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HOUGHTON MIFFLIN COMPANY REPORTS POSITIVE OUTLOOK FOR 1993

 BOSTON, March 22 /PRNewswire/ -- Houghton Mifflin Company (NYSE: HTN) said today that the outlook for 1993 is positive with all of the company's business units expected to top last year's results and earnings expected to be significantly better than 1992's income before special items.
 The company cited early market reports which indicate that its elementary school reading textbook program is extended the successful track record it has established since its 1991 publication. In the Northeast and Midwest, the company's reading program is reportedly leading in many adoption situations. The Texas market, however, appears to be continuing its conservative traditions with many school districts staying with a more traditional reading program than the state committee's literature-based reading curriculum had indicated. While results in Texas will not be known until the end of March, another publisher's program, developed specifically for Texas, is expected to gain about half of the market. Houghton Mifflin's literature-based reading program has been adopted by a number of Texas school districts and currently is expected to achieve a Texas market share in the midteens.
 Throughout the rest of the country, the literature-based reading curriculum
movement is continuing to expand. While it is still early in this year's decision process, such large school districts as Champaign, Ill., Springfield, Mo.; Warwick, R.I.; and Bridgeport, Conn., have selected Houghton Mifflin Reading for their school systems.
 Houghton Mifflin's programs in the other large school disciplines of mathematics, social studies, and English also are competing very well. The company's test and college publishing businesses will benefit this year from extensive lists of new and revised publications as well as acquisitions made in late 1992. Growth in the company's general publishing segment in 1993 will come from an expanded reference publishing plan that includes the Insight travel guides, The American Heritage Dictionary, and The Columbia Encyclopedia, as well as from an outstanding list of new adult and children's books.
 Given the strength of the company's 1993 publications list across all of its markets and the elimination in 1992 of loss-making operations, Houghton Mifflin expects full-year net income and earnings per share to be significantly better than the $26.8 million and $1.91 per share earned before special charges in 1992. Earnings lower than $2.35 per share would be considered a


disappointment.
 -0- 3/22/93
 /CONTACT: Stephen O. Jaeger, executive vice president, chief financial officer of Houghton Mifflin Company, 617-725-5017/
 (HTN)


CO: Houghton Mifflin Company ST: Massachusetts IN: PUB SU: ERP

TM -- NE014 -- 8330 03/22/93 15:29 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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