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FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS

 FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS
 JACKSONVILLE, Fla., Aug. 5 /PRNewswire/ -- Florida Rock Industries,


Inc. (AMEX: FRK) ("FRI") announced today that the company had improved earnings on lower sales for the third quarter ended June 30, 1992, as the result of management's cost reduction actions over the past two years.
 For the third quarter, ended June 30, 1992, consolidated net sales decreased 8 percent to $70,614,000 from $76,353,000 in the same quarter last year. Gross profit was $10,122,000 as compared to $10,458,000 last year. The decline in sales was due principally to the continuing erosion of demand for construction products in Virginia and Maryland. The Florida and Georgia markets continue to evidence a modest recovery albeit in a sawtooth pattern. Gross profit declined only 3 percent while the gross profit margin actually increased slightly as a result of prior cost reduction actions. Selling, general and administrative expenses were down $932,000 or approximately 12 percent resulting in an increase in operating profit and operating profit margin. Interest expense decreased $512,000 primarily due to lower rates and a reduction in indebtedness. Net income was $1,943,000 up 78 percent from $1,091,000, and earnings per share correspondingly increased to $.21 from $.12.
 In the nine months ended June 30, 1992, net sales decreased 10 percent to $199,640,000 from $220,815,000 for the same period last year. Gross profit increased 5 percent to $25,611,000 from $24,489,000. Interest expense decreased to $2,546,000 from $3,671,000 principally as a result of a decrease in the average interest rate and a decrease in the average debt outstanding. Net income was $1,978,000 or $.21 per share compared with a net loss of ($1,512,000) or ($.16) per share last year.
 With the end of winter weather it now appears that the markets in Maryland and Virginia continue to trend lower and have yet to reach bottom from which a recovery can begin. The markets in Florida and Georgia appear to be gradually recovering. Moreover, activity levels vary widely by local market. The commercial segment of the construction market remains depressed and is not expected to show any signs of recovery for several years until excess space is absorbed and financial institutions are again willing to lend into that market segment. Home building continues to evidence a gradual recovery as related to last year but fluctuates up and down month to month. Federal and state governments continue to advocate accelerating the much needed infrastructure programs in all markets. Activity is starting to increase in road and bridge programs. However, the states continue to be constrained by their ability to fund the full requirements of the needed programs, and the federal government appears unwilling to fully fund the highway bill passed a year ago.
 The construction industry is cyclical and has been in a severe downturn which now appears to be bottoming out and beginning a very gradual recovery. Barring major external economic shocks, the company continues to expect a gradual recovery through the balance of this year which should slowly gain momentum in future years. Management also continues to explore opportunities that will permit the company to maximize its position in its markets which are still expected to experience long-term growth.
 Florida Rock Industries, Inc. is a southeastern construction materials company concentrating in construction aggregates and concrete products.
 FLORIDA ROCK INDUSTRIES, INC.
 Summary of Consolidated Sales and Earnings
 (Dollars in thousands except per share amounts)
 FOR THE THIRD QUARTER ENDED JUNE 30, 1992 AND 1991
 1992 1991
 Net sales $70,614 $76,353
 Gross profit $10,122 $10,458
 Income before income taxes $ 2,590 $ 1,516
 Net income $ 1,943 $ 1,091
 Income per common share $ .21 $ .12
 Number of shares (A) 9,202,715 9,213,580
 FOR THE NINE MONTHS ENDED JUNE 30, 1992 AND 1991
 1992 1991
 Net sales $199,640 $220,815
 Gross profit $25,611 $24,489
 Income (loss) before
 income taxes $ 2,637 ($ 2,100)
 Net income (loss) $ 1,978 ($ 1,512)
 Earnings (loss)
 per common share $ .21 ($ .16)
 Number of shares (A) 9,203,355 9,213,896
 (A) -- Weighted average number of shares used in computing earnings per common share.
 -0- 8/5/92
 /CONTACT: Ruggles B. Carlson, vice president-finance and treasurer, of Florida Rock Industries, 904-355-1781/
 (FRK) CO: Florida Rock Industries, Inc. ST: Florida IN: CST SU: ERN


JJ-JB -- FL004 -- 7123 08/05/92 13:05 EDT
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Date:Aug 5, 1992
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