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VISTA RESOURCES REPORTS RECORD FIRST QUARTER RESULTS

 ATLANTA, April 27 /PRNewswire/ -- Vista Resources, Inc. (NYSE: VS), which has subsidiaries in leather manufacturing and property/casualty insurance, today reported record revenues and earnings for the first quarter ended March 31.
 Revenues increased 40 percent to $36.7 million, compared with $26.1 million in the prior year. Income before the cumulative effect of an accounting change rose 26 percent to $1.6 million, or $.42 per share, up from earnings of $1.3 million, or $.34 per share, in the year earlier period.
 Net income, including an $.11 per share one-time benefit from a change in accounting for income taxes adopted in the first quarter of 1993 (SFAS 109), was $.53 per share, an increase of 56 percent compared with $.34 per share in the first quarter of the prior year.
 "Vista's strong performance in the first quarter reflects revenue increases in both our leather and insurance operations," said Samuel W. Norwood III, president and chief executive officer. "Leather sales were up 50 percent for the quarter from the comparable period in 1992, and order backlogs remain very high. Insurance revenues grew 22 percent. We are optimistic on Vista's outlook for the second quarter and for the remainder of 1993."
 Sales growth in Vista's principal leather subsidiaries, Irving Tanning Company and Kroy Tanning Company, resulted from increased domestic market share, the addition of new customers, new product introductions, and increasing international sales. Norwood noted that hide prices declined during the period, which will be reflected in improved profit margins later in the year.
 Revenues in Vista's insurance subsidiary, American Southern Insurance Company, benefited from additional new customers and retrospective adjustments related to claims. Pre-tax operating income from insurance operations declined slightly due to the effect of the storms on the eastern seaboard in February and March.
 Vista Resources, through its leather subsidiaries, produces a broad line of cowhide and sheepskin leathers that are sold to manufacturers of shoes, handbags, personal leather goods, apparel, and furniture in both U.S. and foreign markets. Its insurance subsidiary is an underwriter of property/casualty insurance for government and private automobile fleets and other niche markets.
 VISTA RESOURCES, INC.
 First Quarter Earnings
 (Amounts in thousands except per share data)
 3 mos. ended March 31 1993 1992
 Revenues:
 Leather sales $25,496 $17,005
 Insurance revenues 11,170 9,128
 Total revenues 36,666 26,133
 Income before interest expense
 and income taxes:
 Leather 1,560 1,009
 Insurance 1,531 1,691
 Corporate income (expense) (402) (506)
 Total 2,689 2,194
 Interest expense 290 267
 Income before income taxes 2,399 1,927
 Income taxes 778 645
 Income before cumulative effect
 of accounting change 1,621 1,282
 Cumulative effect of accounting
 change 418 ---
 Net income $ 2,039 $ 1,282
 Per share:
 Income before cumulative effect
 of accounting change $ 0.42 $ 0.34
 Cumulative effect of accounting
 change 0.11 ---
 Net income $ 0.53 $ 0.34
 Average common shares and common
 share equivalents outstanding 3,833 3,810
 NOTE: Effective Jan. 1, Vista adopted SFAS 109, "Accounting for Income Taxes." The cumulative effect of the change was to increase net income by $418, equal to $0.11 per share.
 -0- 4/27/93
 /CONTACT: Samuel W. Norwood III of Vista Resources, 404-815-2000/
 (VS)


CO: Vista Resources, Inc. ST: Georgia IN: INS SU: ERN

BR-BN -- AT007 -- 1260 04/27/93 10:48 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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