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/C O R R E C T I O N -- MERRY LAND/

 In AT010, Merry Land Reports Record Earnings, moved Jan. 11, we are advised by a representative of the company that the Funds from Operations figures for the 12 months ended Dec. 31, 1992 and 1991, and the Funds from Operations Per Share figures for 1991 (three and 12 months) reported in the text and the tabular material were incorrect.
 Corrected tabular material:
 3 mos. ended 12 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Funds from operations $3,428,000 $2,837,000 $12,898,000 $10,081,000
 Per share $.27 $.38 $1.21 $1.08
 The corrected release in full follows.
 MERRY LAND REPORTS RECORD EARNINGS; ANNOUNCES DIVIDEND INCREASE
 AUGUSTA, Ga., Jan. 11 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), reported net income for 1992 of $11,445,000, equivalent to $1.07 per share, the highest levels in the company's history.
 1991 net income was $8,791,000, equivalent to $.94 per share, so the 1992 results were up 30 percent in absolute amount and 14 percent on a per-share basis. Average shares outstanding in 1992 increased to 10.7 million shares, up from 9.3 million shares in 1991, as a result of the new shares sold during 1992.
 Funds from operations for 1992 were $12,898,000 ($1.21 per share), up from $10,081,000 ($1.08 per share) in 1991. Excluding the discontinued mortgaged-backed securities, funds from operations were $.99 per share in 1992, up from $.54 per share in the prior year.
 Knox also announced an increase in the company's regular cash dividend from an annual rate of $.68 per share to $.80 per share, effective with the first quarter of 1993. A quarterly dividend of $.20 per share has been declared, payable March 31 to shareholders of record on March 15.
 3 mos. ended 12 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $7,884,000 $7,835,000 $29,593,000 $31,286,000
 Net income 2,303,000 1,998,000 11,445,000 8,791,000
 Per share $.18 $.21 $1.07 $.94
 Funds from operations 3,428,000 2,837,000 12,898,000 10,081,000
 Per share $.27 $.38 $1.21 $1.08
 Average common shares
 outstanding 12,570,488 9,417,788 10,651,754 9,326,408
 -0- 1/14/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN DIV

BN-BR -- AT012 -- 4851 01/14/93 11:51 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 14, 1993
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