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ANANGEL-AMERICAN ANNOUNCES YEAR END RESULTS AND FINAL DIVIDEND OF 50 CENTS PER SHARE FOR THE 1992 FISCAL YEAR

 ANANGEL-AMERICAN ANNOUNCES YEAR END RESULTS AND FINAL
 DIVIDEND OF 50 CENTS PER SHARE FOR THE 1992 FISCAL YEAR
 PIRAEUS, Greece, Aug. 12 /PRNewswire/ -- In its fifth full year of operations Anangel-American Shipholding Limited (NASDAQ: ASIPY) today reported net income after preferred dividends for fiscal year ended June 30, 1992 of $19,434,000 (1991: $29,573,000). Earnings per share for the year were $1.21 (1991: $1.81) and the directors have recommended a final dividend of 50 cents payable on Oct. 1 to shareholders of record of Sept. 1, 1992. The October payment will bring the total dividend for fiscal 1992 to $1.00 (1991: $1.00).
 Management commented that they are pleased with these results which have been achieved during a period of falling freight markets and of substantial increases in operating costs. Net income has decreased by $0.17 per share, after adjusting the 1991 results by the profit achieved on a sale of a vessel in that period. The decrease is almost entirely due to increases in operating costs which have risen by approximately 15 percent during the year.
 Cash flow from shipping operations has remained strong at $30,564,000 ($1.90 per share as compared with $35,118,000 ($2.15 per share) in 1991.
 The company owns and operates a fleet of 16 dry cargo vessels, one product tanker, and has new building orders for three capesize vessels for delivery between July 1993 and January 1994.
 The company's annual general meeting will be held at its principal executive office in Piraeus on Friday, Sept. 25, 1992 commencing at 10:15 hours.
 -0- 8/12/92
 /CONTACT: Marinos Costeletos of Anangel-American, in Piraeus, 422-4500, in London, 71-828-3388/
 (ASIPY) CO: Anangel-American Shipholdings Limited ST: IN: MAR SU: ERN


TS-SM -- NY023 -- 9313 08/12/92 10:13 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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