Christiana reports first quarter results.

MILWAUKEE--(BUSINESS WIRE)--Oct. 29, 1996--At its annual meeting today, Christiana Companies, Inc. (NYSE:CST) reported financial results for the first quarter of fiscal 1997.

For the three months ended September 30, 1996 revenues increased 3% to $20,480,000 due primarily to higher volume in logistic services at Total Logistic Control, the Company's principal operating subsidiary. This unit also recently completed construction of two large warehouses. Occupancy of these facilities is rapidly increasing which will be reflected in warehousing revenue growth in future periods.

Net earnings in the first quarter were $1,083,000 or $0.21 per share compared to $1,638,000 or $0.32 per share for the same period last year. Earnings in this period were negatively impacted by three factors:

-- Reduced volume of vegetable freezing and processing services.

-- Startup costs and higher depreciation and interest expense

attributable to bringing into operation two new warehouses.

-- Four fewer home sales and increased expenses associated with

completing the final phase of selling Villa Martinique.

Partially offsetting these factors was the increase in equity earnings from Energy Ventures, Inc.

Operating cash flow (net earnings plus non-cash charges plus net cash from real estate sales) generated by Christiana's business units in the first quarter totaled $3,612,000, equivalent to $0.70 per share.

RESULTS OF OPERATIONS

Total Logistic Control

Total Logistic Control provides integrated third party logistic services comprised of public refrigerated and non-refrigerated warehousing, transportation and distribution. Total Logistic Control revenues for the first quarter increased 3% to $20,480,000 from $19,937,000 reported for the comparable period last year. Revenues from logistic services increased 8% year to year. Refrigerated warehousing revenues increased in all areas except vegetable freezing due to higher utilization of existing capacity and the recent completion of a 3.9 million cubic foot facility in Rochelle, Illinois. For the quarter, revenues from this segment were level with last year. Revenues from dry warehousing and other services increased 6% due primarily to higher volume in freight forwarding services.

Net earnings in the first quarter from Total Logistic Control were $503,000 compared to $1,072,000 reported for the same period last year. Earnings this year were impacted by several factors:

-- Vegetable freezing and processing volume was down by 50%

this year due to both poor harvest yields and fewer

regionally-based customers remaining in the frozen vegetable

business. This season's vegetable freezing volume was

18 million pounds versus 36 million pounds last year. The

reduced volume and its effects lowered net earnings this

quarter by approximately $400,000.

-- Total Logistic Control recently invested $14 million in

building two large warehouses which are now operational.

Capacity utilization of these facilities is rapidly

increasing and near full occupancy is expected in the

second quarter. Start-up costs, higher depreciation and

interest expenses attributable to the new capacity combined

to reduce net earnings in this period by approximately

$220,000.

Real Estate

Ten home sales were completed in this year's first quarter contributing net earnings of $173,000 compared to the sale of 14 homes last year which generated net earnings of $512,000. Increased refurbishment expense and sales incentives were incurred in completing the final phase of selling Villa Martinique. At quarter end Christiana had two homes remaining to be sold.

Energy Ventures, Inc.

Equity in earnings of Energy Ventures, Inc. in the first quarter totaled $890,000 compared to $404,000 reported for the same period last year. EVI's consolidated financial results for the quarter were very strong led by substantially increased demand for downhole tubular goods produced by Grant Prideco. For the three months ended September 30, 1996 EVI's revenues were $160.6 million up 71% and net earnings totaled $9.8 million or $0.45 per share reflecting an increase of 174% over last year's comparable period.

Christiana owns 1,948,731 shares of EVI representing an 8.8% ownership interest. At current market prices these shares have a value of approximately $87 million, equivalent to $17.00 per Christiana share.

Chairman Sheldon B. Lubar said, "The quarter's financial results do not adequately reflect the progress being made in improving the operational performance of our warehousing and logistics business. We have significantly increased our capacity and recruited additional operating management to build this business. As the utilization of our facilities increases and our costs are better managed, our financial results should reflect strong improvement in the periods ahead." He further noted, "EVI's operating performance has been exceptional. The outlook for continued growth in the energy service markets it serves is strong. EVI is expected to complete the previously announced sale of Mallard Drilling in the current quarter which will generate approximately $250 million of after-tax cash for strategic reinvestment in building its downhole premium tubulars and oil field production systems businesses."

In other actions at the annual meeting, shareholders elected the following nominees to the Board of Directors, each to serve a one-year term: Nicholas F. Brady, William T. Donovan, Raymond F. Logan, David J. Lubar, Sheldon B. Lubar, Albert O. Nicholas, John R. Patterson and Gary A. Sarner.

Christiana's principal operating business is providing refrigerated and non-refrigerated integrated warehousing and logistic services. Operations are conducted through a network of 16 distribution-oriented public warehouses, comprised of 33 million cubic feet of refrigerated and frozen storage capacity in 7 locations servicing the entire Midwest and a national network of 9 dry distribution centers providing 1.6 million square feet of storage capacity in key markets across the U.S. Christiana's principal investment is its holding of approximately 8.8% of Energy Ventures, Inc., an international energy service and equipment company engaged in manufacturing drill pipe and premium tubulars and oil field production tools and systems. -0-

                 CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES
                      Consolidated Statement of Earnings
                               (Unaudited)

                                        Three Months Ended
                                           September 30
                                   _____________________________
                                       1996             1995
                                   _____________   _____________
Revenues:
  Warehousing and Logistic Services  $20,480,000    $19,937,000
                                   _____________   _____________
                                     $20,480,000    $19,937,000
                                   _____________   _____________

Costs and Expenses:
  Warehousing and Logistic Expenses   17,220,000     16,083,000
  Selling, General and Administrative
   Expenses                            1,771,000      1,801,000
                                   _____________   _____________
                                      18,991,000     17,884,000
                                   _____________   _____________
Earnings from Operations               1,489,000      2,053,000

Other Income (Expense):
  Interest Income                        133,000        128,000
  Interest Expense                      (867,000)      (773,000)
  Gains on Sale of Real Estate           284,000        840,000
  Equity in Earnings of Energy
   Ventures, Inc.                        890,000        404,000
  Other Income (Expense)                (162,000)        42,000
                                   _____________   _____________
                                         278,000        641,000
                                   _____________   _____________
Earnings Before Income Taxes           1,767,000      2,694,000

Income Tax Provision                     684,000      1,056,000
                                   _____________   _____________
Net Earnings                         $ 1,083,000    $ 1,638,000
                                   _____________   _____________
                                   _____________   _____________
Net Earnings Per Share                     $0.21          $0.32

Average Number of Shares Outstanding   5,136,630      5,195,630

CONTACT: Christiana Companies, Inc., Milwaukee

William T. Donovan, 414/291-9000