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ROMAN CORPORATION REPORTS CONTINUING POSITIVE EARNINGS THROUGH 1992 AND FIRST QUARTER OF 1993

 TORONTO, April 20 /PRNewswire/ -- Roman Corporation Limited announced today that it had recorded another year of positive earnings for the twelve months ended December 31, 1992. These results were achieved through the corporation's operating division, Strathcona Paper Company.
 In 1992, Roman Corporation earned $0.22 per share or $2,505,556 on revenues of $46,532,38are not directly comparable with those achieved in 1991. This is attributable to the transfer of the cost of servicing the long-term financial obligations of the corporation from a preferred share dividend to an interest expense basis and from a post- tax to a pre-tax calculation. Earnings per common share results are more directly comparable because they include the total cost of servicing long-term financial obligations in the calculations for both years.
 In March 1992, Roman Corporation redeemed all $10.6 million of issued and outstanding cumulative redeemable retractable preferred shares from the proceeds of an $11 million term loan giving rise to the change in accounting for long-term financial obligations from 1991 to 1992.
 ROMAN CORPORATION
 1992 1991
 Revenue $46,532,385 $44,709,461
 Net earnings 2,505,556 4,052,395
 Earnings per share 0.22 0.25
 Roman Corporation also announced its earnings for the first quarter ended March 31, 1993. The Corporation earned $0.04 per share or $346,974 on revenues of $11,824,307 as compared to $0.01 per share or $434,669 on revenues of $10,180,906 recorded during the first quarter of 1992.
 Net earnings for the first quarters of 1992 and 1993 are also not directly comparable because of the difference in accounting for servicing of long-term obligations. Earnings per share results for the first quarter 1993 increased over comparable 1992 results due to increased production and productivity in the first quarter of 1993 compared with the results achieved in the first quarter of 1992.
 ROMAN CORPORATION
 1993 1992
 Revenue $11,824,307 $10,180,906
 Net earnings 346,974 434,669
 Earnings per share 0.04 0.01
 The corporation's earnings for 1992 and the first quarter of 1993 are favorable in view of its significant involvement in the forest products industry. This strong performance is attributable to Strathcona Paper Company's ongoing focus on increasing productivity and production capacity. As one of Canada's leading manufacturers of recycled and recyclable clay-coated boxboard, Strathcona continues to achieve profitable operating results despite the adverse business conditions of recent years. The company remains a proven, profitable, innovative and environmentally responsible member of the pulp, paper and packaging sectors in which it competes.
 -0- 4/20/93
 /CONTACT: Sheila James, 416-967-3702, for Roman Corporation/


CO: Roman Corporation Limited ST: Ontario IN: PAP SU: ERN

LD -- NY099 -- 8274 04/20/93 16:27 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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