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DETROIT & CANADA TUNNEL CORPORATION REPORTS REVENUE DECLINE AND EARNINGS INCREASE IN THE FOURTH QUARTER

 DETROIT & CANADA TUNNEL CORPORATION REPORTS REVENUE DECLINE
 AND EARNINGS INCREASE IN THE FOURTH QUARTER
 DETROIT, Jan. 29 /PRNewswire/ -- The Detroit & Canada Tunnel Corporation (NASDAQ: DTUN) today reported a decline in revenue and an increase in earnings for the fourth quarter, which ended October 1991. The change in revenue was due to the transfer of the Windsor properties to the City of Windsor on Nov. 3, 1990, as a result of the expiration of the company's franchise agreement for those properties.
 Revenue for the quarter was $2,354,411, down 42 percent as compared to revenues of $4,082,368 for the fourth quarter of fiscal 1990. Net income increased to $650,543 or $.91 per share from $149,461 or $.21 per share, for the same period last year.
 Revenue for the year was $8,676,043, down 43 percent as compared to revenues of $15,137,419 for fiscal year 1990. Net income increased to $1,820,974 or $2.52 per share from $851,575 or $1.18 per share for the same period last year.
 The change in net income in the fourth quarter and fiscal year-end 1991 was due primarily to a loss from discontinued operations of $370,100 and $1,286,617, respectively, for fiscal 1990.
 -0- 1/29/92
 /CONTACT: David C. Canavesio of Detroit & Canada Tunnel Corporation, 313-567-4422/
 (DTUN) CO: Detroit & Canada Tunnel Corporation ST: Michigan IN: TRN SU: ERN


ML -- DE010 -- 4651 01/29/92 10:49 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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