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LINCORP HOLDINGS, INC. REPORTS FIRST QUARTER FINANCIAL RESULTS

 NEW YORK, May 14 /PRNewswire/ -- Lincorp Holdings, Inc. (LHI) today reported its financial results for the first quarter of 1993.
 For the three months ended March 31, 1993, the company reported revenues of $163,000 and a net loss of $2.8 million. This compares to revenues of $7,000, a loss from continuing operations of $3.1 million and a loss from discontinued operations of $769,000 for the three months ended March 31, 1992.
 For the three months ended March 31, 1993, the company reported a net loss attributable to common stockholders of $2.8 million or a loss of $1.61 per share compared to a net loss of $3.8 million or a loss of $2.21 per share for the comparable three-month period in 1992. All per- share numbers reflect a 10-for-1 reverse stock split which occurred in September 1992.
 LINCORP HOLDINGS, INC.
 Statements of Operations
 (Unaudited; dollars in thousands, except per-share data)
 Three months ended March 31 1993 1992
 (Reclassified)
 Total revenues $163 $7
 Loss from continuing operations (2,790) (3,057)
 Loss from discontinued operations -- (769)
 Net loss attributable to
 common shareholders (2,790) (3,826)
 Loss from continuing operations per share $(1.61) $(1.77)
 Loss from discontinued operations per share -- (0.44)
 Net loss per share (1.61) (2.21)
 Balance Sheets
 (In thousands, except for common shares outstanding)
 As of As of
 3/31/93 12/31/92
 (Unaudited)
 Total assets $2,197 $2,256
 Borrowed funds 103,301 103,301
 Net liability for real estate
 discontinued operations 13,815 13,619
 Shareholders' deficit (144,388) (141,599)
 Common shares outstanding 1,730,559 1,730,559
 -0- 5/14/93
 /CONTACT: Edmund J. Becmer of Lincorp Holdings, Inc., 516-932-3441/


CO: Lincorp Holdings, Inc. ST: New York IN: FIN SU: ERN

CK-WB -- NY035 -- 8604 05/14/93 11:46 EDT
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Publication:PR Newswire
Date:May 14, 1993
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