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CHANCELLOR CORPORATION NARROWS FIRST QUARTER LOSS

 CHANCELLOR CORPORATION NARROWS FIRST QUARTER LOSS
 BOSTON, May 12 /PRNewswire/ -- Chancellor Corporation


(NASDAQ: CHCR) reported a net loss of $499,000 (or 13 cents per share) for the three months ended March 31, 1992. This compares with a net loss of $951,000 (or 25 cents per share) for the same period last year. The company's revenues were $5.9 million for the three months ended March 31, 1992 as compared to $7.2 million for the corresponding period in 1991.
 Stephen G. Morison, president and chief executive officer, stated: "Chancellor Corporation's decline in revenues and smaller first quarter loss are in line with our expectations and are attributable to the company's downsizing and what is historically the slowest period of the company's year for business origination. The business backlog for the second quarter is strong, and we are confident that the company will achieve more positive results during the remainder of 1992."
 The company also announced today that it has entered into an agreement with a group of the company's lenders to extend and amend certain loan and forbearance agreements which were initially entered into among the company, its affiliates and the lenders in April 1990 and which have since been renewed on a number of occasions. The new extension also provides for sufficient additional time for Chancellor to complete the lender normalization process it has been engaged in over the past year.
 Founded in 1977, Chancellor Corporation has, in recent years, concentrated on the leasing of transportation equipment. It is also involved in the leasing of aircraft, communications, material handling and other equipment. Chancellor Corporation common stock is listed on the National Association of Securities Dealers (NASDAQ) Automated Quotation System.
 CONSOLIDATED SUMMARY OF OPERATIONS
 (In thousands except per share amounts)
 Three Months Ended
 3/31/92 3/31/91
 Revenues $5,899 $7,188
 Net loss ($499) ($951)
 Average shares outstanding 3,870 3,776
 Net loss per share (13 cents) (25 cents)
 -0- 5/12/92
 /CONTACT: Stephen G. Morison, president and chief executive officer or William J. Guthlein, vice president, treasurer and chief financial officer of Chancellor Corporation, 617-728-8500/
 (CHCR) CO: Chancellor Corporation ST: Massachusetts IN: TRN SU: ERN


TM -- NE018 -- 9229 05/12/92 14:58 EDT
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Date:May 12, 1992
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