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DEVCON INTERNATIONAL REPORTS FIRST-QUARTER RESULTS

 DEVCON INTERNATIONAL REPORTS FIRST-QUARTER RESULTS
 DEERFIELD BEACH, Fla., May 13 /PRNewswire/ -- Devcon


International Corp. (NASDAQ: DEVC) today reported first quarter earnings that reflect continued contributions from the Caribbean concrete and related materials businesses and continued softness in Florida construction.
 For the three months ended March 31, 1992, net income amounted to $1,011,000 or 22 cents per share on revenues of $18.4 million. A year earlier, the company reported net earnings of $2,950,000 or 65 cents per share on revenues of $26.5 million.
 Donald L. Smith, Jr., Devcon president and chairman, noted that the company has yet to recognize any earnings from three new Florida construction contracts. Revenues from these projects will be approximately $19 million.
 Smith said, "With our $14 million program of capital improvements nearly completed, we have materially increased the efficiency of our island operations which should be in an excellent position to benefit from any economic upturn."
 He added, "Our construction workload is satisfactory and we are progressing with the expansion of our concrete and related activities in the islands."
 Devcon operates ready-mix concrete, aggregate, concrete block and bulk cement facilities; dredges harbors; builds golf courses and performs other heavy construction work in the Caribbean. Principal operations are on St. Thomas and St. Croix in the U.S. Virgin Islands, on the independent island nations of Antigua and Dominica, on St. Maarten, Netherlands Antilles, and on Tortola, British Virgin Islands. In Florida, where the company is headquartered, Devcon constructs golf courses and prepares sites for shopping malls, residential developments and industrial parks.
 DEVCON INTERNATIONAL CORP.
 CONSOLIDATED SUMMARY OF EARNINGS (Unaudited)
 (In thousands except per-share amounts)
 Quarter Ended
 March 31,
 1992 1991
 Revenues $18,412 $25,866
 Earnings before income taxes 1,071 3,185
 Income taxes 60 123
 Net earnings from continuing operations 1,011 3,062
 Loss from discontinued operations -- (112)
 Net earnings $1,011 $2,950
 Earnings (loss) per share:
 Income from continuing operations $.22 $.67
 Loss from discontinued operations -- (.02)
 Net earnings per common share $.22 $.65
 Weighted average common
 shares outstanding 4,523 4,537
 -0- 5/13/92
 /CONTACT: Richard L. Hornsby, executive vice president of Devcon International Corp., 305-429-1500; or Investor Relations Consultants, Inc., 813-796-1452, for Devcon International Corp./
 (DEVC) CO: Devcon International Corporation ST: Florida IN: CST SU: ERN


AW -- FL003 -- 9488 05/13/92 08:48 EDT
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Publication:PR Newswire
Date:May 13, 1992
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