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FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS, DIVIDEND

 FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS, DIVIDEND
 JACKSONVILLE, Fla., Dec. 4 /PRNewswire/ -- Florida Rock Industries, Inc. (AMEX: FRK) today reported the declaration of the regular semiannual dividend and the results of operations for the fourth quarter and fiscal 1991.
 DIVIDEND. The board of directors declared the semiannual dividend of $.25 per share, payable to stockholders of record on Dec. 18, 1991, to be paid Jan. 2, 1992.
 Fiscal 1991 was a difficult year for Florida Rock Industries, Inc. as depressed construction markets resulted in lower sales and profit.
 FOURTH QUARTER RESULTS. Sales and gross profit decreased to $74,911,000 from $93,152,000 and to $11,524,000 from $14,814,000, respectively, from the same quarter last year. Net income decreased to $3,555,000 from $3,900,000 for the same period last year. Earnings per share were $.38, down from $.42 last year.
 The sales decrease was attributable to depressed construction markets. Profits and profit margins both declined as a result of lower sales. The fourth quarter of 1991 included a $1,035,000 gain on sale of land. Income taxes were only $227,000 in the fourth quarter this year as compared with taxes of $885,000 in the same quarter last year. Consequently, net income decreased only 9 percent while income before taxes declined 21 percent from last year.
 ANNUAL RESULTS. Sales for fiscal 1991 were $295,726,000 down 24 percent from $390,546,000 in fiscal 1990. The decrease in sales was due to depressed construction markets throughout the year.
 Gross profit declined 45 percent to $36,013,000 from $65,771,000 as profit margins were lower due to lower volumes, under absorbed fixed costs and termination expenses from headcount reductions.
 Income before income taxes was down 93 percent to $1,682,000 from $25,093,000. Net income was $2,043,000 ($.22 per share), an 88 percent decrease from fiscal 1990's net income of $17,100,000 ($1.86 per share).
 Florida Rock Industries, Inc. is a southeastern construction materials company concentrating in construction aggregates and concrete products.
 FLORIDA ROCK INDUSTRIES, INC.
 Summary of Consolidated Sales and Earnings
 (Dollars in thousands except per share amounts)
 FOR THE FOURTH QUARTER ENDED SEPT. 30, 1991 AND 1990
 1991 1990
 Net Sales $74,911 $93,152
 Gross Profit $11,524 $14,814
 Income before income taxes $ 3,782 $ 4,785
 Net income $ 3,555 $ 3,900
 Earnings per common share $.38 $.42
 Number of shares 9,213,299 9,214,057
 FOR THE YEAR ENDED SEPT. 30, 1991 AND 1990
 1991 1990
 Net Sales $295,726 $390,546
 Gross Profit $ 36,013 $ 65,771
 Income before income taxes $ 1,682 $ 25,093
 Net income $ 2,043 $ 17,100
 Earnings per common share $.22 $1.86
 Number of shares 9,213,749 9,213,895
 Weighted average number of shares used in computing earnings per share.
 -0- 12/4/91
 /CONTACT: Ruggles B. Carlson, vice president - finance and treasurer of Florida Rock Industries, 904-355-1781/
 (FRK) CO: Florida Rock Industries ST: Florida IN: CST SU: ERN


AW-JJ -- FL007 -- 9218 12/04/91 12:47 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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