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FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS

 FLORIDA ROCK INDUSTRIES ANNOUNCES RESULTS
 JACKSONVILLE, Fla. Feb. 5 /PRNewswire/ -- Florida Rock Industries,


Inc. (AMEX: FRK) ("FRI") announced today that the company had lower results for the first quarter of fiscal 1992, as demand for construction products remained at depressed levels in most markets served.
 Consolidated net sales decreased 13 percent to $71,198,000 from $81,652,000 in the first quarter of fiscal 1991. Gross profit decreased 16 percent to $8,742,000 from $10,408,000. Selling, general and administrative expenses were reduced 11 percent to $7,025,000. The company's net interest expense declined to $837,000 from $1,065,000 for the first quarter of fiscal 1991. Net income declined 23 percent to $736,000 ($.08 per share) from $952,000 ($.10 per share).
 The decreases in sales and profits were attributable to lower demand for construction products as compared to the same quarter last year. Profits declined a greater percentage than sales because the high fixed cost nature of the business, including substantial depreciation expense, means that profit margins will erode in periods of falling volumes. However, substantial cost reductions over the past two years have enabled the company to remain profitable at these low volume levels.
 The company's markets remain depressed. There continues to be a lack of financing available especially for new commercial construction due to problems within the nation's financial institutions.
 The overbuilt condition in commercial real estate remains in many of the company's markets. Construction of single family homes appears to be slowly recovering from very depressed levels. Federal and state governments are advocating accelerating the much needed infrastructure programs in all markets, although they are constrained by the ability of the various states to fund the programs.
 The construction industry is cyclical and has been in a severe downturn which now appears to have bottomed out. The company continues to reduce costs as an upturn in the cycle is not expected until late in 1992 or 1993. The upturn, when it comes, is expected to be gradual. However, management also continues to explore opportunities that will permit it to maximize its position in its markets which are still expected to experience long-term secular growth.
 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 First Quarter Ended Dec. 31,
 1991 1990
 Net sales $71,198 $81,652
 Gross Profit $ 8,742 $10,408
 Income before income
 taxes $ 982 $ 1,442
 Net income $ 736 $ 952
 Earnings per common
 share $.08 $.10
 Number of shares (A) 9,210,206 9,214,055
 (A) -- Weighted average number of shares used in computing
 earnings per common share.
 -0- 2/5/92
 /CONTACT: Ruggles B. Carlson, vice president-finance and treasurer of Florida Rock Industries, 904-355-1781/
 (FRK) CO: Florida Rock Industries, Inc. ST: Florida IN: CST SU: ERN


SS-XX -- FL006 -- 7108 02/05/92 10:59 EST
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Date:Feb 5, 1992
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