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NATIONAL GYPSUM COMPANY ANNOUNCES 1992 THIRD QUARTER RESULTS

 NATIONAL GYPSUM COMPANY ANNOUNCES 1992 THIRD QUARTER RESULTS
 CHARLOTTE, N.C., Nov. 11 /PRNewswire/ -- National Gypsum Company today announced financial results for the three and nine months ended Sept. 30, 1992.
 Third quarter net revenues were $257.3 million, compared with $299.3 million for the same quarter last year. the Company experienced a $3.1 million operating loss for the third quarter, compared with a $5.7 million operating loss during the third quarter of 1991. A net loss of $8.5 million was realized during this year's third quarter, compared with a $17.7 million net loss during the same period last year. Net cash provided by operating activities during the 1992 third quarter was $20.2 million, compared with $24.3 million during the same quarter in 1991.
 For the first nine months of 1992, net revenues were $808.1 million, compared with $856.0 million during the same period in 1991. The Company incurred a net loss of $37.9 million during the first nine months of 1992, compared with a net loss of $26.8 million during the same period in 1991. This year's first nine months results included $31.0 million in bankruptcy expenses, compared with $34.4 million during the same period in 1991. The bankruptcy expenses in both periods include noncash provisions for allowed claims. Net cash provided by operating activities during the first nine months of 1992 was $17.8 million, compared with net cash provided of $55.7 million during the same period in 1991.
 Peter C. Browning, chairman and chief executive officer, said that the decline in revenues for the third quarter was primarily attributable to a decrease in billings by The Austin Company. Browning said that gypsum wallboard sales volume for the 1992 third quarter increased approximately 5 percent over the same period last year. He also said that average wallboard prices for this year's third quarter were some 7 percent higher than those for the same period last year and were approximately 4 percent higher than for this year's second quarter.
 "We are pleased that average wallboard prices for the third quarter increased over the same period last year and over this year's second quarter. These improvements are the result of price increases implemented by the Company in April and August of this year. It should also be pointed out, however, that average prices for the first nine months of this year still trail those for the same period last year, reflecting the continued overcapacity that exists within the gypsum wallboard industry," Browning stated.
 He also said that the decreased operating loss for this year's third quarter resulted primarily from the increased wallboard sales volume and average prices. Browning said that the decrease in third quarter net cash provided by operating activities is due primarily to a $19.4 million Federal income tax refund received in 1991. The Company has received a $9.7 million income tax refund in 1992.
 NATIONAL GYPSUM COMPANY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE THIRD QUARTER AND NINE MONTHS OF 1992 AND 1991
 Three Months Ended Sept. 30
 1992 1991
 (thousands)
 Net revenues $257,252 $299,287
 Cost of products and
 services sold 224,219 269,508
 Selling, general and
 administrative expense 24,601 23,541
 Depreciation, depletion and
 amortization 11,501 11,955
 Operating loss (3,069) (5,717)
 Interest expense, (contractual
 interest for 1992-$37,064;
 1991-$36,743) 1,297 922
 Other income (expense)-net 800 2,741
 Bankruptcy expenses(A) 9,143 23,424
 Income tax benefit 4,204 9,588
 Net loss (8,505) (17,734)
 Net cash provided by
 operating activities 20,171 24,253
 Nine Months Ended Sept. 30
 1992 1991
 (thousands)
 Net revenues $808,138 $855,973
 Cost of products and
 services sold 726,687 761,271
 Selling, general and
 administrative expense 70,935 69,226
 Depreciation, depletion and
 amortization 34,747 35,750
 Operating loss (24,231) (10,274)
 Interest expense (contractual
 interest for 1992-$110,651;
 1991-$107,709) 3,294 3,066
 Other income (expense)-net 2,882 5,001
 Bankruptcy expenses (A) 30,961 34,399
 Income tax benefit 17,661 15,903
 Net loss (37,943) (26,835)
 Net cash provided by
 operating activities 17,813 55,696
 NOTE (A): Bankruptcy expenses include the provision for allowed claims, bankruptcy-related professional fees and other items. The Company is still evaluating claims for the purpose of estimating amounts expected to be allowed for consideration in the Plan of Reorganization.
 -0- 11/11/92
 /CONTACT: J. Michal Conaway, Vice President and Chief Financial Officer, National Gypsum Company, 214-969-3422/ CO: National Gypsum Company ST: North Carolina IN: CST SU: ERN


MM-CM -- CH003 -- 9618 11/11/92 09:17 EST
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Date:Nov 11, 1992
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