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GIANT GROUP LTD. ANNOUNCES FOURTH QUARTER AND YEAR-END 1992 RESULTS

 BEVERLY HILLS, Calif., March 1 /PRNewswire/ -- Giant Group Ltd. (NYSE: GPO) announced today the results of the fourth-quarter and the year-end 1992.
 Net operating loss for the year ended Dec. 31, 1992 decreased $2,654,000, to $5,612,000. In addition, the company took a one-time, non-cash charge of $3,039,000 to reflect the cost of early retirement benefits that reduced its work force significantly. The company believes the charge will result in greater productivity for the company and annual savings in excess of $2,000,000.
 Net loss for the year ended Dec. 31, 1992 was $6,098,000, or $1.18 per share. Net loss for the year ended Dec. 31, 1991, was $6,913,000, or $1.31 per share.
 Net loss for the three months ended Dec. 31, 1992, was $3,149,000, including $2,474,000 of the one-time, non-cash charges, or $.61 per share. Net loss for the three months ended Dec. 31, 1991, was $974,000, or $.18 per share.
 Giant Group Ltd. owns 40 percent of Rally's Inc. (NASDAQ: RLLY). Rally's is the largest chain of double drive-thru restaurants in America and operates or franchises 460 fast-service hamburger restaurants in 25 states. Giant also owns Keystone Cement Co. and Giant Cement Co., which manufacture and sell cement products in southeastern, northeastern and middle Atlantic regions of the United States. Giant is a pioneer in the Resource Recovery burning of waste materials.
 GIANT GROUP LTD.
 Financial Highlights
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales $17,711,000 $17,430,000 $71,924,000 $65,559,000
 Special early
 retirement
 costs (2,474,000) --- (3,039,000) ---
 Operating loss (4,213,000) (1,699,000) (8,651,000) (8,266,000)
 Loss before
 income taxes (4,478,000) (1,913,000) (8,946,000) (10,802,000)
 Credit for
 income taxes (1,329,000) (939,000) (2,848,000) (3,889,000)
 Net loss ($3,149,000) ($974,000) ($6,098,000) ($6,913,000)
 Per common
 share:
 Primary ($.61) ($.18) ($1.18) ($1.31)
 Fully diluted (a) (a) (a) (a)
 Weighted average
 common shares:
 Primary 5,180,000 5,295,000 5,189,000 5,295,000
 Fully diluted (a) (a) (a) (a)
 (a) Not presented, antidilutive
 Note: The three- and 12-month periods ended Dec. 31, 1992 included non-recurring charges of $2,474,000 and $3,039,000, respectively, to reflect the cost of special early retirement programs effected to reduce the company's labor cost.
 -0- 3/1/93
 /CONTACT: Burt Sugarman, chairman and CEO of Giant Group, 310-273-5678/
 (GPO RLLY)


CO: Giant Group Ltd. ST: California IN: LEI SU: ERN

LS-BP -- LA023 -- 1541 03/01/93 15:11 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:458
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