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INSPIRATION RESOURCES REPORTS IMPROVED 1992 FIRST QUARTER RESULTS, POSITIVE SPRING OUTLOOK

 INSPIRATION RESOURCES REPORTS IMPROVED 1992 FIRST QUARTER RESULTS,
 POSITIVE SPRING OUTLOOK
 SIOUX CITY, Iowa, April 27 /PRNewswire/ -- Inspiration Resources Corporation (NYSE: IRC) today reported a 1992 first quarter net loss of $8.1 million, or $0.12 per share, on revenues of $199.8 million, compared with a 1991 first quarter net loss of $15.6 million, or $0.23 per share, on revenues of $186.7 million.
 The improvement reflects a 38 percent reduction in corporate and interest expenses as a result of restructuring efforts last year. In addition, Terra International, Inc. (Terra), the company's agribusiness subsidiary, reduced its seasonal first quarter loss by $1.1 million. Earnings comparisons are also affected by two 1991 first quarter events: a $5 million loss, or $0.07 per share, from discontinued operations and the receipt of a $2 million liquidating distribution from the company's gold affiliate.
 Terra reported a first quarter 1992 operating loss of $6.0 million on revenues of $195.4 million, compared with a 1991 first quarter operating loss of $7.1 million on revenues of $180.6 million. The improvement is principally due to higher manufactured fertilizer sales volumes and lower natural gas costs, which were partially offset by a 6.5 percent reduction in prices for nitrogen fertilizers in the 1992 quarter. Terra's first quarter generally results in a loss due to the low seasonal demand for its crop production products.
 President and CEO Burton M. Joyce commented, "The spring outlook for IRC is positive. Demand indicators for Terra's product lines are strong with 3 million additional corn acres expected. Overall product gross margins have improved compared with 1991 levels. The company's balance sheet also remains strong with almost $80 million in cash providing the basis for expanding our agribusiness operations.
 Inspiration Resources Corporation, which had 1991 revenues of $1 billion, is a leading marketer and producer of fertilizer, crop protection products, seed and services for agriculture. It also produces construction materials and leases equipment.
 INSPIRATION RESOURCES CORPORATION
 Summarized Results of Operations
 (Unaudited -- In thousands, except per share amounts)
 Three Months Ended
 March 31, 1992
 1992 1991(A)
 Revenues $199,784 $186,659
 Operating loss (5,097) (6,385)
 Equity in (losses)
 income of and liquidating
 distribution from
 unconsolidated affiliates (193) 1,877
 Corporate and unallocated
 expenses (1,356) (2,167)
 Interest income 1,071 376
 Interest expense (2,665) (4,299)
 Income tax benefit 150 22
 Loss from continuing operations (8,090) (10,576)
 Discontinued operations -- (4,995)(a)
 Net loss $ (8,090) $(15,571)
 Weighted average shares
 outstanding for the period 68,945 66,285
 Loss per share:
 Continuing operations $ (0.12) $ (0.16)
 Discontinued operations -- (0.07)
 Net loss per share $ (0.12) $ (0.23)
 (A) -- Results for 1991 have been restated for discontinued operations. Loss from discontinued operations includes the results of the base metals business which was sold in 1991.
 -0- 4/27/92
 /CONTACT: Ellen Duerksen of Inspiration Resources, 712-277-5438/
 (IRC) CO: Inspiration Resources Corporation ST: Iowa IN: SU: ERN


PS -- NY009 -- 2951 04/27/92 09:01 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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