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MCORP REPORTS 1992 FINANCIAL RESULTS

 DALLAS, April 16 /PRNewswire/ -- MCorp today reported net income of $1.1 million for 1992 compared with a net loss of $42.0 million for 1991. MCorp has completed the sale of all of its banking subsidiaries except for one. MCorp is currently the subject of a voluntary reorganization case under Chapter 11 of the United States Bankruptcy Code.
 The 1992 net income of $1.1 million resulted from a loss from continuing operations amounting to $9.9 million offset by income from gains on settlements of prepetition debts and interest payable of $11.0 million. The net loss from continuing operations resulted primarily from interest income of $16 million and other income of $.2 million offset by expense of $25.0 million and the settlement of certain claims against MCorp in the Chapter 11 reorganization proceedings totalling $1.1 million.
 The 1991 net loss of $42.0 million resulted from loss from continuing operations of $45.8 million and income from discontinued operations of $3.8 million.
 For the fourth quarter of 1992, the company recorded net income of $74,000. The net income for the quarter resulted primarily from the gain from settlement of prepetition debts and interest payable totalling $3.0 million.
 On April 9, 1993 MCorp and two subsidiaries along with others, filed revised plans for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The plans generally provide for the liquidation of MCorp, MCorp Financial, Inc. and MCorp Management.
 MCorp (Pacific Stock Exchange: M.P) is a Texas-based financial services organization.
 MCORP AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Dollars in thousands, except per share amounts)
 Year ended Dec. 31 1992 1991 1990
 Interest Income $15,973 $ 26,866 $ 27,594
 Other income 181 886 2,346
 Total income 16,154 27,752 29,940
 Interest expense 636 424 --
 Personnel expense 4,327 7,674 8,237
 Net occupancy expense 152 156 496
 Professional fees 11,303 16,482 7,860
 Net realized losses,
 writedowns and expenses
 of investments and other
 assets held for sale 2,669 9,255 10,992
 Other expense 5,980 6,303 1,173
 Total expense 25,067 40,294 28,758
 (Loss) income from
 continuing operations
 before claims settlements (8,913) (12,542) 1,182
 Claims settlements:
 Lessors -- (13,200) --
 Data processing -- (20,000) --
 Other (1,069) (20) --
 Total claims settlements (1,069) (33,220) --
 (Loss) income from
 continuing operations
 before extraordinary
 items (9,982) (45,762) 1,182
 Discontinued operations:
 Loss from operations -- -- (8,775)
 Write-off of investment
 in bank subsidiaries -- -- (41,420)
 Gain on disposal of
 subsidiaries, net of
 tax -- 3,747 63,943
 Extraordinary items:
 Gain on settlements of
 prepetition debt and
 interest payable, net
 of tax 11,043 -- --
 Net income (loss) $ 1,061 $(42,015) $ 14,930
 Per common share:
 (Loss) income from
 continuing operations
 before extraordinary
 items $(0.23) $ (1.08) $ 0.03
 Discontinued operations -- 0.09 0.32
 Extraordinary items 0.26 -- --
 Net income (loss) 0.03 (0.99) 0.35
 Note: The results of operations of the remaining bank subsidiaries and MVestment have been combined and reported as "Discontinued Operations" through their dates of sale or Dec. 31, 1990 whichever occurred first.
 MCORP AND SUBSIDIARIES
 Consolidated Balance Sheets
 (dollars in thousands, except per share amounts)
 Dec. 31 1992 1991
 Assets
 Cash and cash equivalents $314,216 $309,533
 Assets held for sale:
 Other investments 31,486 55,171
 Land and other real estate owned 12,165 16,292
 Loans and other 3,428 10,371
 Other assets 13,773 14,929
 Total $375,068 $406,296
 Liabilities and stockholders' deficit
 Liabilities:
 Accounts payable and accrued liabilities $ 20,895 $ 29,250
 Other liabilities 18,163 17,636
 Long-term debt 7,663 13,570
 Liabilities deferred pursuant to Chapter 11
 reorganization proceedings:
 Long-term debt 459,417 467,460
 Other liabilities 43,366 53,877
 Total liabilities 549,504 581,793
 Commitments and contingencies
 Stockholders' deficit:
 Preferred stock; $1.00 par value;
 20 million shares authorized; 959,920
 shares issued; aggregate liquidation
 preference $231,596 and $223,415,
 respectively 960 960
 Common stock; $5.00 par value;
 100,000,000 shares authorized;
 42,790,257 issued 213,951 213,951
 Capital surplus 596,957 596,957
 Accumulated deficit (982,445) (983,506)
 Treasury stock, at cost; 218,660 shares (3,859) (3,859)
 Total stockholders' deficit (174,436) (175,497)
 Total $375,068 $406,296
 MCORP AND SUBSIDIARIES
 Discontinued Operations
 (Dollars in thousands, except per share amounts)
 Condensed Statement of Operations
 Year ended Dec. 31 1992 1991 1990
 Interest Income $4,684 $51,446 $194,340
 Interest expense 2,460 33,057 135,682
 Net interest income 2,224 18,389 58,658
 Provision for possible loan losses -- -- 8,648
 Net interest income after
 provision for possible
 loan losses 2,224 18,389 50,010
 Non-interest income 1,470 5,745 24,515
 Non-interest expense 2,661 28,120 83,300
 Income (loss) from operations $1,033 $(3,986) $(8,775)
 Condensed Balance Sheet
 (dollars in thousands)
 Dec. 31 1992 1991
 Assets
 Cash and due from banks $ 4,452 $ 3,593
 Investment securities 12,064 19,954
 Federal funds sold and securities
 purchased under repurchase
 agreements 13,425 5,500
 Loans, net of allowance for
 possible loan losses of $.5
 million in 1992 and 1991 32,337 33,678
 Other assets 7,783 6,416
 Total assets $70,061 $69,141
 Liabilities and stockholder's
 equity
 Liabilities:
 Deposits $65,350 $65,515
 Other liabilities 450 458
 Total liabilities 65,800 65,973
 Stockholder's equity: 4,261 3,168
 Total liabilities and
 stockholder's equity $70,061 $69,141
 MFI's recorded investment in banks $ -- $ --
 MCORP AND SUBSIDIARIES
 Consolidated Quarterly Financial Data
 (dollars in thousands, except per share amounts)
 1992
 First Second Third Fourth
 Quarter Quarter Quarter Quarter
 Condensed Summary of
 Operations
 Interest income $ 3,400 $ 4,059 $ 4,255 $ 4,259
 Other income 2 71 -- 108
 Total 3,402 4,130 4,255 4,367
 Interest expense 203 203 114 116
 Net realized losses,
 writedowns and expenses
 of investments and other
 assets held for sale 20 329 373 1,947
 Other expense 7,360 6,697 3,476 5,298
 Total 7,583 7,229 3,963 7,361
 (Loss) income from
 continuing operations
 before extraordinary
 items (4,181) (3,099) 292 (2,994)
 Discontinued operations:
 Gain (loss) on disposal
 of subsidiaries,
 net of tax -- -- -- --
 Extraordinary items:
 Gain on settlements
 of prepetition
 debt and interest
 payable -- 7,975 -- 3,068
 Net (loss) income $ (4,181) $ 4,876 $ 292 $ 74
 Average number of shares
 outstanding
 (in thousands) 42,572 42,572 42,572 42,572
 Per common share:
 (Loss) income from
 continuing operations
 before extraordinary
 items $ (0.10) $ (0.07) $ 0.01 $ (0.07)
 Discontinued operations -- -- -- --
 Extraordinary items -- 0.19 -- 0.07
 Net (loss) income (0.10) 0.12 0.01 0.00
 Condensed End of Month
 Balance Sheet Data
 Total assets $ 394,256 $ 386,257 $ 380,015 $ 375,068
 Long-term debt $ 481,030 473,201 473,201 467,080
 Stockholders'
 deficit (179,678) (174,802) (174,510) (174,436)
 1991
 First Second Third Fourth
 Quarter Quarter Quarter Quarter
 Condensed Summary
 of Operations
 Interest income $ 6,947 $ 6,973 $ 6,873 $ 6,073
 Other income 164 130 448 144
 Total 7,111 7,103 7,321 6,217
 Interest expense -- -- 219 205
 Net realized losses,
 writedowns and expenses
 of investments and other
 assets held for sale 25 10,451 215 (1,436)
 Other expense 4,191 6,148 5,965 47,531
 Total 4,216 16,599 6,399 46,300
 (Loss) income from
 continuing operations
 before extraordinary
 items 2,895 (9,496) 922 (40,083)
 Discontinued operations:
 Gain (loss) on
 disposal of subsidiaries,
 net of tax -- 4,710 (464) (499)
 Extraordinary items:
 Gain on settlements
 of prepetition debt
 and interest payable -- -- -- --
 Net (loss) income $ 2,895 $ (4,786) $ 458 $ (40,582)
 Average number of
 shares outstanding
 (in thousands) 42,572 42,572 42,572 42,572
 Per common share:
 (Loss) income from
 continuing operations
 before extraordinary
 items $ 0.07 $ (0.22) $ 0.02 $ (0.94)
 Discontinued operations -- 0.11 (0.01) (0.01)
 Extraordinary items -- -- -- --
 Net (loss) income 0.07 (0.11) 0.01 (0.95)
 Condensed End of Month
 Balance Sheet Data
 Total assets $ 431,924 $ 420,472 $ 430,496 $ 406,296
 Long-term debt $ 467,460 481,162 481,030 481,030
 Stockholders'
 deficit (130,587) (135,373) (134,915) (175,497)
 -0- 4/16/93
 /CONTACT: W. Mack Goforth of MCorp, 214-939-5892/


CO: MCorp ST: Texas IN: FIN SU: ERN

TS -- NY041 -- 6785 04/16/93 13:06 EDT
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Date:Apr 16, 1993
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