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EMONS HOLDINGS REPORTS SECOND QUARTER EARNINGS

 YORK, Pa., Feb. 11 /PRNewswire/ -- Emons Holdings, Inc. (NASDAQ: EMHO) today announced a profitable second quarter and first six months of fiscal 1993, which is a substantial turnaround from last year.
 Emons reported net earnings of $98,712 for the three months ended Dec. 31, 1992, as compared to a net loss of $551,364 for the three months ended Dec. 31, 1991. Including preferred dividend requirements, the company reported earnings applicable to common stock of $34,226, or $.01 per share, for the second quarter of fiscal 1993, as compared to a loss of $617,633, or $.12 per share, for the second quarter of fiscal 1992. Revenue increased 4 percent to $2.89 million from $2.78 million.
 For the six-month period ended Dec. 31, 1992, the company reported net earnings of $173,189, as compared to a net loss of $944,336 for the six months ended Dec. 31, 1991. After preferred dividend requirements, the company reported earnings applicable to common stock of $44,216, or $.01 per share, for the six months ended Dec. 31, 1992, as compared to a loss of $1,076,874, or $.21 per share, for the prior year's six-month period.
 Robert Grossman, chairman and president, commented that the profitable second quarter of fiscal 1993 was particularly gratifying especially since carloads of freight moved on the company's railroads only improved 1 percent over last year's second quarter, which was down from the 11 percent increase in the first quarter. Grossman added that the actions taken at the end of fiscal 1992 to reduce costs and enhance revenues were largely responsible for the dramatic improvement in results for the current quarter and six-month periods. Railroad revenues increased 6 percent or $155,000 for the current quarter, over last year's second fiscal quarter, while operating and administrative expenses decreased $478,000 and interest expense declined $93,000 for the quarter. Grossman said he expects this dramatic improvement in results to continue for the remaining two quarters of fiscal 1993. Grossman stated the company also expects that its stepped-up business development and marketing activities may begin to produce some modest increase in carloads of freight by the fourth fiscal quarter. However, he added that economic conditions have still not solidly turned around and certain segments of the economy are still struggling.
 Emons Holdings, Inc., a freight transportation and distribution services company headquartered in York, owns and operates short-line railroads, rail/truck transload facilities, and provides companies with logistic services for movement and storage of their freight.
 Emons Holdings' shares of common stock and convertible preferred stock are traded in the Over-the-Counter securities market and the common shares are listed on NASDAQ under the symbol "EMHO."
 EMONS HOLDINGS, INC.
 (Unaudited)
 Periods ended Three months Six months
 Dec. 31 1992 1991 1992 1991
 Revenues $2,893,507 $2,779,164 $5,820,855 $5,528,373
 Net earnings (loss) 98,712 (551,364) 173,189 (944,336)
 Preferred dividend
 requirements 64,486 66,269 128,973 132,538
 Earnings (loss)
 applicable to
 common stock 34,226 (617,633) 44,216 (1,076,874)
 Average common shares
 and common share
 equivalents 5,548,449 5,327,612 5,551,163 5,188,862
 Earnings (loss) per
 common share and
 common share
 equivalents $.01 $(.12) $.01 $(.21)
 /delval/
 -0- 2/11/93
 /CONTACT: Robert Grossman, chairman and president of Emons Holdings, 717-771-1701/
 (EMHO)


CO: Emons Holdings, Inc. ST: Pennsylvania IN: TRN SU: ERN

MK-JS -- PH031 -- 5817 02/11/93 15:25 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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