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TURNER ANNOUNCES FIRST QUARTER EARNINGS

 TURNER ANNOUNCES FIRST QUARTER EARNINGS
 NEW YORK, May 6 /PRNewswire/ -- The Turner Corporation (AMEX: TUR),


the nation's leading general builder, today announced net income of $414,000, or $0.03 per share, for the first quarter of 1992. This compares to $15.7 million, or $3.10 per share, for the first quarter of 1991 and a net loss of $1.06 million, or $0.27 per share, for the fourth quarter of 1991.
 Net income for the first quarter of 1991 benefited from a one-time pre-tax gain of $30.3 million ($18.2 million after taxes) resulting from the curtailment of the company's defined benefit retirement plan. Net income for the first quarter of 1992 included a $1.45 million after-tax credit representing the cumulative effect of an accounting change in the method of amortizing actuarial gains and losses of the curtailed plan.
 Exclusive of these items, the company's pre-tax loss from operations in the first quarter of 1992 was $1.74 million, a significant improvement over the $4.62 million pre-tax loss from operations in the first quarter of 1991 and the $2.84 million loss in the fourth quarter of 1991.
 Despite the reduced construction volume during the first quarter of 1992, construction operating income increased to $4.02 million from $3.36 million in the first quarter of 1991, primarily due to the successful results of the company's overhead reduction program.
 The value of construction completed in the first quarter of 1992 was $594 million as compared with $642 million in the first quarter of 1991 and $695 million in the fourth quarter of 1991. The decline in the first quarter reflects the normal seasonal pattern of reduced activity in the first quarter and was also affected by lower sales in early 1991.
 New sales for the first quarter of 1992 were back on target at $662 million and significantly over the first quarter of 1991. The backlog of construction volume to be completed rose to $4.88 billion at the end of the first quarter from $4.76 billion at the end of 1991.
 In February 1992, it was announced that the Turner Corporation and Karl Steiner Holding Corporation of Zurich, Switzerland have entered into a preliminary understanding regarding creation of a new Turner- Steiner International construction management company and, at the same time, the purchase by Steiner of $15 million of new convertible securities in Turner.
 Alfred T. McNeill, chairman and chief executive officer, remarked: "It appears that after bumping along the bottom of an economic dip for the past five or six quarters, our core construction business income is back on an improving trend. Secured sales are well above the first quarter of 1991 and projects in the pipeline indicate that 1992 should be a much better year for new business than was last year. These factors, taken together, would indicate that income from the core business in future quarters will once again be sufficient not only to pay continuing costs of our real estate portfolio, but also to return the company to modest profits."
 Based in New York City, the Turner Corporation, through Turner Corporation Company and other construction subsidiaries, is the nation's largest builder of commercial, industrial, retail, hospital and healthcare, institutional, government building and multi-unit housing 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 for share data)
 Three months ended March 31 1992 1991
 Value of construction completed $594,208 $641,606
 Gross earnings 13,335 13,209
 Income (loss) before taxes (1,740) 25,689
 Income (loss) before change
 in accounting method (1,040) 15,695
 Cumulative effect on prior years
 of changing the method of amortizing
 unrecognized pension actuarial net gain 1,454 --
 Net income 414 15,695
 Preferred dividends "ESOP," net of taxes (275) (274)
 Earnings available to common 139 15,421
 Earnings (loss) per common share
 before change in accounting method (.26) 3.10
 Effect of change in accounting method .29 --
 Earnings per common share .03 3.10
 Weighted average number of shares 5,055,704 4,972,256
 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.
 -0- 5/6/92
 /CONTACT: Douglas M. Bennett of Turner, 212-229-6159/
 (TUR) CO: Turner Corporation ST: New York IN: CST SU: ERN


PS-OS -- NY071 -- 7216 05/06/92 15:16 EDT
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Date:May 6, 1992
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