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HORSEHEAD RESOURCE DEVELOPMENT NET UP 56 PERCENT IN SECOND QUARTER

 HORSEHEAD RESOURCE DEVELOPMENT NET UP 56 PERCENT IN SECOND QUARTER
 PALMERTON, Pa., Aug. 5 /PRNewswire/ -- Horsehead Resource Development Company, Inc. (NASDAQ: HHRD) reported that net income for its second quarter ended June 30, 1992 increased 56 percent to $4.0 million or 11 cents per share from $2.5 million or 7 cents per share in 1991's second quarter. Revenues grew 52 percent to $26.9 million in 1992's second quarter from $17.7 million in the year earlier period.
 Operating income for the 2nd quarter increased to $8.4 million, which was partially offset by continuing losses at our Bartlesville joint venture. The company remains disappointed in the Bartlesville results and the depressed prices of recovered products but are continuing to make operational improvements.
 Net income for the six months ended June 30, 1992 was $7.1 million, or 20 cents per share, on revenues of $50.9 million as compared to net income of $7.0 million, or 19 cents per share, on revenues of $33.6 million in the six months ended June 30, 1991.
 A company spokesman said, "We are continuing to see recovery in the electric arc furnace steel industry. Our receipts are strong, and the price of zinc is up on a year-to-year basis. We have taken advantage of the relatively strong zinc price by selling a portion of our production forward through year end.
 HRD is a leader in specialized hazardous waste/resource recovery service, emphasizing the recovery of zinc, lead and cadmium from electric arc furnace dust and the recycling of these materials into useful products.
 HORSEHEAD RESOURCE DEVELOPMENT COMPANY, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (in thousands, except per share data, unaudited)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Operating revenues:
 Service fees 13,011 9,494 $25,495 $18,328
 Product sales 13,849 8,170 25,372 15,231
 Total 26,860 17,664 50,867 33,559
 Operating costs 14,329 9,587 28,477 17,548
 Gross profit 12,531 8,077 22,390 16,011
 SG&A 3,286 2,342 5,971 3,637
 Research and development 563 741 1,199 1,172
 Management fees 266 177 508 336
 Operating income 8,414 4,817 14,712 10,866
 Operating income (expense):
 Interest, net (67) (191) (190) (241)
 Results of joint ventures(1,725) (700) (3,069) (1,056)
 Technology fee 0 0 500 1,000
 Other, net 93 142 158 259
 Total (1,699) (749) (2,601) (38)
 Income before inc. taxes 6,715 4,068 12,111 10,828
 Provision for inc. taxes 2,749 1,528 4,969 3,814
 Net income 3,966 2,540 7,142 7,014
 Earnings per share .11 .07 .20 .19
 Average com. shares
 outstanding 36,237 36,237 36,237 36,237
 NOTE: Results for the quarter ended June 30, 1991 have been restated to reflect the adoption of SFAS No. 109 during 1991. Results previously reported were $6,741.
 -0- 8/5/92
 /CONTACT: Robert L. Hoguet III of Horsehead Resource Development, 212-527-3025/
 (HHRD) CO: Horsehead Resource Development Company, Inc. ST: Pennsylvania IN: SU: ERN


KD-DC -- NY001 -- 6895 08/05/92 06:30 EDT
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Date:Aug 5, 1992
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