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CMI CORPORATION REPORTS FINANCIAL RESULTS

 CMI CORPORATION REPORTS FINANCIAL RESULTS
 OKLAHOMA CITY, April 1 /PRNewswire/ -- CMI Corporation (AMEX: CMX)


today announced results for the fourth quarter and year ended Dec. 31, 1991.
 For the year ended Dec. 31, 1991, the company incurred a loss of $4.28 million ($.29 per share) on revenues of $66.4 million as compared to a loss of $27.15 million ($2.02 per share) on revenues of $71.2 million for the year ended Dec. 31, 1990.
 For the quarter, the company incurred a loss of $4.08 million ($.21 per share) on revenues of $7.8 million as compared to a loss of $25.93 million ($1.91 per share) on revenues of $11.3 million for the fourth quarter of 1990. The 1990 quarter and year included an $18 million charge to earnings relating to the company's waste-to-energy project.
 The 1991 loss was the result of an unexpected, low level of product shipments during the fourth quarter. During the first half of 1991, the company was profitable and revenues were at a satisfactory level considering the depressed conditions in the construction industry. The company said its customers, the highway building and restoration contractors then entered a confusing and threatening period of uncertainty due to the rhetoric coming out of Washington during the Congressional proceedings on legislation continuing the federal highway funding program.
 On Sept. 30, 1991, the existing Federal Aid Highway Program expired leaving the 50 state transportation agencies without further federal funding, which in effect ended the United States federal highway program. This brought the process of planning, advertising and awarding new highway projects to a trickle in most states. By the time the new Authorization Act was signed into law by President Bush in mid December, nearly every state had suspended the awarding of federal projects.
 Since the 1991 Surface Transportation Act was signed into law, the inbound order level for the company has increased significantly and is now approximately 40 percent higher than the corresponding period for 1991. The new act contains an increase of almost 50 percent in annual funding and, for the first time, covers a six-year period adding both strength and long-term stability to highway construction markets.
 What has been a very depressed market over the last few years has transformed into a substantial growth market for the highway industry. CMI, as a direct supplier to the industry, believes that orders will continue at a level that will make 1992 a successful and profitable year, and that the next several years provide an excellent opportunity for continued growth and profitability.
 -0- 4/1/92
 /CONTACT: Jim D. Holland, vice president and treasurer of CMI Corporation, 405-787-6020/
 (CMX) CO: CMI Corporation ST: Oklahoma IN: SU: ERN


AH -- NY098 -- 4085 04/01/92 17:12 EST
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Date:Apr 1, 1992
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