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EMONS HOLDINGS REPORTS YEAR-END AND FOURTH QUARTER RESULTS

 EMONS HOLDINGS REPORTS YEAR-END AND FOURTH QUARTER RESULTS
 YORK, Pa., Sept. 21 /PRNewswire/ -- Emons Holdings, Inc. (NASDAQ: EMHO) today announced a net loss of $1,981,918 for the year ended June 30, 1992, as compared to net earnings of $1,354,932 for the year ended June 30, 1991.
 The loss of $1,981,918 in fiscal 1992 is down from the loss from continuing operations of $2,192,368 in fiscal 1991. After preferred dividend requirements, the company reported a loss applicable to common stock of $2,239,864 or $.42 per share, for fiscal 1992 as compared to earnings applicable to common stock of $1,089,856, or $.20 per share, for fiscal 1991.
 For the fourth quarter ended June 30, 1992, the company reported a net loss of $503,512 as compared to net earnings of $2,401,983 for quarter ended June 30, 1991. The loss of $503,512 for the fiscal 1992 fourth quarter is up from the loss from continuing operations of $469,053 for the fiscal 1991 fourth quarter. Revenues were $3 million for the fiscal 1992 quarter, up from $2.7 million for the fiscal 1991 quarter.
 Revenues increased by $742,000 or 7 percent to $11.2 million in fiscal 1992 from fiscal 1991. This increase in revenues was largely attributable to a 3 percent increase in carloadings, an increase in revenue per carload, increased business at the company's rail/truck transfer facilities and railcar brokerage fees from certain contracts that were not sold when the company sold and discontinued its railcar management and brokerage business in fiscal 1991. The increase in carloads are the result of the company's intensified marketing effort. The improvement in revenue per carload reflects improved rate structures with connecting railroads including the benefits from the modified agreement between the St. Lawrence & Atlantic Railroad and the Canadian National Railway. Negatively affecting the results for 1992 were higher track maintenance costs and two derailments on the St. Lawrence & Atlantic Railroad. The results for the fourth quarter of fiscal 1992 would have shown a significant improvement if it were not for $125,000 in severance costs associated with downsizing personnel, a $90,000 provision for deferred state income taxes and costs associated with a derailment that occurred in March 1992.
 Robert Grossman, chairman and president, stated he expects a dramatic turnaround for the company in fiscal 1993 and, "We are on the right track to return to profitability." The company modified the financial terms of the operating/marketing and loan agreements for its St. Lawrence & Atlantic Railroad subsidiary, which are expected to positively impact results by more than $800,000 annually. The company downsized operating personnel during the year, management staff at year- end and reduced administrative expenses which will reduce costs by about $700,000 annually. Grossman added, "We strengthened our sales and marketing staff and as a result of current marketing programs the company expects to increase revenues even in this difficult economy. He further stated that in fiscal 1993 the company will concentrate on improving operations and revenue growth from existing operations rather than through acquisitions. Previously, the company had stated that it was aggressively pursuing acquisitions.
 Grossman also stated that the company recently received approval for $2 million in track rehabilitation programs and expects finalization of another $800,000 shortly. Under these programs, the government will fund 70 percent of these amounts and the company the remaining 30 percent. Operating efficiencies will improve further as these programs are completed over the next 18 months.
 Emons Holdings, Inc., a freight transportation and distribution services company headquartered in York, owns and operates short-line railroads, rail/truck transload facilities and provides companies with logistic services for movement and storage of their freight.
 Emons Holdings' shares of common stock and convertible preferred stock are traded in the over-the-counter securities market and the common shares are listed on NASDAQ under the symbol "EMHO."
 EMONS HOLDINGS, INC.
 (Unaudited)
 Periods ended Three months Year
 June 30 1992 1991 1992 1991
 Revenues $3,037,123 $2,723,553 $11,152,748 $10,410,770
 Loss from continuing
 operations (503,512) (469,053) (1,981,918) (2,192,368)
 Earnings from discontinued
 operations --- 108,171 --- 784,435
 Gain on sale of
 discontinued operations --- 2,762,865 --- 2,762,865
 Net earnings (loss) (503,512) 2,401,983 (1,981,918) 1,354,932
 Preferred dividend
 requirements 64,487 66,269 257,946 265,076
 Earnings (loss)
 applicable to
 common stock (567,999) 2,335,714 (2,239,864) 1,089,856
 Average common shares
 and common share
 equivalents
 outstanding 5,550,188(A) 6,754,166 5,394,638(A) 6,878,182
 Loss per common
 share from
 continuing operations $(.10)(A) $(.07) $(.42)(A) $(.31)
 Earnings (loss)
 per common share
 and common share
 equivalent (.10)(A) .36 (.42)(A) .20
 (A) Does not include common share equivalents since they are anti- dilutive.
 /delval/
 -0- 9/21/92
 /CONTACT: Robert Grossman, chairman and president of Emons Holdings, 717-771-1701/
 (EMHO) CO: Emons Holdings, Inc. ST: Pennsylvania IN: TRN SU: ERN


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Date:Sep 21, 1992
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