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CITIZENS SECURITY GROUP INC. REPORTS SIGNIFICANT INCREASE IN SIX MONTH AND SECOND QUARTER EARNINGS

 RED WING, Minn., July 21 /PRNewswire/ -- Citizens Security Group Inc. (NASDAQ: CSGI) today announced significantly improved operating results for the periods ended June 30, 1993. Net income for the six months was $941,282, or $0.32 per share, compared to $372,786, or $0.15 per share, for the same period in 1992. Realized gains on investments were $439,622 compared to a realized loss of $43,612 in 1992. Six month revenues increased to $13,443,566, from $13,356,041 in the prior period a year ago.
 For the second quarter, net income totaled $311,383, or $0.10 per share, compared to $148,579, or $0.06 per share, in last year's second quarter. Revenues equaled $6,784,326 compared to $6,859,695 in the second quarter a year ago.
 Spencer A. Broughton, chairman and chief executive officer, commented, "We are extremely pleased to report a substantial increase in net income for the six months of 1993 compared to 1992. Our direct premiums written for the first six months of 1993 rose 5.5 percent over 1992."
 The loss ratio (loss and loss adjustment expenses incurred to premiums earned) was 67.3 percent for the first six months of 1993 compared to 68.8 percent in 1992. The expense ratio continued to improve as a result of past actions executed to decrease expenses. The company experienced a $38,000 tax benefit as a result of the implementation of Financial Accounting Standard No. 109.
 Citizens Security Group Inc. is a holding company owning subsidiaries -- Citizens Fund Insurance Company and Insurance Company of Ohio -- engaged in the preferred risk property and casualty business conducted in seven states, principally in the upper Midwest. The common stock of the company is traded on the NASDAQ Small-Cap Market under the symbol CSGI.
 CITIZENS SECURITY GROUP INC.
 CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues:
 Premiums earned $6,076,917 $6,109,655 $11,817,232 $12,197,620
 Investment income,
 less related expenses 468,406 533,845 991,836 1,026,436
 Realized gains (losses)
 on investments 140,928 124,805 439,622 (43,612)
 Other 98,075 91,390 194,876 175,597
 Total revenues 6,784,326 6,859,695 13,443,566 13,356,041
 Losses and expenses:
 Losses and loss
 adjustment expenses 4,143,158 4,504,086 7,947,698 8,397,730
 Operating expenses 2,215,785 2,183,530 4,225,586 4,511,025
 Total losses
 and expenses 6,358,943 6,687,616 12,173,284 12,908,755
 Income before
 income taxes 458,383 172,079 1,270,282 447,286
 Income tax expense 114,000 23,500 367,000 74,500
 Net income from con-
 tinuing operations 311,383 148,579 903,282 372,786
 Cumulative FAS 109
 adjustment -- -- 38,000 --
 Net income $311,383 $148,579 $941,282 $372,786
 Weighted average shares
 and equivalent shares
 outstanding 2,915,540 2,562,495 2,914,252 2,562,495
 Earnings per share $0.10 $0.06 $0.32 $0.15
 -0- 7/21/93
 /CONTACT: Mary B. Plein of Citizens Security, 612-388-7171/
 (CSGI)


CO: Citizens Security Group Inc. ST: Minnesota IN: FIN SU: ERN

KH -- MN020 -- 4137 07/21/93 16:30 EDT
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Date:Jul 21, 1993
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