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CHANCELLOR CORPORATION ANNOUNCES SECOND QUARTER EARNINGS AND RENEWAL OF CREDIT FACILITY

 CHANCELLOR CORPORATION ANNOUNCES SECOND QUARTER EARNINGS
 AND RENEWAL OF CREDIT FACILITY
 BOSTON, Aug. 13 /PRNewswire/ -- Chancellor Corporation (NASDAQ: CHCR) reported net earnings of $20,800 or (1 cent per share) for the three months ended June 30, 1992. This compares with a net loss from continuing operations of $1,741,000 (or 45 cents per share) for the same period last year. The company's revenues declined to $6.3 million for the three months ended June 30, 1992 from $6.8 million for the corresponding period in 1991. The second quarter results include a $482,000 gain from the buyout of a lease in the company's portfolio.
 The company also announced today that it has entered into an agreement with a group of the company's lenders to extend and amend certain loan and forbearance agreements which were initially entered into among the company, its affiliates and the lenders in April 1990 and have since been renewed on a number of occasions. The new agreement extends the loan facility through Nov. 5, 1992 on essentially the same terms and conditions the company has enjoyed during recent renewal periods. Meanwhile, the company and its lenders are continuing negotiations toward a proposed restructuring of the loan arrangements into a term facility, which the company has previously announced.
 Stephen G. Morison, president and chief executive officer, stated: "Chancellor Corporation's second quarter performance confirms our belief that the company has regained financial stability. Although we had hoped to have a stronger backlog of new lease transactions at this point in the year, a slower-than-anticipated economic recovery in our industry, coupled with aggressive and sometimes ill-advised competition, have limited our opportunities to build a significant inventory of high- quality new lease business. Nevertheless, the second half of the fiscal year has traditionally been our busiest time, and we are optimistic that the company will achieve positive overall results during the remainder of 1992."
 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, material handling and other equipment. Chancellor Corporation common stock is listed on the National Association of Securities Dealers (NASDAQ) Automated Quotation system (symbol "CHCR").
 CHANCELLOR CORPORATION
 Consolidated Summary of Operations
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues $6,315 $6,783 $12,214 $13,971
 Net earnings (loss) 21 (1,741) (478) (2,692)
 Average shares
 outstanding 3,870 3,848 3,871 3,812
 Net earnings (loss)
 per share 1 cent (45 cents) (12 cents) (71 cents)
 -0- 8/13/92
 /CONTACT: Stephen G. Morison, president and CEO; or William J. Guthlein, vice president, treasurer and CFO, 617-728-8500, of Chancellor Corp./
 (CHCR) CO: Chancellor Corporation ST: Massachusetts IN: TRN SU: ERN


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Publication:PR Newswire
Date:Aug 13, 1992
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