reported a net loss of $838,000, or $0.20 per common share, for the quarter ended Jan. 31, 1992, as compared with a net loss of $239,000, or $0.06 per common share, for the same period in 1991.
 The 1992 loss was due primarily to reduced operating income from Canal's art, real estate and investing operations. Although the sales volume from Canal's art operations for the first quarter of 1992 was consistent with the previous year, the 1992 operating results of this program generated a loss of $488,000 as compared to 1991 operating income of $73,000. Real estate operations for the first quarter of 1991 included a $160,000 land sale which generated operating income of approximately $120,000. There were no land sales in the first quarter of 1992. Canal's investing operations for the first quarter of 1991 contributed $115,000 to operating income. There was no investing activity in the first quarter of 1992.
 Revenues, which include gross sales from Canal's art and real estate operations, as well as the income or loss from the company's investing operations, were $1,612,000 for fiscal 1992, as compared with $1,924,000 in fiscal 1991. The 1992 decrease in revenues is due primarily to Canal's curtailing its investing operations and a decrease in revenues generated by land sales.
 CANAL CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Operating Results
 Three months ended Jan. 31 1992 1991
 Revenues $1,612,000 $1,924,000
 Net income (loss) (838,000) (239,000)
 Net income (loss) applicable
 to common shares (862,000) (260,000)
 Net income (loss) applicable to
 common shares (0.20) (0.06)
 -0- 3/10/92
 /CONTACT: Canal Capital Corporation, 212-826-6040/
 (COW) CO: Canal Capital Corporation ST: New York IN: SU: ERN


SH-OS -- NY058 -- 7022 03/10/92 16:03 EST
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Date:Mar 10, 1992
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