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HORSEHEAD RESOURCE DEVELOPMENT REPORTS THIRD QUARTER RESULTS

 HORSEHEAD RESOURCE DEVELOPMENT REPORTS THIRD QUARTER RESULTS
 PALMERTON, Pa., Oct. 30 /PRNewswire/ -- Horsehead Resource Development Company, Inc. (NASDAQ: HHRD) reported net income for its third quarter ended Sept. 30, 1992 of $4.1 million for $.11 per share versus a loss of $1.1 million or $.03 per share in 1991's third quarter. 1991's third quarter included inventory adjustments which reduced earnings per share by $.13. Revenues in 1992's third period grew 20 percent to $23.9 million from $19.9 million in the year earlier period.
 Operating income in 1992's third quarter was $7.9 million as compared to a loss of $2.0 million in 1991's third quarter.
 Earnings per share for the nine months ended Sept. 30, 1992 advanced to $.31 from $.16 in the year earlier period, as revenues increased to $74.8 million from $53.5 million and net income to $11.2 million from $6.0 million.
 Year-to-date receipts are ahead of last year and the price of zinc is up on a year-to-year basis. Earlier this year HRD took advantage of relatively strong zinc prices by selling forward a portion of its zinc production 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)
 Period ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Operating revenues:
 Service fees $10,976 $ 8,955 $36,471 $27,283
 Product sales 12,920 10,942 38,292 26,173
 Total operating revenues 23,896 19,897 74,763 53,456
 Operating costs 11,709 18,916 40,186 36,464
 Gross profit 12,187 981 34,577 16,992
 Selling, gen. & admin. 3,397 2,200 9,368 5,837
 Research and development 692 555 1,891 1,727
 Management fees 239 198 747 534
 Operating income 7,859 (1,972) 22,571 8,894
 Other income (expense):
 Interest, net (18) (187) (208) (428)
 Results of joint ventures (1,045) (2,263) (4,114) (3,319)
 Technology fee 0 3,000 500 4,000
 Other, net 81 85 239 344
 Total other income (expense) (982) 635 (3,583) 597
 Income before income taxes 6,877 (1,337) 18,988 9,491
 Provision for income taxes 2,818 (279) 7,787 3,535
 Net income 4,059 (1,058) 11,201 5,956
 Earnings per share 0.11 (0.03) 0.31 0.16
 Average common shares
 outstanding 36,237 36,237 36,237 36,237
 Results for the three months and nine months ended Sept. 30, 1991 have been restated to reflect the adoption of SFAS No. 109 during 1991. Results previously reported were ($1,108) and $5,633, respectively.
 -0- 10/30/92
 /CONTACT: Robert L. Hoguet III of Horsehead Resource Development Company, Inc., 212-527-3025/
 (HHRD) CO: Horsehead Resource Development Company, Inc. ST: Pennsylvania IN: SU: ERN


LD-OS -- NY003X -- 6998 10/30/92 09:23 EST
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Date:Oct 30, 1992
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