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CANAL CAPITAL CORPORATION REPORTS THIRD QUARTER RESULTS

 NEW YORK, Sept. 13 /PRNewswire/ -- Canal Capital Corporation today reported a net loss of $1,172,000, or $0.29 per common share, for the nine months ended July 31, 1993, as compared with a net loss of $1,076,000, or $0.26 per common share, for the same period in 1992.
 The 1993 loss was due primarily to Canal's $873,000 write-off in June 1993, of the leasehold improvements and certain deferred costs associated with the company's leased office space in New York City. Canal negotiated the early termination of this lease effective Dec. 31, 1993. Additionally, the 1993 loss was due to operating losses incurred in Canal's art operations. The 1992 loss was due primarily to reduced operating income from Canal's art operations.
 Included in the nine month results are Canal's repurchase of $1.5 million and $3.1 million of its outstanding variable rate mortgage notes at significant discounts during the second quarters of fiscal 1993 and 1992, respectively. Retirement of these notes resulted in net extraordinary gains of $366,000 and $858,000 in fiscal 1993 and 1992, respectively.
 Revenues were $3,055,000 for the first nine months of fiscal 1993, as compared with $5,600,000 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.
 For the third quarter of fiscal 1993, the company reported a net loss of $985,000 or $0.23 per common share on revenues of $932,000 as compared to a net loss of $613,000 or $0.15 per common share on revenues of $1,767,000 for the same period in 1992.
 CANAL CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Operating Results
 Nine months ended July 31 1993 1992
 Revenues $ 3,055,000 $ 5,600,000
 Net income (loss) (1,172,000) (1,076,000)
 Net income (loss) applicable
 to common shares (1,256,000) (1,142,000)
 Net income (loss) per common share $(0.29) $(0.26)
 Three months ended July 31 1993 1992
 Revenues $ 932,000 $ 1,767,000
 Net income (loss) (985,000) (613,000)
 Net income (loss) applicable
 to common shares (1,013,000) (648,000)
 Net income (loss) per common share $(0.23) $(0.15)
 -0- 9/13/93
 /CONTACT: Reginald Schauder of Canal Capital Corporation, 212-826-6040/


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

WB-PS -- NY041 -- 1264 09/13/93 11:40 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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