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GIANT GROUP LTD. ANNOUNCES THIRD QUARTER 1993 RESULTS

 BEVERLY HILLS, Calif., Nov. 4 /PRNewswire/ -- Giant Group Ltd. (NYSE: GPO) announced today the results of the third quarter and the nine months ended Sept. 30, 1993.
 Operating income for the quarter increased to $2,515,000 compared to a loss of $617,000 for the same quarter last year. Operating income for the nine months ended Sept. 30, 1993 was $3,190,000 compared to an operating loss of $4,438,000 for the same period last year, for a positive change of $7,628,000.
 Cement operations continued to improve significantly in the third quarter as a result of further cost cutting measures, an increase in shipping volumes and price increases.
 Third quarter net income results were adversely impacted by a non- cash loss of $1,175,000 in earnings of our affiliate, Rally's Hamburgers. Rally's third quarter results included one-time charges of $3,000,000 and other charges of $2,500,000, rei?ng in a loss of $2,875,000 for the quarter ended Sept. 30, 1993. As a result, Giant's net income for the three months ended Sept. 30, 1993 was $7,000 or $.00 per share compared to a net loss of $290,000 or $.06 a share in the third quarter of 1992. Net income for the nine months ended Sept. 30, 1993 was $167,000 or $.03 per share compared to a net loss of $2,948,000 for the nine months ended Sept. 30, 1992 or $.57 per share.
 Giant Group Ltd. owns Keystone Cement Co. and Giant Cement Co., who 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 also owns 38 percent of Rally's Inc. (NASDAQ: RLLY). Rally's is the largest chain of double drive-thru hamburger restaurants in America, and operates or franchises 505 fast-service restaurants in 24 states.
 GIANT GROUP LTD.
 Financial Highlights
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net sales $22,246,000 $19,009,000 $60,182,000 $54,060,000
 Operating
 income (loss) 2,515,000 (617,000) 3,190,000 (4,438,000)
 Income (loss)
 before income
 taxes 108,000 (441,000) 350,000 (4,467,000)
 Provision (credit)
 for income taxes 101,000 (151,000) 183,000 (1,519,000)
 Net income (loss) $7,000 ($290,000) $167,000 ($2,948,000)
 Per common share:
 Primary $.00 ($.06) $.03 ($.57)
 Fully diluted (a) (a) (a) (a)
 Weighted average
 common shares:
 Primary 5,180,000 5,181,000 5,180,000 5,192,000
 Fully diluted (a) (a) (a) (a)
 (a) Not presented, antidilutive.
 -0- 11/4/93
 /CONTACT: Burt Sugarman, chairman, CEO of Giant Group, 310-273-5678/
 (GPO RLLY)


CO: Giant Group Ltd.; Rally's Inc. ST: California IN: SU: ERN

MF-LM -- LA034 -- 0919 11/04/93 16:22 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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