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KINARK REPORTS FOURTH QUARTER AND YEAR EARNINGS

 TULSA, Okla., Feb. 10 /PRNewswire/ -- Kinark Corporation (AMEX: KIN) announced today the sale of its investment in the previously owned Camelot Hotel of Tulsa. The company said the $396,000 gain from the cash sale would be recognized in 1992, and the transaction was "final, without recourse or warranty."
 Kinark reported net earnings for the fourth quarter of 1992 were $874,000, compared with a loss of $790,000 a year earlier. Fourth quarter earnings from continuing operations, before giving recognition to the gains or losses from discontinued hotel operations, were $478,000 in 1992 and $1,159,000 in 1991.
 Fourth quarter net earnings amounted to 23 cents a share, compared with a net loss of 25 cents a share in the same quarter in 1991. The final quarter of 1992 included earnings from operations of 13 cents a share before a gain of 10 cents from discontinued operations. In 1991, earnings from operations were 28 cents a share before a deduction of 53 cents for discontinued operations. Net sales for the fourth quarter were $7.4 million compared with $8.7 million in 1991.
 For all of 1992, Kinark reported net earnings of $1,442,000, or 38 cents a share, compared with $3,686,000 or $1.00 a share in 1991. Discontinued operations accounted for losses of $744,000, or 20 cents in 1992 and $1,597,000, or 43 cents a share in 1991. Net sales for 1992 were $30.5 million compared with $34.1 million a year ago.
 Paul R. Chastain, chairman and chief executive officer said, "1992 sales and earnings from continuing operations were down primarily due to the decline in the company's galvanizing business." Mr. Chastain noted that galvanizing profit margins were down in 1992 and he attributed this to severe price competition and the impact of the recession on construction projects requiring galvanized steel. He reported that the company's chemicals storage operations in Chicago, "had a very good year with earnings up 14 percent from the record set in 1991."
 Mr. Chastain said, "The present slowness in galvanizing will be our strongest challenge for this year, but Kinark's improved financial condition will enable us to compete effectively in all of our markets. Significant improvements were made in the company's galvanizing facilities last year and, more recently, we have taken steps to increase marketing and sales efforts."
 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, Ky.; Nashville, Tenn.; St. Louis; Houston and Hurst, Texas.
 KINARK CORPORATION
 Consolidated Statement of Earnings
 (Unaudited, in thousands except per share)
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Net sales $7,401 $8,721 $30,476 $34,109
 Cost of sales 5,619 6,222 21,948 22,815
 Selling, admin. expenses 1,030 943 3,928 3,894
 Depreciation 319 335 1,523 1,574
 Income from operations 433 1,221 3,077 5,826
 Interest expense, net 149 182 620 560
 Other (income) expense 0 (83) 250 (83)
 Income taxes (194) (37) 21 66
 Earnings from continuing
 operations 478 1,159 2,186 5,283
 Discontinued operations
 earnings (loss) 396 (1,949) (744) (1,597)
 Net earnings (loss) 874 (790) 1,442 3,686
 Earnings per share:
 Continuing operations $.13 $.28 $.58 $1.43
 Discontinued operations .10 (.53) (.20) (.43)
 Net earnings (loss) .23 (.25) .38 1.00
 Average shares outstanding ?-- -- 3,748 3,704
 -0- 2/10/93
 /CONTACT: Carolyn A. Fredrich of Kinark Corporation, 918-494-0964/
 (KIN)


CO: Kinark Corporation ST: Oklahoma IN: CHM SU: ERN

TS-LR -- NY076 -- 5283 02/10/93 15:15 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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