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THE TURNER CORPORATION REPORTS NET INCOME AND EARNINGS ROSE SHARPLY IN THE SECOND QUARTER

 THE TURNER CORPORATION REPORTS NET INCOME AND EARNINGS
 ROSE SHARPLY IN THE SECOND QUARTER
 NEW YORK, Aug. 14 /PRNewswire/ -- Despite continued softness in the Uniter States construction industry, the Turner Corporation (AMEX: TUR), the nation's leading general builder, today announced net income of $1.27 million, or $.20 per common share, after preferred dividends, for the second quarter of 1992. This compares to a net loss of $1.58 million, or $.37 per common share for the same period a year ago and net income of $414,000 or $.03 per common share for the first quarter of 1992.
 The company's pre-tax earnings from operations for the second quarter in 1992 were $2.3 million, a significant improvement over the $2.2 million pre-tax loss from operations in the second quarter of 1991 and the $1.74 million loss from operations in the first quarter of 1992.
 The improved earnings reflect increased construction volume of $670 million in the second quarter of 1992, up from $594 million in the first quarter of 1992. In addition, reductions in operating and general and administrative expenses were achieved. Real estate losses, as well, were substantially reduced from those in the same period a year ago.
 New sales for the quarter were greatly improved at $1.05 billion, compared to $696 million in the second quarter of 1991 and $661 million in the first quarter of 1992. Backlog of work at the end of the second quarter 1992 increased to $5.2 billion from $4.9 billion at the end of the previous quarter. The company has aggressively pursued a variety of specialty construction projects for municipalities, including cultural and educational facilities, and also secured significant contracts with hospitals and healthcare companies.
 Alfred T. McNeill, chairman and chief executive officer of the Turner Corporation, noted, "We are pleased that the company's construction business continues to show positive trends. New sales, work in place and backlog continue to meet or exceed projected levels, and cost containment programs are achieving objectives."
 Based in New York City, the Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the nations' leading general builder of industrial, hospital and health care, cultural, institutional, government building, multi-unit residential, commercial and retail projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1991, the Turner Corporation completed $2.7 billion of construction.
 THE TURNER CORPORATION AND SUBSIDIARIES
 Consolidated Financial Highlights
 (In thousands, except share amounts)
 Periods Ended Six Months Three Months
 June 30 1992 1991 1992 1991
 Value of construction
 completed $1,264,093 $1,329,361 $669,885 $687,755
 Gross earnings 28,981 29,499 15,646 16,290
 Income (loss) bef. taxes 535 23,524 2,275 (2,165)
 Inc. (loss) bef. change
 in accounting method 228 14,114 1,268 (1,581)
 Cumulative effect on prior
 years of changing the method
 of amortizing unrecognized
 pension actuarial net gains 1,454 -- -- --
 Net income (loss) 1,682 14,114 1,268 (1,581)
 Preferred dividends ESOP,
 net of taxes (550) (548) (275) (274)
 Earns. (loss) available to
 common shares 1,132 13,566 993 (1,855)
 Earns. (loss) per com. shares
 bef. change in accounting
 method $(.06) $2.73 $.20 $(.37)
 Effect of change in accting.
 method .29 -- -- --
 Earns. per common share .23 $2.73 $.20 $(.37)
 Weighted avg. no. of shrs. 5,065,724 4,967,819 5,068,005 4,963,429
 NOTE: Value of construction completed represents the cost of the work put in place and materials fabricated during the year and related earnings pursuant to Turner's construction and management contracts, together with fees and reimbursed expense from consulting contracts. It is essentially a measure of construction activity during the year rather than "sales" or "revenues" in the sense that the term is used in a typical manufacturing company.
 Income during the six months ended June 30, 1991, included $28.8 million due to the curtailment of the company's defined benefit pension plan.
 -0- 8/14/92
 /CONTACT: Beverly A. Benn of Turner Corporation, 212-229-6157/
 (TUR) CO: Turner Corporation ST: New York IN: CST SU: ERN


PS-AH -- NY079 -- 0256 08/14/92 17:55 EDT
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Date:Aug 14, 1992
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