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VISTA RESOURCES REPORTS RECORD REVENUES AND EARNINGS

 VISTA RESOURCES REPORTS RECORD REVENUES AND EARNINGS
 ATLANTA, April 29 /PRNewswire/ -- Vista Resources, Inc. (NYSE: VS), a holding company with subsidiaries in leather manufacturing and property/casualty insurance, today reported record revenues and earnings for the first quarter ended March 31.
 Revenues for the quarter rose 79 percent to $26.1 million, compared with $14.6 million one year ago. Net income increased sharply to $1.3 million, or $.34 per share, up from earnings of $32,000, or $.01 per share, in the first quarter of 1991.
 Commenting on the company's performance and outlook, Samuel W. Norwood III, president and CEO, stated: "Vista's first quarter results reflect strong sales gains and margin improvements in our leather operations and the positive contribution made by our insurance subsidiary, which was acquired in October 1991. Based upon this upward momentum, we expect fiscal 1992 to be a record year." Vista reported earnings of $1.23 per share in 1991.
 Sales in Vista's leather operations rose 17 percent in the first quarter, compared with year-ago figures. Pre-tax operating income from the leather subsidiaries increased nine-fold for the quarter. Sales growth for the period reflected improved demand by a broad base of customers, the development of important new domestic customers, and international expansion efforts. Profit margins rose sharply, primarily because of higher production volumes and manufacturing efficiences resulting from capital improvements made last year.
 Vista acquired its insurance subsidiary, American Southern Insurance Company, in October 1991; therefore, insurance financial data were not included for the first quarter of that year.
 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. Its insurance subsidiary is an underwriter of property/casualty insurance for automobile fleets, over-the-road trucks, and other niche markets.
 VISTA RESOURCES, INC.
 First Quarter Earnings
 (In thousands except per share data)
 3 mos. ended March 31 1992(a) 1991
 Revenues:
 Leather sales $ 17,005 $ 14,568
 Insurance revenues 9,128 ---
 Total revenues 26,133 14,568
 Income before interest expense
 and federal income tax:
 Leather $ 934 $ 107
 Insurance 1,691 ---
 Corporate income (expense) (474) 82
 Total 2,151 189
 Interest expense 267 149
 Income before federal income tax 1,884 40
 Federal income tax 602 8
 Net income $ 1,282 $ 32
 Net income per share(b) $ .34 $ .01
 NOTES:
 (a) Includes results of operations of American Southern Insurance Company, acquired in October 1991.
 (b) Based on shares outstanding plus common stock equivalents (1992 -- 3,810,404; 1991 -- 3,726,579).
 -0- 4/29/92
 /CONTACT: Samuel W. Norwood III of Vista Resources, 404-815-2000/
 (VS) CO: Vista Resources, Inc. ST: Georgia IN: INS SU: ERN


EA-BN -- AT006 -- 4258 04/29/92 10:12 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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