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DIXON TICONDEROGA COMPANY REPORTS SECOND QUARTER RESULTS AND DECISION TO RETAIN REFRACTORY PRODUCTS BUSINESS

 MAITLAND, Fla., May 20 /PRNewswire/ -- Dixon Ticonderoga Company (AMEX: DXT) reported a net loss of ($498,068 or 16 cents per share) for its second quarter ended March 31, 1993. This compared with a loss of ($193,657 or 6 cents per share) for the second quarter of fiscal 1992. Revenues for the quarter were $16,893,287 compared with $17,687,300 for the prior year quarter. For the first six months of fiscal 1993, the company reported a loss of ($363,716 or 12 cents per share) on revenues of $35,013,252, compared with a loss of ($365,751 or 12 cents per share) on revenues of $36,013,696 a year ago. All amounts have been restated to reflect the company's decision to retain its Refractory Products business segment, previously considered as discounted operations.
 "In late 1990, we had intended to dispose of our Refractory Products division," President Gino N. Pala explained. "However, prevailing market conditions made this effort difficult and since then this operation has shown significant improvement. Accordingly, we now feel that this business' inherent value can best be realized by retaining it and carrying out our new strategic plan for the division.
 "The operating results of our Consumer Products segment suffered from traditionally low, seasonal sales and related manufacturing inefficiencies," Pala added. "In addition, our foreign operations have continued to be impacted by the decline in their local currencies, adversely affecting our results by approximately $350,000 in our first six months. We fully expect to show a return to profitability in our coming quarters, which are historically our most successful."
 On a restated basis, the company earned $258,007 or 8 cents per share in 1992 as compared with a net loss of ($787,110 or 26 cents per share) and ($5,032,743 or $1.64 per share) in 1991 and 1990, respectively. The 1991 figures reflect income from discontinued operations of $922,000 or 30 cents per share, while the 1990 figures reflect a loss from discontinued operations of the same amount.
 Dixon Ticonderoga Company is a diversified manufacturer and marketer of the well-known Dixon Ticonderoga(R), Wearever(R) and Prang(R) writing and art products, a producer of graphite and lubricant products and an operator of refractories.
 DIXON TICONDEROGA COMPANY
 EARNINGS HIGHLIGHTS (A)
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Revenues $16,893,287 $17,687,300 $35,013,252 $36,013,696
 Operating
 Income $ 391,309 $ 746,379 $ 988,251 $ 1,546,518
 Net Income
 (Loss) $ (498,068) $ (193,657) $ (363,716)(B) $ (365,751)
 Earnings
 (loss)
 per share $ (.16) $ (.06) $ (.12)(B) $ (.12)
 Weighted
 Average
 Shares 3,092,084 3,081,739 3,092,084 3,081,739
 1992 1991 1990
 Revenues $ 82,024,920 $ 78,897,587 $ 90,543,353
 Income (Loss) From
 Continuing
 Operations $ 258,007 $(1,709,110)(C) $ (4,110,743)
 Income (Loss) From
 Discontinued
 Operations --- 922,000 (922,000)
 Net Income (Loss) $ 258,007 $ (787,110)(C) $ (5,032,743)
 Earnings (Loss)
 Per Share:
 Continuing
 Operations $ .08 $ (.56)(C) $ (1.34)
 Discontinued
 Operations --- .30 (.30)
 Net Income (Loss) $ .08 $ (.26)(C) $ (1.64)
 (A) -- Amounts have been restated to reflect the company's decision
 to retain its Refractory Products segment.
 (B) -- Reflects pretax gain on sale of assets of $371,236.
 (C) -- Reflects pretax gain on sale of assets of $1,495,483.
 -0- 5/20/93
 /CONTACT: Gino N. Pala, president of Dixon Ticonderoga Company, 407-875-9000/
 (DXT)


CO: Dixon Ticonderoga Company ST: Florida IN: HOU SU: ERN

AW-JB -- FL008 -- 0805 05/20/93 13:17 EDT
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Date:May 20, 1993
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