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GIANT GROUP LTD. REPORTS FIRST QUARTER 1993 EARNINGS

 BEVERLY HILLS, Calif., April 30 /PRNewswire/ -- Burt Sugarman, chairman and chief executive officer of GIANT GROUP LTD. (NYSE: GPO) announced today the results of the first quarter ended March 31, 1993:
 Net sales for the three months ended March 31, 1993, was $14,505,000 compared to $14,370,000 for the three months ended March 31, 1992.
 Net loss for the three months ended March 31, 1993, was $1,559,000 or $.30 per share compared to a net loss of $2,450,000 or $.47 per share in the first quarter of 1992.
 The operating results for the first quarter were substantially improved as a result of our very successful efforts to reduce costs. Our operating loss for the three months was $2,146,000 compared to $3,996,000 a year ago.
 On April 1, 1993, Giant Cement and Keystone Cement instituted price increases of $5 per ton for all cement products. The price increase is holding and we expect significantly improved revenues. We anticipate substantially improved earnings for the remainder of 1993 as a results of the price increase and especially our cost control measures.
 Shipping volumes were off slightly in the first quarter, however, the economic recovery appears to be intact in our marketing areas and we believe 1993 shipments will improve and surpass 1992 by 3-5 percent. In our southeastern markets, cement supplies were low in April, which is very unusual this early in the year.
 GIANT GROUP LTD. owns 39 percent of Rally's Inc. (NASDAQ: RLLY). Rally's is the largest chain of double drive-thru hamburger restaurants in America, and operates or franchises 465 fast-service restaurants in 25 states. GIANT also owns Keystone Cement Co. and Giant Cement Co., who manufacture and sell cement products in Southeastern, Northeastern and Middle Atlantic regions of the United States. GIANT is a pioneer in the Resource Recovery burning of waste materials.
 GIANT GROUP LTD.
 Financial Highlights
 Three Months ended
 March 31,
 1993 1992
 Net sales $14,505,000 $14,370,000
 Operating loss (2,146,000) (3,996,000)
 Loss before income
 taxes (2,362,000) (3,710,000)
 Credit for income
 taxes (803,000) (1,260,000)
 Net loss ($1,559,000) ($2,450,000)
 Per common share:
 Primary ($.30) ($.47)
 Fully diluted $(a) $(a)
 Weighted average
 common shares:
 Primary 5,180,000 5,214,000
 Fully diluted (a) (a)
 (a) Not presented, antidilutive.
 -0- 4/30/93
 /CONTACT: Burt Sugarman, chairman and CEO of GIANT GROUP LTD., 310-273-5678/
 (GPO RLLY)


CO: GIANT GROUP LTD. ST: California IN: SU: ERN

EH -- LA009 -- 3084 04/30/93 09:44 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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