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BROOKE GROUP LTD. REPORTS THIRD QUARTER 1993 RESULTS

 MIAMI, Nov. 22 /PRNewswire/ -- Brooke Group Ltd., (NYSE: BGL) today reported revenues of $143.2 million for the third quarter ended Sept. 30, 1993, compared with revenues of $176.9 million for the same three months of last year. For the nine months ended Sept. 30, 1993 and 1992, revenues were $428.9 million and $553.8 million, respectively.
 Brooke incurred a net loss of $13.9 million or $0.66 per common share for the quarter ended Sept. 30, 1993. This represented a $28.4 million decrease from the net loss of $42.2 million, or $2.24 per common share, reported for the quarter ended Sept. 30, 1992. The results for the quarter ended Sept. 30, 1992 include a loss from discontinued operations of $23.5 million or $1.11 per common share. The per share figures for the recent quarter were based on 17.7 million weighted average shares outstanding, compared with 19.3 million in the 1992 period.
 For the nine months ended Sept. 30, 1993, the company reported a net loss of $21.9 million, or $1.29 per common share, compared with a net loss of $73.8 million, or $3.87 per common share, for the same period of 1992. Results for the three quarters of 1993 included an extraordinary gain of $42.8 million from early extinguishment of debt (or $2.31 per common share) compared to a $1.5 million extraordinary gain from early extinguishment of debt (or $0.07 per common share) for 1992.
 The results for the nine months ended Sept. 30, 1993 also include a charge of $16.2 million (or $0.87 per common share) in connection with the adoption of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions". The results for the nine months ended Sept. 30, 1992 include a loss from discontinued operations of $32.1 million or $1.48 per common share.
 Brooke Group Ltd. is primarily a tobacco company, through its Liggett Group Inc. and Liggett-Ducat J.S.C. subsidiaries, with a significant real estate development business. Brooke Group also holds minority investments and ownership in other businesses, such as New Valley Corp., MAI Systems, and SkyBox International.
 BROOKE GROUP LTD. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Dollars in thousands, except per share amounts)
 Periods ended Sept. 30 Three Months Nine Months
 1993 1992 1993 1992
 Revenues $143,217 $176,924 $428,908 $553,784
 Loss from continuing
 operations (13,875) (18,682) (48,577) (43,254)
 Loss from discontinuing
 operations -- (23,473) -- (32,087)
 Extraordinary gain from early
 extinguishment of debt -- -- 42,849 1,511
 Cumulative effect of
 accounting change -- -- 16,167 --
 Net loss $(13,875) $(42,155) $(21,895) $(73,830)
 Per share:
 Loss from continuing
 operations $(0.66) $(1.13) $(2.73) $(2.46)
 Loss from discontinuing
 operations -- $(1.11) -- $(1.48)
 Extraordinary gain from early
 extinguishment of debt -- -- $2.31 $0.07
 Cumulative effect of
 accounting change -- -- $(0.87) --
 Net loss $(0.66) $(2.24) $(1.29) $(3.87)
 Weighted average common
 shares outstanding 17,668,700 19,263,713 18,236,321 21,734,163
 -0- 11/22/93
 /CONTACT: David Kronfeld or Wendi Kopsick of Kekst and Company, 212-593-2655/
 (BGL)


CO: Brooke Group Ltd. ST: Florida IN: TOB SU: ERN

TM-WB -- NY092 -- 6999 11/22/93 17:26 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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