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FLS HOLDINGS REPORTS RESULTS

 TAMPA, Fla., July 16 /PRNewswire/ -- FLS Holdings Inc. (NASDAQ-NMS: FLSHP), parent company of Florida Steel Corporation, reported consolidated net sales for the three-month period ended June 30, 1993, of $132.5 million as compared with $123.6 million for the three-month period ended June 30, 1992. Total tons shipped were 420,102, a 5 percent increase vs. the June 1992 quarter. The net loss for the quarter ended June 30, 1993 was $2.0 million as compared with a net loss of $9.1 million for the quarter ended June 30, 1992.
 Income from operations was $3,319,042 for thr? ended June 30, 1993 vs. an operating loss of $5,097,380 for the quarter ended June 30, 1992. As has been previously reported, the June 30, 1992 quarter was adversely affected by a $7.9 million charge to earnings as a result of increasing the reserve for costs associated with environmental remediation, $1.8 million in restructuring costs, and an $8.1 mill charge for the settlement of a governmental investigation concerning epoxy coated rebar.
 FLS HOLDINGS INC.
 Three Months Ended
 June 30,
 1993 1992
 NET SALES $ 132,519,843 $ 123,602,291
 INCOME (LOSS) FROM OPERATIONS $ 3,319,042 $ (5,097,380)
 INTEREST AND AMORTIZATION OF
 DEFERRED FINANCING COSTS $ 5,995,041 $ 9,158,775
 NET INCOME (LOSS) $ (2,049,999) $ (9,133,155)
 DEPRECIATION $ 3,779,928 $ 3,925,984
 EBITDA (A) $ 8,114,425 $ (503,979)
 TOTAL TONS SHIPPED $ 420,102 $ 399,826
 (A) -- Earnings (Loss) before interest, taxes, depreciation and amortization.
 Florida Steel Corporation is a Tampa-based steel maker consisting of five electric furnace mills, 15 reinforcing steel fabricating plants, two reinforcing steel epoxy coating facilities, a post-tension facility, a railroad track spike operation, a transportation division, and a welded wire fabric and nail producing division.
 -0- 7/16/93
 /CONTACT: Marvin F. Hill, chief financial officer of Florida Steel Corporation, 813-251-8811/
 (FLSHP)


CO: FLS Holdings Inc.; Florida Steel Corporation ST: Florida IN: MNG SU: ERN

AW-RC -- FL009 -- 2574 07/16/93 15:19 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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