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COMMERCIAL METALS COMPANY REPORTS SECOND QUARTER EARNINGS OF $ 4.8 MILLION AND DECLARED QUARTERLY CASH DIVIDEND

 DALLAS, March 18 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today reported net earnings of $4.8 million or 44 cents per share on sales of $412 million for the second quarter ended Feb. 28, 1993. This compares with earnings of $438,000 or 4 cents per share on sales of $263 million for the same period last year.
 Net earnings for the six months ended Feb. 28, 1993 were $7.7 million or 70 cents per share on sales of $736 million. For the same period last year earnings were $3.3 million or 30 cents per share on sales of $521 million. Cash flow provided from operations for the six month period was $22 million compared to $16 million last year.
 CMC President and Chief Executive Officer Stanley A. Rabin said, "The Manufacturing segment operating profit increased forty-four percent, compared to the second quarter last year, with strong earnings increases in both the CMC Steel Group and the Copper Tube division. The Marketing and Trading segment, led by the International division, reported a dramatic increase in operating profit and the Recycling segment was profitable for the first time in eight quarters."
 Concerning the outlook, Rabin said, "Many of our markets have improved and we expect this trend to continue. We have increased our steel mill prices to compensate for the recent increases in ferrous scrap prices and demand is good for our steel products. The U.S. economy is recovering slowly from the long recession, but markets in Europe and Japan are still depressed. For the long term we are quite optimistic."
 CMC's Board of Directors declared the regular 13 cents per share dividend on outstanding common stock payable April 23 to shareholders of record April 9. This is the 114th consecutive quarterly cash dividend.
 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
 Consolidated Statements of Earnings
 (In thousands except share data)
 Three months ended
 2/28/93 2/29/92
 Revenues:
 Net sales $ 411,712 $ 263,136
 Other revenues 1,646 2,631
 Total 413,358 265,767
 Costs and expenses:
 Costs of goods sold 378,084 240,427
 Selling, general and administrative
 expenses 23,396 20,903
 Interest expense 2,453 2,542
 Employees' retirement plans 1,608 1,187
 Total 405,541 265,059
 Earnings before income taxes 7,817 708
 Income taxes 2,971 270
 Net earnings $ 4,846 $ 438
 Net earnings per share $ .44 $ .04
 Cash dividends per share $ .13 $ .13
 Average shares outstanding 11,017,282 10,788,280
 Six months ended
 2/28/93 2/29/92
 Revenues:
 Net sales $ 736,092 $ 521,305
 Other revenues 3,484 5,840
 Total 739,576 527,145
 Costs and expenses:
 Costs of goods sold 671,993 472,137
 Selling, general and administrative
 expenses 46,703 42,674
 Interest expense 5,248 4,721
 Employees' retirement plans 3,212 2,359
 Total 727,156 521,891
 Earnings before income taxes 12,420 5,254
 Income taxes 4,720 1,997
 Net earnings $ 7,700 $ 3,257
 Net earnings per share $ .70 $ .30
 Cash dividends per share $ .26 $ .26
 Average shares outstanding 10,953,926 10,751,601
 Note: The LIFO method of inventory valuation had the effect of decreasing net earnings for the quarter $618,000 (6 cents per share) compared to an increase of $444,000 (4 cents per share) last year, and for the six months net earnings were $521,000 lower (5 cents per share) compared to an increase of $375,000 (3 cents per share) last year.
 COMMERCIAL METALS COMPANY
 Consolidated Condensed Balance Sheets
 (In thousands)
 2/28/93 8/31/92
 Assets:
 Current assets:
 Cash and temporary investments $ 31,829 $ 47,426
 Accounts receivable 182,585 164,126
 Financial services loans and advances 36,823 45,168
 Inventories 109,828 106,213
 Other 20,580 15,330
 Total current assets 381,645 378,263
 Investments, notes receivable and other 5,413 6,785
 Net property, plant and equipment 130,277 130,690
 $ 517,335 $ 515,738
 Liabilities and stockholders' equity
 Current liabilities:
 Commercial paper $ 10,000 $ --
 Financial services notes payable 40,234 51,898
 Accounts payable 79,654 87,823
 Other payables and accrued expenses 59,260 55,592
 Income taxes payable 3,583 1,357
 Current maturities of long-term debt 7,223 7,251
 Total current liabilities 199,954 203,921
 Deferred income taxes 12,492 12,492
 Long-term debt 84,094 87,221
 Stockholders' equity 220,795 212,104
 Total $ 517,335 $ 515,738
 BUSINESS SEGMENTS
 (In thousands)
 Three months ended Six months ended
 2/28/93 2/29/92 2/28/93 2/29/92
 Revenues:
 Manufacturing $ 110,598 $ 98,749 $ 225,565 $ 207,871
 Marketing and
 trading 239,880 119,966 386,624 223,234
 Financial services 912 1,041 2,108 2,144
 Corporate and
 eliminations (5,754) (5,929) (14,522) (10,390)
 Total revenues $ 413,358 $ 265,767 $ 739,576 $ 527,145
 Operating profit:
 manufacturing $ 5,992 $ 4,148 $ 13,958 $ 10,774
 Recycling 363 (1,593) (945) (3,242)
 Marketing and trading 5,158 1,420 6,558 2,883
 Financial services 510 533 887 1,039
 Corporate and
 eliminations (2,196) (1,652) (3,970) (2,423)
 Total operating
 profit $ 9,827 $ 2,856 $ 16,488 $ 9,031
 Steel mills tons
 shipped 259 230 529 484
 -0- 3/18/93
 /CONTACT: Bob Davis of Commercial Metals Company, 214-689-4354/
 (CMC)


CO: Commercial Metals Company ST: Texas IN: MNG SU: ERN

WB -- NY011 -- 9019 03/18/93 09:17 EST
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Date:Mar 18, 1993
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