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HONDO REPORTS THIRD QUARTER RESULTS

 ROSWELL, N.M., Aug. 17 /PRNewswire/ -- Hondo Oil & Gas Co. (AMEX: HOG) today reported a net loss from continuing and discontinued operations of $5,783,000, or 45 cents per share, for the quarter ended June 30, 1993. This compares with net income of $14,035,000, or $1.08 per share, for the third quarter of fiscal 1992. The loss for the current quarter includes additional discontinued loss provisions of $2,800,000. The quarterly results for fiscal 1992 included a gain of $23.1 million from the sale of substantially all of the company's domestic oil and gas properties.
 For the nine-month period, the net loss from continuing and discontinued operations was $10,719,000, or 83 cents per share, compared with a net loss of $35,168,000, or $2.70 per share, for the year-earlier nine-month period. The nine-month results for fiscal 1992 included a loss provision on the company's refining and marketing assets held for sale of $44,000,000, and the results of operations of domestic oil and gas properties that were sold in June 1992 as well as the gain from the sale of those properties.
 HONDO OIL & GAS CO. AND SUBSIDIARIES
 Financial Highlights
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Operating revenues $260 $36,810 $990 $69,171
 Costs and expenses 3,243 23,337 7,709 60,901
 Income (loss) before
 income taxes (2,983) 13,473 (6,719) 8,270
 Income tax benefit --- (562) --- (562)
 Income (loss) from
 continuing
 operations (2,983) 14,035 (6,719) 8,832
 Loss from
 discontinued
 operations (2,800) --- (4,000) (44,000)
 Net income (loss) ($5,783) $14,035 ($10,719) ($35,168)
 Income (loss) per
 share:
 Continuing
 operations ($0.23) $1.08 ($0.52) $0.68
 Discontinued
 operations (0.22) --- (0.31) (3.38)
 Total ($0.45) $1.08 ($0.83) (2.70)
 -0- 8/17/93
 /CONTACT: C.B. McDaniel of Hondo Oil & Gas Co., 505-625-8700/
 (HOG)


CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN

BP-JB -- LA025 -- 3599 08/17/93 13:47 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
Words:359
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