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DEVCON REPORTS NET LOSS INCLUDING INVESTMENT WRITE-OFF

 DEERFIELD BEACH, Fla., March 30 /PRNewswire/ -- Devcon International Corp. (NASDAQ: DEVC) today reported a net loss for fiscal 1992 of $1,445,000. The loss includes a one-time charge against fourth-quarter results of $1,060,000 to write off the company's investment in a refinery in St. Eustatius.
 The net loss for the year ended Dec. 31, 1992 amounts to 32 cents per share on revenues of $75.3 million as compared to a 1991 net loss of $1,680,000 or 37 cents per share on revenues of $89.7 million. The fourth quarter net loss, including the $1,060,000 one-time charge, was $3,100,000 or 68 cents per share versus the year-ago net loss of $8.0 million or $1.77 per share, which reflected a $7.5 million one-time charge.
 Donald L. Smith, Jr., chairman and president of the heavy construction and concrete and related materials company, attributed the "disappointing" 1992 results to losses in the company's operations in Florida and on the island of St. Maarten and to lower revenue and profit levels in the company's other operations in the Caribbean.
 He said, "We have lessened our exposure to the Florida construction market where our market segment is yet to show signs of recovery, but we have seen some recent encouraging signs in the construction business in the Caribbean. In St. Maarten, which still bears the continuing effects of recession, our materials operation in addition to making major reductions in overhead and operating personnel, has redeployed equipment to other islands, opening up several potentially profitable market opportunities." Smith pointed out that, over the past three years, the company made several acquisitions, expanded into additional islands and invested approximately $15 million in capital improvements in the Southeast Caribbean. He indicated that, as a result, he believes "the company is well positioned to take major advantage of any recovery in the heavy construction and construction materials businesses in the area."
 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
 (In thousands except per-share amounts)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $16,643 $16,590 $75,290 $89,675
 Loss from continuing
 operations before income
 taxes (3,002) (3,865) (1,250) 2,858
 Income taxes (benefit) 75 (298) 195 60
 Net earnings (loss) from
 continuing operations (3,077) (3,567) (1,445) 2,798
 Discontinued operations:
 Loss from operations --- (978) --- (978)
 Loss on disposal, including
 provision of $1,300,000
 for operating losses during
 phaseout period (3,500) (3,500)
 Net loss $(3,077) $(8,045) $(1,445) $(1,680)
 Net earnings per share:
 Income (loss) from
 continuing operations $(.68) $(.93) $(.32) $.62
 Discontinued operations --- (.84) --- (.99)
 Net loss per share $(.68) $(1.77) $(.32) $(.37)
 Weighted average common
 shares outstanding 4,506 4,529 4,515 4,536
 -0- 3/30/93
 /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 Corp. ST: Florida IN: CST SU: ERN

AW -- FL007 -- 1115 03/30/93 14:09 EST
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Date:Mar 30, 1993
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