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FLORIDA ROCK INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS

 JACKSONVILLE, Fla., May 5 /PRNewswire/ -- Florida Rock Industries, Inc. (AMEX: FRK) announced today that second quarter results for the period ended March 31, 1993, although depressed by a severe winter seasonal downturn, reflect the benefits of management's continuing cost reduction actions and a modest recovery in demand.
 For the second quarter, ended March 31, 1993, consolidated net sales increased 10 percent to $63,771,000 from $57,828,000 in the second quarter last year. Gross profit increased 3 percent to $7,033,000 from $6,798,000. Interest expense in the quarter declined 22 percent or $196,000 to $692,000 from $888,000 due primarily to lower rates. The net loss was reduced to $198,000 ($.02 per share) as compared to a net loss of $701,000 ($.08 per share) in the second quarter of last year.
 The increase in sales was primarily attributable to improving demand for construction products in the Florida market. The Virginia and Maryland markets appear to have bottomed out, but the winter snows and rains washed away any signs of recovery in sales for the period. Gross profit improved as a result of the increased volume and the many actions taken by management during the past two years to reduce costs. Gross profit margin declined slightly due to both some price erosion in certain products in certain markets and a change in the product sales mix.
 In the first six months, ended March 31, 1993, net sales increased 1 percent to $130,628,000 from $129,026,000 for the same period last year. Gross profit decreased 2 percent to $15,115,000 from $15,489,000. The net income was $377,000 compared to a net income of $35,000 in the same period last year.
 The modest sales recovery expected for this fiscal year began to appear in the Florida markets during the second quarter. The unusually wet fall, combined with a severe winter, appears to have depressed construction activity even more than the markets indicate.
 It appears that a very gradual recovery is under way in most of the construction markets served excluding the commercial market. The overbuilt condition in commercial real estate is expected to keep that market segment depressed for several more years. Home building continues a very gradual recovery as a result of both pent-up demand and lower mortgage rates. Increased federal and state spending for the much needed infrastructure programs in all markets is beginning to show up in the market place. However, spending continues to be constrained by the ability of various states to fund the programs.
 The severe cyclical downturn in the construction industry appears to be over and gradual recovery is continuing. The company is continuing its major capital expenditure program to make its operations more efficient and to provide additional capacity where projected market demand warrants.
 Management continues to expect a gradual recovery through the balance of this year and improved results for the company as compared to last year.
 Management also continues to explore opportunities that will permit the company 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 SECOND QUARTER ENDED MARCH 31, 1993 AND 1992
 1993 1992
 Net sales $63,771 $57,828
 Gross profit $ 7,033 $ 6,798
 Loss before income taxes ($ 268) ($ 935)
 Net loss ($ 198) ($ 701)
 Loss per common share ($.02) ($.08)
 Number of shares (A) 9,199,254 9,201,166
 FOR THE SIXTH MONTHS ENDED MARCH 31, 1993 AND 1992
 1993 1992
 Net sales $130,628 $129,026
 Gross profit $ 15,115 $ 15,489
 Income before income taxes $ 499 $ 47
 Net income $ 377 $ 35
 Earnings per common share $.04 $---
 Number of shares (A) 9,195,862 9,205,710
 (A) -- Weighted average number of shares used in computing earnings per common share.
 -0- 5/5/93
 /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

AW-SS -- FL010 -- 4885 05/05/93 12:59 EDT
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Publication:PR Newswire
Date:May 5, 1993
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