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HEARTLAND PARTNERS, L.P. REPORTS 1992 FOURTH QUARTER OPERATING RESULTS

 CHICAGO, April 1 /PRNewswire/ -- Heartland Partners, L.P. (AMEX: HTL), a publicly traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a loss of $17,000 for the fourth quarter ended Dec. 31, 1992, compared to a loss of $361,000, or $.16 per Class A Unit, in the similar 1991 quarter. Revenues for the fourth quarter of 1992 totalling $1,959,000 were $3,000 greater than the $1,956,000 reported for the fourth quarter of 1991.
 Operations for the 1991 twelve months ended Dec. 31, 1992 resulted in a loss of $572,000 or $.26 Class A Unit compared to a loss of $769,000 or $.35 per Class A Unit, in the similar 1991 period.
 Revenues for the 1992 year totalled $7,357,000 compared to $6,282,000 for the similar 1991 period.
 Heartland Partners, L.P. owns substantially all of the real estate and related assets and liabilities previously owned by Chicago Milwaukee Corp. and its wholly owned subsidiary, Milwaukee Land Co.
 Following is a summary of financial results for Heartland.
 HEARTLAND PARTNERS, L.P.
 Results
 (amounts in thousands except per unit information -- unaudited)
 CONSOLIDATED OPERATIONS
 Periods ended Quarter months Twelve months
 Dec. 31 , 1992 1991 1992 1991
 Revenues $ 1,959 $ 1,956 $ 7,357 $ 6,282
 Costs and expenses 1,976 2,317 7,929 7,051
 Net Income (Loss) (17) (361) (572) (769)
 Net income (loss) per
 Class A Unit(A) $ (.00) $ (.16) $ (.26) $ (.35)
 CONSOLIDATED BALANCE SHEETS
 Dec. 31, 1992 1991
 Properties, net $ 23,044 $ 21,865
 Deferred capital
 contribution 8,546 10,371
 Cash and all other assets 4,112 5,243
 Total assets 35,702 37,479
 Total liabilities(B) 7,391 8,596
 Total partners' equity $ 28,311 $ 28,883
 NOTES:
 (A) -- Net income (loss) per Class A unit is computed by dividing net income (loss), after deducting the General Partner's return and the return of the Class B Interest, by 2,142,438 Class A Units outstanding.
 (B) -- Total liabilities include an allowance for claims totalling $2.5 million at Dec. 31, 1992 and $4.3 million at Dec. 31, 1991. As and when a payment attributable to the satisfaction, discharge or other resolution of these liabilities occurs, Chicago Milwaukee Corp. will pay such amounts to Heartland as capital contributions in respect of Chicago Milwaukee's Class B Interest until the aggregate amount of such payments and any other contributions previously made in respect thereof total $18.1 million. Chicago Milwaukee Corp. pays interest to Heartland on the unpaid portion of the capital contribution at the average 1-year U.S. Treasury Bill rate as in effect from time to time, payable monthly.
 -0- 4/1/93
 /CONTACT: Leon Fioentino of Heartland Partners, L.P., 312-294-0440; Gary Dunlap of Dragonette, Inc., 312-565-4300, for Heartland Partners/
 (HTL)


CO: Heartland Partners, L.P. ST: Illinois IN: SU: ERN

SH -- NY081 -- 2101 04/01/93 14:22 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:494
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