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CORRECTION TO MAGMA COPPER REPORTS NET INCOME OF $9.7 MILLION OR $0.22 PER SHARE FOR FIRST QUARTER 1992.

 /C O R R E C T I O N -- MAGMA COPPER RESULTS/
 In SD001, "Magma Copper Reports Net Income of $9.7 Million or


$0.22 per Share for First Quarter 1992," in the table entitled "Summary Statement of Consolidated Income," the 24th line, left column, should read "Income tax (provision) benefit," sted of "Income tax provision (benefit)," as originally moved.
 The corrected table follows:
 MAGMA COPPER CO.
 Summary Statement of Consolidated Income
 (In thousands, except per share amounts)
 Three months ended
 March 31, Dec. 31, March 31,
 1992 1991 1991
 Sales $199,920 $197,703 $170,448
 Cost of sales:
 Cost of products
 sold (157,936) (174,502) (134,147)
 Depreciation,
 depletion and
 amortization (13,525) (11,491) (10,140)
 Selling, general
 and administrative (4,861) (4,379) (4,082)
 Exploration, research
 and development (735) (684) (2)
 Restructure expense --- (203,169) ---
 Income (loss) from
 operations 22,863 (196,522) 22,077
 Other income
 (expense):
 Interest expense (12,831) (12,874) (13,659)
 Interest income 1,852 1,896 1,931
 Other 977 1,541 56
 Income (loss) before
 income taxes and
 cumulative effect of
 accounting change 12,861 (205,959) 10,405
 Income tax (provision)
 benefit (3,113) 69,400 (1,700)
 Income (loss) before
 accounting change 9,748 (136,559) 8,705
 Cumulative effect of
 accounting change --- --- (14,000)
 Net income (loss) $9,748 ($136,559) ($5,295)
 Preferred stock
 dividends (2,519) (1,955) (1,972)
 Net income (loss)
 available for
 common stock $7,229 ($138,514) ($7,267)
 Earnings (loss)
 per share of
 common stock,
 primary $.24 ($4.56) ($.24)
 Average common shares
 outstanding,
 primary 30,664 30,382 29,672
 Earnings (loss)
 per share of
 common stock,
 fully diluted $.22 ($4.56) ($.24)
 Average common shares
 outstanding, fully
 diluted 43,717 42,738 42,725
 -0- 4/28/92 C SD001
 (MCU) CO: Magma Copper Company ST: Arizona IN: MNG SU: ERN


JL -- SD001X -- 4025 04/28/92 16:58 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
Words:327
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