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DEVCON REPORTS QUARTERLY RESULTS, REFINANCING, NEW CONTRACT

 DEERFIELD BEACH, Fla., Nov. 4 /PRNewswire/-- Devcon International Corp. (NASDAQ: DEVC) today reported a net loss for the third quarter ended Sept. 30, 1993, of $2,710,000 or 60 cents per share after a $2.6 million charge primarily related to the company's one large remaining Florida construction contract and other projects. In the corresponding three months last year, the company reported net income of $58,000 or one cent per share. Revenues were $14.1 million versus $18.8 million a year ago.
 For the nine months, the net loss amounted to $3,050,000 or 67 cents per share on revenues of $42.7 million. A year earlier, the company reported net income of $1,631,000 or 36 cents per share on revenues of $58.8 million.
 Donald L. Smith Jr., Devcon chairman and president, said that the company is vigorously pursuing a $2.5 million claim against the government contracting authority regarding the large Florida construction contract. He noted that third-quarter results also include a $598,000 gain on reconsolidating Crown Bay Marina in accordance with current accounting rules. "However, we have yet to see strong recovery in the Caribbean markets for our construction materials," he said.
 The company announced that it has completed refinancing most of its bank debt, which has resulted in converting approximately $6.7 million of its short-term debt to long term and increasing working capital by approximately $7.5 million. The company has also expanded its available bank credit lines by $1 million, Smith said. He reported that the company, in line with its strategy to refocus construction activities in the Caribbean, recently mobilized equipment and began work on a new $10 million construction contract for a unit of Chicago Bridge and Iron on the island of St. Eustatius.
 Devcon produces and distributes ready-mix concrete, crushed stone, concrete block and asphalt and distributes bulk and bagged cement in the eastern Caribbean. Principal operations are on St. Croix and St. Thomas in the U.S. Virgin Islands, on St. Maarten and Saba in the Netherlands Antilles, on Tortola in the British Virgin Islands, on Antigua in the independent nation of Antigua and Barbuda, on the independent island of Dominica and on St. Kitts in the independent nation of St. Kitts and Nevis. The company also dredges harbors, builds marine facilities, constructs golf courses and prepares sites for residential, commercial and industrial projects.
 DEVCON INTERNATIONAL CORP.
 CONSOLIDATED SUMMARY OF EARNINGS (Unaudited)
 (In thousands except per-share amounts)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $14,108 $18,829 $42,723 $58,827
 Income (loss) from
 continuing operations
 excluding impairment
 losses from operations
 subsequently retained (3,308) 58 (4,148) 1,751
 Impairment loss from
 discontinued operations
 subsequently retained (2,200) -- (2,200) --
 Income (loss) from continuing
 operations before income
 taxes (5,508) 58 (6,348) 1,751
 Income taxes -- -- -- 120
 Net earnings (loss)
 from continuing
 operations (5,508) 58 (6,348) 1,631
 Discontinued operations:
 Income from discontinued
 operations subsequently
 retained 598 -- 598 --
 Reversal of impairment
 losses on discontinued
 operations 2,200 -- 2,200 --
 Income before cumulative
 effect of change in
 accounting principle (2,710) -- (3,550) --
 Cumulative effect of
 change in accounting
 principle -- -- 500 --
 Net earnings (loss) $ (2,710) $ 58 $ (3,050) $ 1,631
 Earnings (loss) per share:
 Income (loss) from
 continuing operations
 excluding impairment
 losses from operations
 subsequently retained $ (0.72) $ 0.01 $ (0.90) $ 0.36
 Impairment loss from
 discontinued operations
 subsequently retained (0.49) -- (0.49) --
 Income from discontinued
 operations subsequently
 retained 0.61 -- 0.61 --
 Cumulative effect of
 change in accounting
 principle -- -- 0.11 --
 Net earnings (loss)
 per share $ (0.60) $ 0.01 $ (0.67) $ 0.36
 Weighted average common
 shares outstanding 4,557 4,521 4,534 4,523
 SUBJECT TO YEAR-END AUDIT.
 -0- 11/4/93
 /CONTACT: Richard L. Hornsby, executive vice president, Devcon International, 305-429-1500; or Investor Relations Consultants, 813-796-1452, for Devcon International/
 (DEVC)


CO: Devcon International Corp. ST: Florida IN: CST SU: ERN CON

AW -- FL011 -- 1004 11/04/93 18:16 EST
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Date:Nov 4, 1993
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