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FLS HOLDINGS REPORTS RESULTS

 TAMPA, Fla., May 7 /PRNewswire/ -- FLS Holdings Inc. (NASDAQ-NMS: FLSHP), parent company of Florida Steel Corporation, reported consolidated net sales for the six month period ended March 31, 1993, of $231.1 million as compared with $216.4 million for the six month period ended March 31, 1992. The net loss for the six month period ended March 31, 1993 was $17.1 million vs. $7.4 million net loss for the comparable period a year ago. Net sales for the quarter ended March 31, 1993 sales were $122.7 million as compared with $111.4 million for the quarter ended March 31, 1992. The net loss for the quarter ended March 31, 1993 was $2.6 million compared with net income of $242,000 for the comparable period a year ago.
 As has been previously announced, the merger with Kyoei Steel Ltd. was completed on Dec. 21, 1992. As a result of the merger, the six- month period ended March 31, 1993 was adversely affected by nonrecurring and merger related costs amounting to $9.4 million, net of taxes, all of which was in the quarter ended Dec. 31, 1992. The net loss for the six- month period ended March 31, 1992 included a $4.3 million charge, net of taxes, for the cumulative effect of a change in accounting principle.
 The three-month period ended March 31, 1993 reflects the benefit from the lower debt and lower interest expense; however, scrap costs were approximately 11 percent higher as compared with a year ago.
 FLS HOLDINGS, INC.
 Six Months Ended Three Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Net sales $231,094,584 $216,355,808 $122,736,370 $111,352,402
 Income from
 operations 809,856 14,146,849 2,434,755 10,051,151
 Interest
 and
 Amortization
 of Deferred
 Financing
 Costs 20,713,642 18,372,166 5,943,191 9,258,081
 Income (Loss)
 Before
 Extraordinary
 Item and
 Cumulative
 Effect of
 Change in
 Accounting
 Principle (12,963,368) (3,136,317) (2,569,436) 242,070
 Extraordinary
 Item, Net of
 Income Tax
 Benefit (4,185,000) --- --- ---
 Cumulative
 Effect of
 Change in
 Accounting
 Principle, Net
 of Income Tax
 Benefit --- (4,270,000) --- ---
 Net Income
 (Loss) $(17,148,368) $ (7,406,317) $ (2,569,436) $ 242,070
 Total Tons
 Shipped 754,305 655,816 398,101 339,213
 Depreciation $ 7,660,309 $ 7,807,919 $ 3,769,816 $ 3,809,980
 EBITDA (A) $ 10,152,907 $ 23,289,582 $ 7,219,906 $ 14,627,528
 (A) -- Earnings before interest, taxes, depreciation and amortization.
 Florida Steel Corporation is a Tampa-based steelmaker consisting of five electric mills, 15 reinforcing steel fabricating plants, two reinforcing steel epoxy coating facilities, a post-tension facility, a railroad track spike operation, a transportation division, and a welded wire fabric and nail producing division.
 -0- 5/7/93
 /CONTACT: Marvin F. Hill, chief financial officer of Florida Steel Corporation, 813-251-8811/
 (FLSHP)


CO: FLS Holdings Inc.; Florida Steel Corporation ST: Florida IN: MNG SU: ERN

AW-JB -- FL011 -- 6081 05/07/93 15:50 EDT
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Date:May 7, 1993
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