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FIRST CONNECTICUT CAPITAL REPORTS YEAR-END LOSS

 BRIDGEPORT, Conn., June 11 /PRNewswire/ -- The First Connecticut Capital Corporation, formerly First Connecticut Small Business Investment Company, today reported a net realized loss of $4,390,431 or $3.74 per share for the year ended March 31, 1993, compared to a net realized loss before extraordinary income of $6,210,804 or $5.29 a share the previous year. In the previous fiscal year, First Connecticut also had an extraordinary profit of $15,895,188 or $13.54 a share after taxes, as a result of debt forgiveness approved by the U.S. Bankruptcy Court as part of the company's plan of reorganization.
 The company said earnings will continue to be difficult to achieve for the current year as a result of provisions of the bankruptcy plan which precludes it from making new loans or investments until January 1994. However, management is currently evaluating options to enable it to return to an operating status.
 Management said further reserves and write-offs may be necessary as a result of the continuing poor economy in the new company's geographic area.
 FIRST CONNECTICUT CAPITAL CORPORATION
 Operating Results
 (Audited)
 Fiscal year ended March 31 1993 1992
 Actual Per Share Actual Per Share
 Income before reorganization
 items and extraordinary
 item $(803,266) $(.69) $812,413 $ .69
 Reorganization items:
 professional services -- -- (1,292,216) (1.10)
 Operating loss before extra-
 ordinary item (803,266) (.69) (479,803) (.41)
 Net realized loss on
 investments (4,074,967) (3.47) (9,984,819) (8.51)
 Net realized loss before
 income tax benefit and
 extraordinary item (4,878,233) (4.16)(10,464,622) (8.92)
 Income tax benefit 487,802 .42 4,253,818 3.63
 Net realized loss before
 extraordinary item (4,390,431) (3.74) (6,210,804) (5.29)
 Extraordinary item (net of
 income taxes of
 $8,188,000) -- -- 15,895,188 13.54
 Net realized
 income/(loss) (4,390,431) (3.74) 9,684,384 8.25
 Net (increase/decrease in
 unrealized depreciation of
 investments 563,118 .48 4,384,503 3.74
 Net realized income/(loss)
 and (increase)/decrease in
 unrealized depreciation of
 investments (3,827,313) (3.26) 14,068,887 11.99
 Net asset value 8,204,082 6.99 12,031,395 10.25
 Shares outstanding 1,173,382 -- 1,173,382 --
 -0- 6/11/93
 /CONTACT: David Engelson, president of First Connecticut Capital Corporation, 203-366-4726/


CO: The First Connecticut Capital Corporation ST: Connecticut IN: FIN SU: ERN

CK-LR -- NY029 -- 1037 06/11/93 11:20 EST
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Date:Jun 11, 1993
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