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HORSEHEAD RESOURCE DEVELOPMENT REPORTS FIRST QUARTER RESULTS

 PALMERTON, Pa., April 27 /PRNewswire/ -- Horsehead Resource Development Company, Inc. (NASDAQ: HHRD) reported net income for its first quarter ended March 31, 1993 of $2.5 million of $0.07 per share, versus $3.2 million, or $0.09 per share, in 1992's first quarter before the effects of adopting FAS 106.
 Operating income in 1993's first quarter was $4.0 million versus $4.9 million in the year earlier period.
 The decline in income was attributable to a $0.06 drop in the year- to-year price of zinc which was offset in part by higher service fees. Year-to-year hazardous waste receipts were flat.
 Our outlook for the remainder of the year is mixed. Zinc prices remain depressed in the face of weak worldwide demand and continued surplus inventories. Forecasted hazardous waste receipts are expected to be solid due to rising steel production and increased specialty waste marketing efforts. In addition, service fees should increase as we renew contracts with generators.
 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
 (Unaudited, in thousands, except per share data)
 Periods ended March 31 Three Months
 1993 1992
 Operating revenues
 Service fees $13,545 $12,484
 Product sales 9,206 11,523
 Total operating revenues 22,751 24,007
 Operating costs 14,264 15,302(A)
 Gross profit 8,487 8,705
 Selling, general and administrative 3,216 2,885
 Research and development 1,079 636
 Management fees 228 240
 Operating income 3,964 4,944
 Other income, net 323 252(A)
 Income before income taxes and cumulative
 effect of a change in accounting 4,287 5,196
 Provision for income taxes 1,756 2,138
 Income before cumulative effect of a
 change in accounting 2,531 3,058(B)
 Cumulative effect of a change in
 accounting for SFAS No. 106, net of
 taxes of $2,324 -- (3,344)
 Net income $2,531 ($286)
 Earning per share:
 Before cumulative effect of a change
 in accounting $0.07 $0.08(B)
 Cumulative effect of a change
 in accounting -- ($0.09)
 Net income $0.07 ($0.01)
 Average common shares outstanding 36,237 36,237
 Notes:
 (A) Effective Jan. 1, 1993, the company lead fume processing joint venture facility at Bartlesville, Okla. adopted a treatment charge for material shipped to it by the company. Accordingly, $1,154,000 of joint venture losses recorded in the first quarter of 1992 have been reclassified from other income to operating costs for purpose of comparability.
 (B) Effective Jan. 1, 1992, the company adopted Statement of Financial Accounting Standards No. 106, "Accounting for Postretirement Benefits Other Than Pensions." Results previously reported for the period ended March 31, 1992 were $3,176,000 or $.09 per share.
 HRD SUMMARY OPERATING STATISTICS
 1993 1992
 Hazardous Waste Hazardous Waste
 Receipts Receipts
 (tons) (tons)
 1Q 95,799 96,359
 2Q -- 101,867
 3Q -- 90,111
 4Q -- 87,826
 Total 376,163
 1993 1992
 Zinc tons LME zinc Zinc tons LME zinc
 sold price sold price
 ($.00/lb.) ($.00/lb.)
 1Q 17,945 47.33 19,789 52.93
 2Q -- -- 18,723 61.45
 3Q -- -- 17,675 61.22
 4Q -- -- 26,093 49.44
 Total Avg. Total 82,280 Avg. 56.26
 -0- 4/27/93
 /CONTACT: Robert L. Hoguet III of Horsehead Resource Development Company, Inc., 212-527-3025/
 (HHRD)


CO: Horsehead Resource Development Company, Inc. ST: Pennsylvania IN: ENV SU: ERN

LD-TM -- NY001 -- 1079 04/27/93 06:42 EDT
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Date:Apr 27, 1993
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