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COMMERCIAL METALS COMPANY REPORTS EARNINGS OF $12.5 MILLION

 COMMERCIAL METALS COMPANY REPORTS EARNINGS OF $12.5 MILLION
 DALLAS, Oct. 22 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today reported net earnings of $12.5 million or $1.16 per share on sales of $1.2 billion for the year ended Aug. 31, 1992. This compares with earnings of $12.0 million or $1.12 per share on sales of $1.2 billion last year. Cash flow from operations was $39.8 million compared to $38.0 million last year.
 CMC President and Chief Executive Officer Stanley A. Rabin said, "As a result of a strong fourth quarter in our manufacturing segment, earnings and cash flow exceeded the prior year. CMC steel mill shipments exceeded one million tons which represents a significant milestone for our company. In addition, our copper tube division had an excellent fourth quarter as a result of improvements in housing starts and a short-term supply imbalance because of some production problems in the industry. This was a sharp turnaround from the loss recorded by the copper tube division in fiscal year 1991."
 According to Rabin, "The recycling segment experienced the worst market conditions in memory resulting in a significant operating loss for the year. Cash flow from operations, however, remained positive. Results in the marketing and trading segment were slightly lower than the prior year and were satisfactory given the weak global markets."
 Concerning the outlook Rabin said, "Demand for our products remains sluggish in the U.S. as the economy is still struggling to emerge from the recession. Steel and metal prices have retreated again during the past month on weaker fundamentals. Europe is stagnant but we expect Japan to improve in the second half of 1993.
 "We have seen an increase in the Texas highway program as a result of the $151 billion surface transportation bill and we expect this to continue. The focus on infrastructure construction here and overseas will be beneficial beyond 1993." Commercial Metals Company and subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network of over seventy locations including steel minimills, steel fabrication plants, a copper tube mill, recycling facilities and trading offices in the United States and trading and representative offices in strategic overseas markets.
 COMMERCIAL METALS COMPANY
 Fourth Quarter Operating Results
 (in thousands except share data)
 Period ended Three months
 Aug. 31, 1992 1991
 Revenues:
 Net Sales $ 346,305 $ 301,240
 Other Revenues 1,915 2,686
 Total 348,220 303,926
 Costs and Expenses:
 Costs of goods sold 310,784 273,045
 Selling, general
 and administrative
 expenses 22,582 21,237
 Interest 2,810 2,391
 Employees' retirement
 plans 1,451 1,012
 Total 337,627 297,685
 Earnings Before
 Income Taxes 10,593 6,241
 Income Taxes 4,099 2,153
 Net Earnings $ 6,494 $ 4,088
 Net Earnings per Share $ .60 $ .38
 Cash Dividends per
 Share $ .13 $ .13
 Average Shares
 Outstanding 10,898,018 10,744,349
 Period ended Fiscal Year
 Aug. 31, 1992 1991
 Revenues:
 Net Sales $ 1,156,203 $ 1,150,075
 Other Revenue 9,589 11,227
 Total 1,165,792 1,161,302
 Costs and Expenses:
 Costs of goods sold 1,043,428 1,044,170
 Selling, general and
 administrative
 expenses 87,083 85,862
 Interest 9,951 8,565
 Employees' retirement
 plans 5,033 4,361
 Total 1,145,495 1,142,958
 Earnings Before
 Income Taxes 20,297 18,344
 Income Taxes 7,787 6,329
 Net Earnings $ 12,510 $ 12,015
 Net Earnings per
 Share $ 1.16 $ 1.12
 Cash Dividends per
 Share $ .52 $ .52
 Average Shares
 Outstanding 10,828,052 10,721,729
 NOTE: The LIFO method of inventory valuation had the effect of increasing net earnings for the quarter $583 thousand (5 cents per share) compared to $2.9 million (27 cents per share) last year, and for the fiscal year earnings were $1.1 million higher (10 cents per share) compared to $4.6 million (42 cents per share) last year.
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (in thousands)
 Aug. 31,
 1992 1991
 Assets
 Current Assets:
 Cash and temporary
 investments $ 47,426 $ 33,215
 Accounts receivable 164,126 132,466
 Financial services
 loans and advances 45,168 44,959
 Inventories 106,213 93,922
 Other 15,330 14,305
 Total Current Assets 378,263 318,867
 Investments, Notes
 Receivable and Other 6,785 9,168
 Net Property, Plant
 and Equipment 130,690 132,722
 Total $ 515,738 $ 460,757
 Liabilities and
 Stockholders' Equity
 Current Liabilities:
 Commercial paper $ -- $ 20,000
 Financial services
 notes payable 51,898 35,773
 Accounts payable 87,823 78,682
 Other payables and
 accrued expenses 55,592 53,834
 Income taxes payable 1,357 2,171
 Current maturities
 of long-term debt 7,251 8,393
 Total Current Liabilities 203,921 198,853
 Deferred Income Taxes 12,492 12,794
 Long-Term Debt 87,221 45,547
 Stockholders' Equity 212,104 203,563
 Total $ 515,738 $ 460,757
 BUSINESS SEGMENTS
 (in thousands)
 Marketing Financial
 & Trading Recycling Manufacturing Services
 Fiscal Year 1992
 Total Revenues $ 496,511 $235,840 $451,610 $4,101
 Operating profit
 (loss) 7,975 (8,120) 33,024 1,819(A)
 Interest Expense -- -- -- --
 Earnings before
 income taxes -- -- -- --
 Corporate Eliminations Consolidated
 Fiscal Year 1992
 Total Revenues $ 1,449 $(23,719) $1,165,792
 Operating profit
 (loss) (6,374) -- 28,324
 Interest Expense -- -- (8,027)
 Earnings before
 income taxes -- -- $20,297
 Marketing Financial
 & Trading Recycling Manufacturing Services
 Fiscal Year 1991
 Total Revenues $ 512,605 $236,737 $422,389 $5,485
 Operating profit
 (loss) 8,581 (3,210) 24,117 2,940(A)
 Interest Expense -- -- -- --
 Earnings before
 income taxes -- -- -- --
 Corporate Eliminations Consolidated
 Fiscal Year 1991
 Total Revenues $ 30 $(15,944) $1,161,302
 Operating profit
 (loss) (7,202) -- 25,228
 Interest Expense -- -- (6,882)
 Earnings before
 income taxes -- -- $18,344
 1992 1991
 Steel Mills Tons Shipped 1,032 917
 (A) Interest expense of the financial services segment has been included in operating profit in the amounts of $1,924 and $1,683 in 1992 and 1991, respectively.
 -0- 10/22/92
 /CONTACT: Bob Davis of Commercial Metals Company, 214-689-4354/
 (CMC) CO: Commercial Metals Company ST: Texas IN: MNG SU: ERN


SH -- NY033 -- 3387 10/22/92 09:54 EDT
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Date:Oct 22, 1992
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