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BIRD CORPORATION REPORTS LOWER EARNINGS ON HIGHER SALES; ANTICIPATES SECOND HALF IMPROVEMENT

 DEDHAM, Mass., July 28 /PRNewswire/ -- Bird Corporation (NASDAQ: BIRD) reported second quarter earnings for 1993 of $182,000 vs. $2,150,000 for the prior year's quarter. After provision for preference and preferred dividends, this amounted to a loss per common share of 5 cents vs. earnings of 43 cents per share in the 1992 quarter. Sales increased to $62 million, a 14 percent increase from the prior year's quarter.
 For the first half of 1993, Bird posted net earnings of $1,753,000 as compared to $2,160,000 in the first half of 1992. These results amounted to 24 cents and 34 cents per common share, respectively. First half 1993 sales exceeded $103 million and were 12 percent ahead of the 1992 period.
 Chairman George J. Haufler stated, "While overall second quarter earnings were depressed by Environmental Group losses and earlier Housing Group difficulties, we have made several notable improvements. Our Housing Group recovered to 1992 levels, a significant improvement from the first quarter year-to-year comparisons. Our Environmental Group again had a substantial loss in the second quarter, although reduced from that in the first quarter. Additionally, we recently announced the favorable sale of the municipal sludge division of the Environmental Group, which reported significant losses in the first half of 1993. The results of that sale, which will be reported in the third quarter, will contribute a modest gain, a $10 million cash infusion, and a group more focused on its promising entities.
 "We expect strong improvement in Bird's performance during the second half of 1993. Our Environmental Group will be focused fully on industrial applications, mainly petroleum refinery and petrochemical, where our competitive advantages are strongest. We anticipate the startup of our San Leon Recycling Center during the fourth quarter of the year, which is expected to be a major profit contributor in its own right in 1994 and synergistic with our activities at client-based facilities.
 "Meanwhile, in the Housing Group, our joint venture in the vinyl replacement window fabrication business has opened up significant new accounts with direct sales marketing customers. Associated with this new business are ancillary opportunities that show considerable promise. Further, our Northeast roofing operations demonstrated strong improvement in the second quarter with record shipments in the month of June, and that trend appears to be continuing."
 Bird Corporation is a U.S. manufacturer and distributor of building materials and a provider of environmental services.
 The unaudited results for the first half and the second quarter of 1993 compared with the same periods in 1992 are presented below.
 BIRD CORPORATION
 (in thousands except per share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Sales $62,237 $54,539 $103,430 $92,242
 Earnings (loss) before
 accounting change 182 2,150 (980)(a) 2,160
 Cumulative effect of
 accounting change 0 0 2,733 0
 Net earnings 182 2,150 1,753 2,160
 Per share:
 Earnings (loss) before
 accounting change (5 cents) 43 cents (43 cents) 34 cents
 Cumulative effect of
 accounting change 0 0 67 cents 0
 Net earnings (5 cents) 43 cents 24 cents 34 cents
 Average number of common
 shares used in per
 share computation: 4,093,719 4,094,049 4,073,574 4,133,261
 ----
 NOTE: (a) Includes a net gain of approximately $1.44MM pre-tax from a favorable settlement with a prior vendor.
 -0- 7/28/93
 /CONTACT: William A. Krivsky, executive vice president and chief financial officer of Bird Corporation, 617-461-1414/
 (BIRD)


CO: Bird Corporation ST: Massachusetts IN: ENV SU: ERN

DJ -- NE024 -- 6965 07/28/93 17:16 EDT
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Date:Jul 28, 1993
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