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LINCORP HOLDINGS, INC. REPORTS FINANCIAL RESULTS FOR 1992

 NEW YORK, April 9 /PRNewswire/ -- Lincorp Holdings, Inc. (formerly Unicorp American Corporation) ("LHI" or "the company") today reported its financial results for the fourth quarter and year ended Dec. 31, 1992. For the year ended Dec. 31, 1992, revenues were $21,000 and the company reported a loss of $12.7 million from continuing operations. Loss from discontinued operations was $95.0 million, which included a loss on writedown in investment in the Lincoln Savings Bank, FSB, of $90.0 million. This compares to revenues of $863,000, a loss from continuing operations of $11.2 million and a loss from discontinued operations of $38.7 million for the year ended Dec. 31, 1991.
 For the three months ended Dec. 31, 1992, the company reported revenues of $4,000 and a loss of $3.5 million from continuing operations. The loss from discontinued operations for the three months ended Dec. 31, 1992, was $88.3 million. This compares with revenues of $95,000 and loss from continuing operations of $3.5 million in 1991. The income from discontinued operations for the three months ended Dec. 31, 1991, was $10.5 million.
 For the three months ended Dec. 31, 1992, the company reported a net loss attributable to common stockholders of $91.8 million or a loss of $53.06 per share compared to net income of $6.9 million after preferred stock dividends of $225,000 or $3.95 per share for the comparable three- month period in 1991. For the year ended Dec. 31, 1992, the company reported a net loss attributable to common stockholders of $107.7 million or a loss of $62.23 per share compared to a net loss of $50.8 million or $29.36 per share in the comparable period in 1991. All per share numbers reflect a ten-for-one reverse stock split which occurred in September 1992.
 As previously reported, on Jan. 20, 1993, the company relinquished control, as of Dec. 31, 1992, of the Lincoln Savings Bank, FSB ("Lincoln" or "the bank"), which was its primary asset and only operating entity. At such time, the company placed the common stock of Lincoln ("the Lincoln shares") owned by Lincorp, Inc., a wholly-owned subsidiary of the company ("Lincorp"), into a trust for eventual sale, and by filing a divestiture notice with the Office of Thrift Supervision ("the OTS"). As a result of the level of indebtedness of the company, which must be repaid prior to the receipt of any proceeds from the eventual sale of the bank, it is highly unlikely that the company will receive any proceeds from such eventual sale.
 As a result of the divestiture of the bank described above, operating losses sustained by the bank were segregated and reported as discontinued operations in the company's statement of operations for the year ended Dec. 31, 1992, and a writedown of $90 million was recorded. The company's results of operations for the year ended Dec. 31, 1991 and 1990, were reclassified to reflect the divestiture of the bank.
 LINCORP HOLDINGS, INC.
 Summary Financial Data
 (Dollars in thousands, except per share data)
 Consolidated Statements of Operations
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 (Unaudited)
 (Reclassified) (Reclassified)
 Total revenues $ 4 $ 95 $ 21 $ 863
 Loss from continuing opers. (3,521) (3,458) (12,748) (11,171)
 Income (loss) from
 discontinued operations (88,323) 10,536 (94,973) (38,747)
 Net income (loss) (91,844) 7,078 (107,721) (49,918)
 Preferred div. requirements -- 225 -- 900
 Net inc. (loss) attributable
 to common shareholders $(91,844) $ 6,853 $(107,721) $(50,818)
 Loss from continuing
 operations per share $ (2.03) $(2.13) $ (7.36) $ (6.98)
 Income (loss) from
 discont. opers. per share (51.03) 6.08 (54.87) (22.38)
 Net inc. (loss) per share $(53.06) $ 3.95 $(62.23) $(29.36)
 Consolidated Statements of Condition
 (In thousands, except for common shares outstanding)
 As of Dec. 31 1992 1991
 Total assets $ 2,256 $2,564,868
 Loans, net -- 1,594,752
 Investments -- 558,188
 Net liability for discontinued operations 13,619 11,073
 Deposits -- 2,246,252
 Other borrowed funds 103,301 206,530
 Shareholders' deficit $(141,599) $ (35,675)
 Common shares outstanding 1,730,559 17,305,042
 -0- 4/9/93
 /CONTACT: Edmund J. Becmer of Lincorp Holdings, 516-932-3441/


CO: Lincorp Holdings, Inc. ST: New York IN: FIN SU: ERN

SM-GK -- NY001 -- 4535 04/09/93 11:35 EDT
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Date:Apr 9, 1993
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