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CONSOLIDATED MERCANTILE CORPORATION REPORTS RESULTS

 TORONTO, Aug. 20 /PRNewswire/ -- Consolidated Mercantile Corporation (NASDAQ: CSLMF) announced today results for the six months ended June 30, 1993. Consolidated revenues for the period were $16,026,825 yielding a net loss of $365,896 or 11 cents per share, compared with revenues of $14,073,874 and a net loss of $314,710 or 10 cents per share in the comparable 1992 period. The results of operations do not consolidate those of Distinctive Designs Furniture Inc., acquired earlier in the year and accounted for on the equity basis. Combined sales for the group, including Distinctive, were $25,248,775. As expected, results of operations were impacted by the seasonality of products sold.
 The company's specialty covering and packaging subsidiaries recently completed a new $10 million bank financing facility, including approximately $2 million of long-term debt. As part of this arrangement, the company has been released from all guarantees relating to this operating subsidiary.
 The company is completing arrangement for the final redemption of all outstanding convertible subordinate debentures, as well as the current portion of its series A debentures.
 Consolidated Mercantile Corporation is a diversified holding company with interests in packaging, specialty covers, furniture and investment enterprises.
 -0- 8/20/93
 /CONTACT: Stan Abramowitz, secretary, of Consolidated Mercantile, 416-920-0500/
 (CSLMF)


CO: Consolidated Mercantile Corporation ST: New York IN: SU: ERN

MP-SM -- NY046 -- 4762 08/20/93 16:11 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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