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

 HEARTLAND PARTNERS, L.P. REPORTS 1992 THIRD QUARTER OPERATING RESULTS
 CHICAGO, Nov. 2 /PRNewswire/ -- Heartland Partner, L.P. (AMEX: HTL), a publicly traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a profit of $441,000 for the third quarter ended Sept. 30, 1992, or $.20 per Class A Unit, compared to a loss of $396,000, or $.18 per Class A Unit, in the similar 1991 quarter (see chart below).
 Revenues for the third quarter of 1992 totalling $2,804,000 were 152 percent greater than the $1,113,000 reported for the third quarter of 1991. Operations for the 1992 nine months then ended resulted in a loss of $555,000, or $0.26 per Class A Unit, compared to a loss of $408,000, or $.19 per Class A Unit, in the similar 1991 period.
 Revenues for the 1992 nine months totalled $5,398,000, compared to $4,326,000 for the same 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 Company.
 HEARTLAND PARTNERS, L.P.
 FINANCIAL RESULTS
 (amounts in thousands, except per unit information -- unaudited)
 CONSOLIDATED OPERATIONS
 Quarter ended Nine months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenues $2,804 $1,113 $5,398 $4,326
 Costs and expenses 2,363 1,509 5,953 4,734
 Net income (loss) $ 441 $ (396) $ (555) $ (408)
 Net income (loss)
 per Class A Unit (A) $ .20 $ (.18) $ (.26) $ (.19)
 CONSOLIDATED BALANCE SHEETS
 Sept. 30, 1992 Dec. 31, 1991
 Properties, net $22,023 $21,865
 Deferred capital contribution 8,924 10,371
 Cash and all other assets 4,757 5,243
 Total assets 35,704 37,479
 Total liabilities (B) 7,376 8,596
 Partners' equity $28,328 $28,883
 (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 totaling $2.9 million at Sept. 30, 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 Corporation 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 Corporation pay 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- 11/2/92
 /CONTACT: Leon F. Fiorentino of Heartland Partners, L.P., 312-294-0440, or Gary Dunlap of Dragonette, Inc., 312-565-4300, for Heartland Partners/
 (HTL) CO: Heartland Partners, L.P. ST: Illinois IN: FIN SU: ERN


PS -- NY059 -- 1628 11/02/92 12:55 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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/C O R R E C T I O N -- Heartland Partners, L.P./.

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