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HOLNAM INC. REPORTS THIRD QUARTER RESULTS

 HOLNAM INC. REPORTS THIRD QUARTER RESULTS
 DUNDEE, Mich., Nov. 13 /PRNewswire/ --Holnam Inc. (NYSE: HLN) today


reported consolidated revenues of $304.4 million and net income of $2.1 million for the third quarter ended Sept. 30, 1992, compared with revenues of $324.4 million and net income of $5.1 million in the third quarter of 1991. The company reported a year-to-date consolidated net loss of $24.1 million on revenues of $706.3 million as compared to a net loss of $24.0 million on revenues of $728.2 million for the comparable period in 1991.
 Holnam Operations' contribution to the third quarter net income and year-to-date net loss was $3.1 million and $13.1 million, respectively, as compared to income of $2.3 million and a loss of $20.8 million for the comparable periods in 1991. St. Lawrence Cement, Inc.'s contribution to the third quarter and year-to-date net operating results was losses of $1.0 million and $11.0 million, respectively, as compared to $2.8 million net income and $3.2 million net loss for the comparable periods in 1991. St. Lawrence is 59 percent owned by Holnam and operates principally in eastern Canada and the northeastern United States, two areas that continue to be impacted by the recession.
 The decreases in third quarter and year-to-date consolidated revenues of $20.0 million and $22.0 million, as compared to the same periods in 1991, were due principally to the following factors--cement and concrete sales volume decreases in the markets served by St. Lawrence, the effect of the 1992 weakening of the Canadian dollar which adversely impacts the St. Lawrence Canadian revenues when reported in United States dollars, and lower average price per ton in 1992 as compared to 1991 (more than offset by volume increases) in the majority of Holnam Operations' markets.
 Marc R. von Wyss, Holnam president and chief executive officer said that "I am confident that in many respects the company is continuing to move in the right direction. While the U.S. economy has been slow to recover, volume is up and losses are diminished in the majority of our U.S. markets. The northeast and Canadian markets continue to negatively impact our consolidated results. Profitability will continue to be a challenge in our industry until prices rise to more reasonable levels."
 Holnam Inc. is a leading producer of cement in North America. It is a subsidiary of Holderbank Financiere Glaris Ltd., of Switzerland, one of the world's largest manufacturers of cement and allied construction materials.
 HOLNAM, INC.
 Consolidated Interim Report
 (In thousands, except per share amounts, unaudited)
 Condensed Consolidated Statements of Operations
 Periods ended Sept. 30 3rd Quarter Nine Months
 1992 1991 1992 1991
 Sales $304,384 $324,381 $706,252 $728,236
 Cost of sales 261,335 271,254 623,328 632,256
 Selling and
 administrative expenses 29,654 32,205 84,445 89,623
 Income (loss) from
 operations 13,395 20,922 (1,521) 6,357
 Interest expense, net 13,368 14,795 40,301 43,340
 Other income 1,065 1,931 3,573 3,728
 Loss before income taxes
 and minority equity in
 net income (loss) 1,092 8,058 (38,249) (33,255)
 Income tax
 provision (credit) (336) 1,282 ( 6,701) ( 7,306)
 Minority equity in net
 income (loss) (644) 1,709 ( 7,462) ( 1,972)
 Net income (loss) $ 2,072 $ 5,067 $(24,086) $(23,977)
 Per common share $ .02 $ .04 $( .18) $( .18)
 Weighted average common
 shares outstanding 134,915 134,800 134,872 134,776
 The cement business is highly seasonal; consequently, results for interim periods should not be considered representative of the expected results for the full year.
 -0- 11/13/92
 /CONTACT: Thomas A. Chizmadia, vice president-corporate communications of Holnam, 313-529-4306, or Kathy B. Liebmann of Gavin Anderson & Company, 212-921-1060, for Holnam/
 (HLN) CO: Holnam Inc. ST: Michigan IN: SU: ERN


TM -- NY069 -- 0887 11/13/92 16:54 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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