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SALEM CORPORATION ANNOUNCES RESULTS

 PITTSBURGH, Nov. 12 /PRNewswire/ -- Salem Corporation (AMEX: SBS) today reported net income for the three months ended Sept. 30, 1993 of $639,000, or $.51 per share on gross revenues of $27,014,000. This compares to net income of $734,000, or $.59 per share which included extraordinary income of $154,000 or $.12 per share on revenues of $30,741,000 during the same period in 1992.
 Net income for the nine months ended Sept. 30, 1993 was $1,340,000 or $1.08 per share on gross revenues of $79,909,000. Included in net income was income from equity affiliates amounting to approximately $1,376,000. Offsetting net income are non-cash charges resulting from cumulative accounting changes relating to post-retirement benefits and income taxes amounting to $519,000 or $.42 per share. This compares to net income of $2,075,000 or $1.67 per share which included extraordinary income of $154,000 or $.12 per share on revenues of $84,594,000 during the same period in 1992. Backlog at Sept. 30, 1993 was $64.0 million as compared to $64.6 million at the beginning of the year.
 SALEM CORPORATION
 Summary of Consolidated Operating Results for the
 Three and Nine Months Ended Sept. 30, 1993
 (In Thousands Except Shares and per Share Amounts)
 (Unaudited)
 Three months ended
 Sept. 30,
 1993 1992
 Gross revenues $ 27,014 $ 30,741
 Net income before
 extraordinary credit $ 639 $ 580
 Extraordinary credit $ --- $ 154
 Net income $ 639 $ 734
 Earnings per share before
 extraordinary credit $ .51 $ .47
 Extraordinary credit $ --- $ .12
 Earnings per share $ .51 $ .59
 Average shares
 outstanding 1,244,089 1,244,089
 Nine months ended
 Sept. 30,
 1993 1992
 Gross revenues $ 79,909 $ 84,594
 Net income before
 accounting changes and
 extraordinary items (A) $ 1,859 $ 1,921
 Accounting changes --
 cumulative effect $ (519) $ ---
 Extraordinary credit $ --- 154
 Net income $ 1,340 $ 2,075
 Earnings per share before
 accounting changes and
 extraordinary credit $ 1.50 $ 1.55
 Cumulative effect of
 accounting changes $ (.42) $ ---
 Extraordinary credit $ --- $ .12
 Earnings per share $ 1.08 $ 1.67
 Average shares
 outstanding 1,244,089 1,244,089
 (A) -- Includes income from equity affiliates of approximately $1.4 million.
 -0- 11/12/93
 /CONTACT: Brenda N. Castellano of Salem Corporation, 305-866-7272/
 (SBS)


CO: Salem Corporation ST: Pennsylvania IN: SU: ERN

AW-SS -- FL015 -- 3926 11/12/93 17:34 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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