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GIANT GROUP LTD. NET INCOME $1,719,000 FOR SECOND QUARTER 1993

 BEVERLY HILLS, Calif., July 26 /PRNewswire/ -- GIANT GROUP LTD. (NYSE: GPO) announced today the results of the second quarter and the six months ended June 30, 1993.
 Net income for the three months ended June 30, 1993, was $1,719,000 or $.29 per share compared to a net loss of $209,000 or $.04 a share in the second quarter of 1992. Net income for the six months ended June 30, 1993 was $160,000 or $.03 per share compared to a net loss of $2,659,000 for the six months ended June 30, 1992 or $.51 per share.
 The company's cement operations continued to improve significantly in the second quarter as a result of cost-cutting measures, modest increase in shipping volumes and price increases.
 Operating income for the quarter increased to $2,821,000 compared to $175,000 for the quarter ended in 1992. Operating income for the six months ended June 30, 1993 was $675,000 compared to an operating loss of $3,821,000 for the six months ended June 30, 1993, for a positive change of $4,496,000.
 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


39 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 488 fast-service restaurants in 25 states.
 GIANT GROUP LTD.
 Financial Highlights
 (Unaudited)
 Three Months ended Six Months ended
 June 30, June 30,
 1993 1992 1993 1992
 Net sales $23,431,000 $20,681,000 $37,936,000 $35,051,000
 Operating income
 (loss) 2,821,000 175,000 675,000 (3,821,000)
 Income (loss)
 before income
 taxes 2,604,000 (317,000) 242,000 (4,027,000)
 Provision (credit)
 for income taxes 885,000 (108,000) 82,000 (1,368,000)
 Net income (loss) $1,719,000 ($209,000) $160,000 ($2,659,000)
 Per common share:
 Primary $.29 ($.04) $.03 ($.51)
 Fully diluted $.26 (a) (a) (a)
 Weighted average
 common shares:
 Primary 6,413,000 5,181,000 5,181,000 5,198,000
 Fully diluted 8,641,000 (a) (a) (a)
 (a) Not presented, antidilutive
 -0- 7/26/93
 /CONTACT: Burt Sugarman, chairman and CEO of GIANT GROUP LTD., 310-273-5678/
 (GPO RLLY)


CO: GIANT GROUP LTD. ST: California IN: SU: ERN

EH -- LA015 -- 5574 07/26/93 09:51 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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