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CHANCELLOR ANNOUNCES FOURTH QUARTER AND FISCAL 1992 RESULTS

 BOSTON, March 30 /PRNewswire/ -- Chancellor Corporation (NASDAQ: CHCR) announced today that it has reported a net loss of $1.9 million or 49 cents per share for the year ended Dec. 31, 1992. For its fiscal year ended Dec. 31, 1991, the company had reported a net loss of $6.1 million or $1.60 per share. For the quarter ended Dec. 31, 1992, the company reported a net loss of $.8 million or 21 cents per share.
 Stephen G. Morison, the company's president and chief executive officer, said "1992 saw Chancellor Corporation continue to make progress towards its return to overall profitability, reducing its prior year loss from $6.1 million to $1.9 million, but relative to expected performance the year must be termed a disappointment. Company management has sought to identify the developments which resulted in the disappointing 1992 performance and has instituted organizational, operational and financial changes which we believe will help us to achieve our long range goals."
 The company also announced that it had reached an agreement with Bruncor Inc., the owner of a 55 percent-majority interest in the company, under which the company would issue approximately 481,252 shares of Common Stock as payment of an accrued interest obligation of $938,442 arising from a subordinated loan which has been supported and serviced by Bruncor since 1990.
 Founded in 1977, Chancellor Corporation has in recent years concentrated on the leasing of transportation equipment. It is also involved in the leasing of aircraft, communications, materials handling and other equipment. Chancellor Corporation's common stock is listed on The NASDAQ Small-Cap Market (symbol "CHCR").
 CHANCELLOR CORPORATION
 Consolidated Summmary of Operations
 (In thousands except per share amounts)
 Three Months Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $4,655 $9,705 $22,250 $31,812
 Earnings (loss)
 from continuing
 operations $(805) $89 $(1,878) $(6,127)
 Earnings (loss) per
 share from continuing
 operations (21 cents) 2 cents (49 cents) ($1.60)
 Average shares
 outstanding 3,870 3,838 3,870 3,818
 -0- 3/30/93
 /CONTACT: Stephen G. Morison, president and CEO, or William J. Guthlein, vice president, treasurer and CFO, both of Chancellor Corporation, 617-728-8500/
 (CHCR)


CO: Chancellor Corporation ST: Massachusetts IN: ARO TRN SU: ERN

DJ -- NE010 -- 1028 03/30/93 12:00 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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