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KINARK REPORTS FIRST QUARTER RESULTS

 KINARK REPORTS FIRST QUARTER RESULTS
 TULSA, Okla., April 16 /PRNewswire/ -- Kinark Corporation


(AMEX: KIN; PSE) reported 1992 first quarter net earnings of $516,000, or 14 cents per share, compared to $1,283,000, or $.36 per share, in the same quarter last year. Sales for the first quarter were $7,045,000 compared to $8,225,000 in 1991.
 "Kinark's first quarter operating performance was in line with our earlier announced estimates," said Paul R. Chastain, chairman and chief executive officer. "The slowdown in business anticipated at Boyles Galvanizing has been concentrated in the Texas galvanizing market, primarily because of the economy and increased competition," Chastain said.
 "All six of the Boyles plants were profitable, despite the lower level of sales," Chastain said. "With the exception of the two Texas- based plants, every one of the Boyles plants increased its volume of tonnage over the same quarter last year. The level of quoting activity has been strong with most of the galvanizing projects scheduled for the second half of the year.
 "The specialty chemical storage business at our Chicago-based Lake River Terminal was off slightly from the record set in the first quarter last year. However, the previously announced loss of profitable airline deicer business has been offset by increased demand for other chemical storage and related services at Lake River. As a result, sales and earnings are actually ahead of plan.
 "We're on track with our growth strategies -- to continue investing in our businesses to increase profits. As previously announced, we fully expect strong sales and earnings for 1992, despite the slow first half," Chastain said. "The rebuilding of the Hurst, Texas galvanizing plant is proceeding on schedule. In the first quarter, new galvanizing kettles and furnace systems with increased capacity were installed at the Nashville and Louisville plants. Cash generation in the first quarter was better than anticipated and we have negotiated a new $9.25 million loan package at a very favorable interest rate which is two percentage points below the previous agreement. Our increased financial strength and improved operating efficiencies position the company to respond rapidly to new business opportunities as the economy strengthens."
 Kinark Corporation, with corporate headquarters in Tulsa, operates chemical facilities in Chicago and Montgomery, Ala., and supports industrial/commercial construction and metals corrosion protection with galvanizing plants in Denver, Louisville, Nashville, St. Louis., Houston and Hurst, Texas.
 KINARK CORPORATION
 Consolidated Statement of Earnings
 (in thousands of dollars, except per share -- unaudited)
 Quarter ended March 31 1992 1991
 Sales $ 7,045 $ 8,225
 Costs & expenses 6,462 6,871
 Operating income 583 1,354
 Income tax 67 71
 Net earnings 516 1,283
 Earnings per share $ .14 $ .36
 Avg. shares outstg. 3,720,613 3,585,770
 -0- 4/16/92
 /CONTACT: Carolyn A. Fredrich of Kinark, 918-494-0964, or Carl Thompson of Carl Thompson Associates, 303-494-5472, for Kinark/
 (KIN) CO: Kinark Corporation ST: Oklahoma IN: OIL SU: ERN


KD-SH -- NY020 -- 9140 04/16/92 09:49 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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