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KINARK TAKES A CHARGE OF $1,140,000 TO DISCONTINUED OPERATIONS

 KINARK TAKES A CHARGE OF $1,140,000 TO DISCONTINUED OPERATIONS
 TULSA, Okla., Oct. 7 /PRNewswire/ -- Kinark Corporation (AMEX: KIN) announced today that it will take a charge of $1,140,000 to discontinued operations in the third quarter ending Sept. 30, 1992. The company has decided to write off the balance of a note receivable on Tulsa hotel real estate sold last year, after giving consideration to the deteriorating performance of the property.
 Paul R. Chastain, chairman and chief executive officer, said, "due to events beyond our control, the note is in default and recent events convince us that collection of the note will be difficult. The net value of the real estate is extremely speculative. Accordingly, we believe it will be in the company's best interest to close the books on this matter by recognizing our maximum exposure." The write-off includes all current and anticipated costs associated with the company's investment in this property. "We have no intention to resume operation of the hotel and we are in the process of exploring all options to recover a portion of our investment," Chastain added.
 Kinark Corporation (AMEX and PSE), 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.
 -0- 10/7/92
 /CONTACT: Carolyn A. Fredrich of Kinark Corporation, 918-494-0964/
 (KIN) CO: Kinark Corporation ST: Oklahoma IN: OIL SU:


AH-OS -- NY008 -- 7364 10/07/92 09:38 EDT
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Publication:PR Newswire
Date:Oct 7, 1992
Words:255
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