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STANDARD COMMERCIAL ANNOUNCES RESULTS FOR SECOND QUARTER AND SIX MONTHS

 WILSON, N.C., Nov. 8 /PRNewswire/ -- Standard Commercial Corporation (NYSE: STW) today reported sales for the quarter ended Sept. 30, 1993, of $233.0 million, down 25.3 percent from $312.0 million in the same quarter in 1992. Sales for the six months ended Sept. 30, 1993, decreased by 21.4 percent from $591.8 million to $465.2 million. Losses from continuing operations for the same 1993 periods were $598,000 and $20.4 million, respectively, in comparison with income from continuing operations of $6.5 million and $11.8 million for similar year-earlier periods. The six-months loss from continuing operations for 1993 included $14.8 million net of tax for inventory provisions and restructuring charges. Net losses of $523,000 and $20.5 million were recorded for the 1993 September quarter and first half compared with net income of $6.3 million and $11.6 million for the same 1992 periods.
 Tobacco sales in 1993 declined by 33.7 percent for the quarter, from $239.3 million to $158.7 million, and 26.6 percent for the six months, from $418.0 million to $306.7 million, compared to the same periods in 1992. Tobacco accounted for 65.9 percent of total sales for the 1993 six months versus 70.6 percent in the same 1992 period. The 1993 six months volume of tobacco sold was down by 17.9 percent and unit prices decreased by 10.6 percent compared to the same period in 1992 as the result of pervasive slow demand throughout the industry. Wool sales represented 31.6 percent of total sales in the 1993 first half versus 28.0 percent in 1992. The volume of wool sold in the first six months of 1993 increased by 10.3 percent, but a change in the sales mix (more greasy and less tops) resulted in lower average unit prices and an 11.4 percent decrease in wool sales, from $165.8 million in the 1992 first half to $146.9 million in 1993.
 The recovery in demand for tobacco has been slow, but customer indications have been encouraging more recently and business will progressively get back to satisfactory levels. Wool prices and orders have been firmer for the past few weeks, and signs of a recovery are emerging. Because of the seasonal nature of the company's businesses, results for interim periods are not necessarily indicative of results for the full year.
 Financial Highlights
 (In thousands, except per share amounts; unaudited)
 Quarter ended Sept. 6 Months Ended Sept.
 1993 1992 1993 1992
 Sales - tobacco $158,708 $239,271 $306,683 $417,968
 - wool 68,009 68,938 146,861 165,764
 - other 6,307 3,773 11,682 8,029
 Total Sales 233,024 311,982 465,226 591,761
 Income (loss) from
 continuing operations (598) 6,515 (20,449) 11,836
 Income (loss) from
 discontinued operations 75 (210) (39) (430)
 Extraordinary items (benefit
 of tax-loss carryforwards) - (16) - 165
 Cumulative effect of
 accounting changes - - 23 -
 Net income (loss) (523) 6,289 (20,465) 11,571
 Earnings (loss)
 per common share
 Primary
 - from continuing
 operations $(0.08) $0.75 $(2.42) $1.40
 - from discounted
 operations $0.01 $(0.03) - $(0.05)
 - extraordinary items - - - $0.02
 - net $(0.07) $0.72 $(2.42) $1.37
 Fully diluted
 - from continuing
 operations $0.01 $0.66 $(1.74) $1.26
 - from discontinued
 operations $0.01 $(0.02) - $(0.04)
 - extraordinary items - - - $0.01
 - net $0.02 $0.64 $(1.74) $1.23
 Average shares
 outstanding
 Primary 8,558.5 8.511.4 8,541.7 8,380.8
 Fully diluted 10,947.7 10,900.6 10,930.9 10,638.6
 STANDARD COMMERCIAL is one of the world's largest leaf tobacco dealers and among the top international wool trading companies. It operates in virtually every tobacco and wool producing country and sells worldwide to tobacco manufacturers and wool users.
 -0- 11/8/93
 /CONTACT: G.M. Ross of Standard Commercial, 919-291-5507/
 (STW)


CO: Standard Commercial Corporation ST: North Carolina IN: TOB SU: ERN

CM -- CH007 -- 3510 11/08/93 14:47 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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