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THE MIDLAND COMPANY REPORTS RECORD QUARTERLY RESULTS

 THE MIDLAND COMPANY REPORTS RECORD QUARTERLY RESULTS
 CINCINNATI, Ohio, April 23 /PRNewswire/ -- The Midland Company (AMEX: MLA) today reported record quarterly net income for the first quarter ended March 31, 1992 of $4,127,000, $1.37 per common share, compared to $2,355,000, $.76 per common share, in the first quarter of 1991. Revenues for the first three months of 1992 totaled $54,772,000 compared to $42,666,000 in 1991.
 J.P. Hayden, Jr., Midland's chairman, stated, "The company's record quarterly earnings in this year's first quarter were primarily the result of strong underwriting results in Midland's insurance subsidiaries, American Modern Home Group. These operations benefitted from the relatively mild weather patterns throughout the United States in the first quarter of 1992 which resulted in a lower than normal level of weather related losses. Net premiums written for AMHG increased 29 percent over the first quarter of the previous year.
 "Revenues and operating profits for Midland's river transportation subsidiary, M/G Transport Services, Inc., were comparable with the first quarter of 1991 while operating profits were much improved over the third and fourth quarter results of last year. As previously reported, the company began servicing a long-term contract during the third quarter of 1991. This added contract business should help provide us with a more predictable operating base for many years to come.
 "We continue to be encouraged by the substantial growth in sales reported by CS Crable Sportswear, the company's imprinted sportswear division. Operating profits for this division continue ahead of management's expectations. As we announced earlier this quarter, we are excited about CS Crable being awarded a license with the National Football League Properties, Inc. Also, we are about to break ground on CS Crable's new 200,000 square foot office, production and warehouse facility.
 "Midland's board of directors, at its March 5, 1992 board meeting approved an increase in its dividend from 46 cents to 50 cents per common share on an annualized basis. This makes the sixth consecutive year that Midland's board of directors has increased the dividend. As previously reported, Midland will continue to purchase on the open market, from time to time, shares of its common stock at market price."
 Midland, which is headquartered in Cincinnati, is engaged in insurance and finance operations, the transportation of bulk commodities on the inland waterways, and the imprinted sportswear business.
 THE MIDLAND COMPANY
 EARNINGS HIGHLIGHTS
 FOR THE THREE MONTHS ENDED MARCH 31
 1992 1991
 Revenues $ 54,772 $ 42,666
 Income Before Federal Income
 Tax 5,825 3,189
 Provision For Federal Income
 Tax 1,698 834
 Net Income $ 4,127 $ 2,355
 Net Income Per Common Share $1.37 $.76
 Net Income Per Common Share
 Fully Diluted $1.32 $.75
 Dividends Per Common Share $.125 $.115
 Average Common Shares Outstanding - 3,002,000 in 1992 and 3,079,000 in 1991.
 Note: Dollar amounts in thousands except per share figures.
 -0- 4/23/92
 /CONTACT: Michael J. Conaton, president, or John I. Von Lehman, vice president, both of The Midland Company, 513-721-3777/
 (MLA) CO: The Midland Co. ST: Ohio IN: INS FIN SU: ERN


LC -- CL011 -- 1765 04/23/92 10:37 EDT
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Date:Apr 23, 1992
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