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BIRD CORPORATION ANNOUNCES 1991 EARNINGS

 BIRD CORPORATION ANNOUNCES 1991 EARNINGS
 DEDHAM, Mass., Feb. 18 /PRNewswire/ -- Bird Corporation


(NASDAQ: BIRD) today announced 1991 earnings from continuing operations of $5,743,000, which amounted to $1.09 per share after provision for preferred and preference dividends.
 Sales increased by nearly 15 percent to $151,387,000 from the prior year, primarily from acquisitions made during the year.
 The corporation recorded a charge from discontinued operations in the fourth quarter of $564,000 or $0.14 per common share relating to its former ownership of a subsidiary.
 In the prior year Bird Corporation earned $6,725,000 which, on a lesser number of shares then outstanding, amounted to $1.43 per common share.
 For the fourth quarter of 1991 Bird earned $667,000 from continuing operations compared to $708,000 in the 1990 quarter. These earnings amounted to $0.07 per common share compared to $0.09 in the year-earlier quarter. The charge from discontinued operations taken during the fourth quarter, after provision for preferred and preference dividends, amounted to $0.14 per share, resulting in a loss of $0.07 per share.
 George J. Haufler, chairman, stated: "We are very pleased with the significant accomplishments of 1991; a commendable performance in a very weak economy, the establishment of profitability for the first time from our diversification into environmental operations, and, most importantly, the company's re-emergence as a growth company.
 "While 1991 was a difficult year for the building products industry, we are quite pleased with our relative performance. The year started very weakly during the Gulf War and proceeded to result in the lowest number of new housing starts since 1945. Remodeling and repair activities, our principal focus, though less dramatically impacted, were nevertheless significantly affected, most especially in the Northeast and New England, our principal marketing area.
 "1991 also represented to Bird the turning point to renewed growth following a long period of restructuring, which yielded the financial resources to execute a growth strategy tailored to the market needs of the 1990s.
 "It is especially heartening to have established profitability in our environmental activities for the first time in 1991. Additionally, our acquisition in this field, YWC Inc., has been profitable since our purchase, bringing with it a strong customer base, dedicated professionals, and new complementary technology to this exciting strategic direction.
 "We look forward to improved performance during 1992. Substantially reduced mortgage rates are stimulating home purchasing interest which is expected to lead to gradually increasing activity in the home remodeling and repair sector of the industry. On the environmental side of our business, a recovering economy should stimulate deferred activity, which together with our ownership of YWC for the full year, should result in a growth of profitability. In all areas of our business we anticipate additional synergistic benefits from the full integration of our very recent acquisitions into our management and control structure during 1992."
 Bird Corporation is a U.S.-based manufacturer and distributor of building materials and a provider of environmental services.
 A consolidated statement of operations for the fourth quarter and 12 months ended Dec. 31, 1991, are presented below.
 4th quarter ended Dec. 31 1991 1990
 Sales $42,584,000 $34,168,000
 Earnings from cont. operations 667,000 708,000
 Expenses from discont. operations 564,000 ---
 Net earnings 103,000 708,000
 Primary earnings (loss) per share:
 Continuing operations $0.07 $0.09
 Discontinued operations (0.14) ---
 Net earnings (0.07) 0.09
 Fully diluted earnings (loss) per share:
 Continuing operations $0.07 $0.09
 Discontinued operations (0.14) ---
 Net earnings (0.07) 0.09
 Avg. number of shares used in earnings
 per share computation:
 Primary 4,150,071 3,669,056
 Fully diluted 4,887,471 4,425,932
 12 months ended Dec. 31 1991 1990
 Sales $151,387,000 $131,922,000
 Earnings from cont. operations 5,743,000 6,725,000
 Expenses from discont. operations 564,000 ---
 Net earnings 5,179,000 6,725,000
 Primary earnings (loss) per share:
 Continuing operations $1.09 $1.43
 Discontinued operations (0.14) ---
 Net earnings 0.95 1.43
 Fully diluted earnings (loss) per share:
 Continuing operations $1.09 $1.43
 Discontinued operations (0.14) ---
 Net earnings 0.95 1.43
 Avg. number of shares used in earnings
 per share computation:
 Primary 3,850,202 3,628,190
 Fully diluted 4,587,194 4,373,144
 -0- 2/18/92
 /CONTACT: William A. Krivsky, executive vice president and chief financial officer of Bird Corporation, 617-461-1414/
 (BIRD) CO: Bird Corporation ST: Massachusetts IN: SU: ERN


BR-BN -- NE006 -- 9852 02/18/92 10:47 EST
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Date:Feb 18, 1992
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