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ATLAS CONSOLIDATED MINING & DEVELOPMENT REPORTS FOURTH QUARTER AND ANNUAL RESULTS

 ATLAS CONSOLIDATED MINING & DEVELOPMENT REPORTS FOURTH QUARTER AND
 ANNUAL RESULTS
 MANILA, Philippines, March 27 /PRNewswire/ -- Low metal prices and reduced world demand, combined with lower copper production, resulted in Atlas Consolidated Mining & Development Corp. (AMEX: ACMB) reporting today a net loss of $17.8 million on revenues of $152,257,000 for the year ended Dec. 31, 1991, as compared to a net income of $12.7 million on revenues of $203,771,000 for the previous year. Per share earnings for 1991 showed a loss of ($0.213) as against a profit of $0.152 in 1990.
 Fourth quarter results, based on net revenues of $27,979,000 for the period ended Dec. 31, 1991, showed a loss of $6,877,000 or ($0.082 per share), compared with a net revenue of $38,764,000 in the year-ago fourth quarter and a profit of $4,588,000 or $0.055 per share.
 Management stated that "drastic cost reductions, together with a higher level of efficiency in all operations, not only substantially reduced the company's loss for 1991, but have positioned it to profit from an eventual improvement in the economy and world metal prices.
 ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP.
 (In thousands, except per share)
 Year ended Dec. 31 1991 1990
 Net operating revenues $152,257 $203,771
 Net income (loss) before
 extraordinary items (17,841) (289)
 Extraordinary items: gain
 from extinguishment of debt -- 13,024
 Net income (loss) $(17,841) $ 12,735
 Earnings (loss) per share (A):
 Before extraordinary item $(0.213) $(0.004)
 Extraordinary item -- 0.156
 Net earnings (loss) per share $(0.213) $ .152
 (A) -- Based on 83,611 shares.
 Converted at P 27.5097 to $1 for the year 1991
 P 24.3379 to $1 for the year 1990
 Fourth quarter ended Dec. 31 1991 1990
 Net operating revenues $ 27,979 $ 38,764
 Net income (loss) before
 extraordinary items (6,877) 7
 Extraordinary items: gain
 from extinguishment of debt -- 11,579
 Net income (loss) $(6,877) $ 4,588
 Earnings (loss) per share (A):
 Before extraordinary item $(0.082) --
 Extraordinary item -- $0.055
 Net earnings (loss) per share $(0.082) $0.055
 (A) -- Based on 83,611 shares.
 Converted at P 26.6724 to $1 for fourth quarter 1991
 P 27.3754 to $1 for fourth quarter 1990
 -0- 3/27/92
 /CONTACT: Rockwell Associates, 203-262-6596, for Atlas Consolidated Mining & Development/
 (ACMB) CO: Atlas Consolidated Mining & Development Corp. ST: IN: MNG SU: ERN


GK-OS -- NY012 -- 2277 03/27/92 09:52 EST
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Date:Mar 27, 1992
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