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MARGO NURSERY FARMS, INC. ANNOUNCES SECOND QUARTER 1993 RESULTS OF OPERATIONS

 VEGA ALTA, Puerto Rico, Aug. 16 /PRNewswire/ -- Margo Nursery Farms, Inc. (NASDAQ: MRGO) (the company) and its subsidiaries, today announced their sales and earnings for the second fiscal quarter ended June 30, 1993.
 The company's consolidated sales for the second quarter increased 26 percent to $431,000 compared to sales of $342,000 for the same period in 1992.
 The company's consolidated sales for the first six months in fiscal 1993 are $1,131,000 which represents a 70 increase on sales of $666,000 for the same period in 1992.
 The company recorded a loss of $156,000 before applying a cumulative effect on prior years of an accounting change for the second quarter of $88,000 which reduced the loss to $68,000 or $.04 per share, compared to a loss of $906,000 or $.54 per share for the same period in 1992.
 The company recorded a loss of $52,000 before applying a cumulative effect on prior years of an accounting change for the first six months of $899,000 which produced a profit of $847,000 or $.44 per share, compared to a profit of $154,000 or $.09 per share for the same period in 1992.
 The company is continuing the rebuilding and replanting of its Miami nursery facility which was destroyed by Hurricane Andrew last year. The company expects to begin selling small quantities of material late in 1993 or early 1994. During the third quarter, the company plans to begin importing and selling Italian terracotta pottery and ceramics to chain stores, garden centers and hotels in Puerto Rico, the U.S. Virgin Islands and other islands in the Eastern Caribbean.
 MARGO NURSERY FARMS, INC. AND SUBSIDIARIES
 SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
 Three months Six months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 Net sales $ 431,447 $ 341,976 $ 1,130,699 $ 665,542
 Income (loss)
 before extra-
 ordinary item
 and cumulative
 effect on prior
 years of
 accounting
 change (156,346) (439,111) (52,172) (876,478)
 Extraordinary
 gain --- (466,879) --- 1,030,263
 Cumulative effect
 on prior years of
 change in
 accounting for
 income taxes 88,795 --- 899,220 ---
 Net earnings
 (loss) $ (67,551) $ (905,990) $ 847,048 $ 153,785
 Earnings (loss)
 per share before
 extraordinary
 item and
 cumulative effect
 on prior years
 of accounting
 change ($0.08) ($0.26) ($0.03) ($0.52)
 Extraordinary
 gain --- ( .28) --- .61
 Cumulative effect
 on prior years of
 change in
 accounting for
 income taxes .04 --- .47 ---
 Net earnings ($0.04) $ 0.54 $0.44 $0.09
 Weighted
 average
 number of
 shares
 outstanding 1,895,322 1,685,200 1,895,322 1,685,200
 Margo Nursery Farms, Inc. is engaged in the business of growing and distributing a wide range of both indoor and outdoor tropical foliage and flowering plants in Miami and Vega Alta, Puerto Rico.
 -0- 8/16/93
 /CONTACT: Michael J. Spector or Alfonso Ortega of Margo Nursery Farms, 809-883-2570/


CO: Margo Nursery Farms, Inc. ST: Florida IN: SU: ERN

JB-PC -- FL014 -- 3021 08/16/93 11:11 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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