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CANAL CAPITAL CORPORATION REPORTS FIRST QUARTER RESULTS

 NEW YORK, March 12 /PRNewswire/ -- Canal Capital Corporation today reported a net loss of $183,000, or $0.05 per common share, for the quarter ended Jan. 31, 1993, as compared with a net loss of $838,000, or $0.20 per common share, for the same period in 1992.
 The 1993 loss was due primarily to reduced operating income from Canal's art operations, which operations resulted in an operating loss of $72,000 for the first quarter of 1993. Real estate operations for the first quarter of 1993 included $43,000 of land sales which generated operating income of approximately $29,000. The 1992 loss was due primarily to reduced operating income from Canal's art and real estate operations.
 Revenues were $1,215,000 for the first quarter of fiscal 1993, as compared with $1,612,000 for the same period in fiscal 1992. The 1993 decrease in revenues is due primarily to a decrease in revenues generated by Canal's art operations.
 CANAL CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Operating Results
 Three months ended Jan. 31 1993 1992
 Revenues $1,215,000 $1,612,000
 Net income (loss) (183,000) (838,000)
 Net income (loss) applicable
 to common shares (215,000) (862,000)
 Net income (loss) per common share (0.05) (0.20)
 -0- 3/12/93
 /CONTACT: Canal Capital Corporation, 212-826-6040/


CO: Canal Capital Corporation ST: New York IN: SU: ERN

LR-OS -- NY010 -- 5426 03/12/93 10:01 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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