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CUMBERLAND HOLDINGS, INC., ANNOUNCES 22 PERCENT INCREASE IN REVENUE AND 84 PERCENT INCREASE IN NET INCOME FOR THE FIRST QUARTER

 TAMPA, Fla., May 11 /PRNewswire/ -- Cumberland Holdings, Inc. (National Quotation Bureau CUMB) today announced significant first quarter increases in revenue and net income. Revenue for the quarter ended March 31, 1993 was $1,456,000, compared to $1,194,000 for the same period in 1992. Net income for 1993 was $94,000 or $.02 per share, compared with $51,000 or $.01 per share in 1992.
 Joseph M. Williams, president of Cumberland Holdings, Inc., commented: "Results in the first quarter represent continued strengthening in the operations of our insurance company. We recently initiated a program to provide landfill closure bonds and other surety bonds required by various federal, state, and local agencies relating to the operations of landfill facilities." We anticipate additional increases in revenue and profit due to our entry into the landfill surety bond area.
 CUMBERLAND HOLDINGS, INC.
 Quarter ended 3/31/93 3/31/92
 Gross revenue $ 1,456,000 $ 1,194,000
 Net income 94,000 51,000
 Earnings per share $ .02 $ .01
 Weighted avgerage
 shares outstanding 4,039,780 4,039,780
 Cumberland, through its subsidiaries, provides reinsurance for specialty sureties and performance and payment bonds for contractors. Cumberland Holdings, Inc., is headquartered in Tampa, Fla. and is licensed to operated in 13 states, the District of Columbia and Guam.
 -0- 5/11/93
 /CONTACT: Beth Coty of Cumberland Holdings, 813-885-2112/
 (CUMB)


CO: Cumberland Holdings, Inc. ST: Florida IN: FIN SU: ERN

AW-JB -- FL016 -- 7143 05/11/93 14:31 EDT
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Publication:PR Newswire
Date:May 11, 1993
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