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THE HALLWOOD GROUP REPORTS THIRD-QUARTER RESULTS

THE HALLWOOD GROUP REPORTS THIRD-QUARTER RESULTS
 DALLAS, June 15 /PRNewswire/ -- An addition of $8.0 million to the reserve against investment in Integra, an asset held for sale, caused a third-quarter loss of $8.4 million, or $1.51 per share, for The Hallwood Group Incorporated (NYSE: HWG). The quarter ended April 30.
 In the prior year period Hallwood lost $555,000, or 9 cents per share (restated).
 Revenue in the 1992 quarter was $26.7 million, compared to $22.3 million (restated) a year ago.
 Year-ago performance has been restated for a change in accounting principle (SFAS No. 109 - Accounting for Income Taxes) by Hallwood affiliate, ShowBiz Pizza Time, Inc. The change recognizes the benefit of ShowBiz's tax loss carry forward as an asset, with a corresponding increase in retained earnings. ShowBiz now reports net income after full tax charge. The effect impacts Hallwood's income statement, which records a pro rata share of ShowBiz's income.
 The quarterly loss of the financial services segment was $7.0 million, vs. income of $1.5 million last year.
 The real estate segment contributed $697,000 to third-quarter results, compared to a loss of $3,000 a year ago. Fiscal 1992 results include performance of two hotels acquired after the 1991 quarter. In addition, fees earned from managing properties of Hallwood Realty Partners, L.P. contributed to current-year income.
 Textile products lost $57,000 in the 1992 quarter, against income of $362,000 a year ago. Current-year performance has been adversely affected by changes in product mix and industry price competition at the Kenyon finishing operation, resulting in increased costs and lowered gross margins for both the quarter and nine months.


The energy segment, which continues to suffer from depressed prices for oil and natural gas, contributed $83,000 to 1992 quarterly income, vs. a loss of $215,000 last year.
 For nine months of 1992 Hallwood lost $12.9 million, or $2.24 per share, after $451,000, or 8 cents per share, extraordinary gain from extinguishment of debt, compared to a restated loss of $2.2 million, or 35 cents per share, for the same period a year ago. Nine-month revenue was $78.4 million, vs. restated $63.6 million.
 THE HALLWOOD GROUP INCORPORATED
 (In thousands, except per share amounts)
 Three Months Ended April 30,
 1992 1991(A)
 Revenue $26,662 $22,257
 (Loss) before extraordinary
 item (8,367) (555)
 Extraordinary gain --- ---
 Net (loss) (8,367) (555)
 Net (loss) per share $ (1.51) $ (0.09)
 Average shares outstanding 5,536 6,175
 Nine Months Ended April 30,
 1992 1991(A)
 Revenue $78,430 $63,635
 (Loss) before extraordinary
 item (13,374) (2,175)
 Extraordinary gain 451 ---
 Net (loss) (12,923) (2,175)
 Net (loss) per share $ (2.24) $ (0.35)
 Average shares outstanding 5,757 6,145
 (A) All amonuts for fiscal 1991 periods have been restated, except for average shares outstanding.
 -0- 06/15/92
 CONTACT: Allan E. Morris, director of corporate communications of The Hallwood Group Inc., 216-696-1111
 (HWG) CO: THE HALLWOOD GROUP INC. IN: FIN ST: NY -- CL002 -- X427 06/15/92
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Date:Jun 15, 1992
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