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MCORP REPORTS SECOND QUARTER FINANCIAL RESULTS

 MCORP REPORTS SECOND QUARTER FINANCIAL RESULTS
 DALLAS, Aug. 14 /PRNewswire/ -- MCorp today reported net income of


$4.9 million for the second quarter of 1992 and net income of $.7 million for the six months ended June 30, 1992. A net loss of $4.8 million was reported in the second quarter of 1991 and a net loss of $1.9 million was reported for the six months ended June 30, 1991. MCorp has completed the sale of all but one of its banking subsidiaries. MCorp is currently the subject of a voluntary reorganization case under Chapter 11 of the United States Bankruptcy Code.
 MCorp's second quarter 1992 income of $4.9 million resulted primarily from a $7.9 million gain on the settlement of certain pre- petition liabilities at less than their recorded amounts. Excluding this gain, MCorp had a loss from continuing operations of $3.1 million, primarily resulting from interest income of $4.1 million offset by interest expense of $.2 million and non-interest expense of $5.7 million.
 The loss of $4.8 million reported in the second quarter of 1991 was primarily due to net realized losses, writedowns and expenses of investments and other assets held for sale of $10.5 million offset by a gain of $4.7 million from discontinued operations. The gain from discontinued operations of $4.7 million in the second quarter in 1991 resulted from the gain on the sale of MVestment reduced by the actual and estimated losses on the sales of the remaining banks.
 The Debtors are working with the creditors' committee to evaluate alternatives regarding an amended plan of reorganization. MCorp (Pacific Stock Exchange: M.P) is a Texas-based financial services organization.
 MCorp and Subsidiaries
 Consolidated Statements of Operations
 (dollars in thousands, except per share amounts)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Interest income $ 4,059 $ 6,973 $ 7,459 $ 13,920
 Other income 71 130 73 294
 Total income 4,130 7,103 7,532 14,214
 Interest expense 203 -- 406 --
 Personnel expense 1,190 1,916 3,142 3,710
 Net occupancy expense 37 34 78 80
 Professional fees 3,381 3,945 7,635 5,933
 Net realized losses,
 writedowns & expenses
 of investments & other
 assets held for sale 329 10,451 349 10,476
 Other expense 789 253 1,902 616
 Total expense 5,929 16,599 13,512 20,815
 Loss from continuing
 operations before
 claims settlements (1,799) (9,496) (5,980) (6,601)
 Claims settlements (1,300) -- (1,300) --
 Loss from continuing
 operations (3,099) (9,496) (7,280) (6,601)
 Discontinued operations:
 Gain on disposal of
 subsidiaries, net
 of tax -- 4,710 -- 4,710
 Extraordinary item:
 Gain on settlements
 of pre-petition debt
 & interest payable,
 net of tax 7,975 -- 7,975 --
 Net income (loss) $ 4,876 $ (4,786) $ 695 $(1,891)
 Per common share(A):
 Loss from continuing
 operations $ (0.07) $ (0.22) $ (0.17) $ (0.15)
 Net income (loss) 0.12 (0.11) 02? (0.04)
 (A) Common stockholders may not receive a distribution from the
 bankrupt estate of MCorp.
 MCorp and Subsidiaries
 Condensed Consolidated Balance Sheets
 (dollars in thousands, except per share amounts)
 June 30, December 31,
 1992 1991 1991
 Assets:
 Cash and cash
 equivalents $ 298,050 $ 40,962 $ 309,533
 Marketable securities
 (market value of
 $280,787 at June 30,
 1991) -- 276,499 --
 Assets held for sale:
 Other investments 54,920 57,229 55,171
 Land and other real
 estate owned 15,491 19,225 16,292
 Loans and other 6,446 14,362 10,371
 Other assets 11,350 12,195 14,929
 $ 386,257 $ 420,472 $ 406,296
 Liabilities and stockholders' deficit
 Liabilities:
 Accounts payable
 and accrued
 liabilities $ 43,036 $ 20,806 $ 46,886
 Long-term debt 7,663 13,702 13,570
 Liabilities deferred
 pursuant to Chapter 11
 reorganization proceedings:
 Long-term debt 465,538 467,460 467,460
 Other liabilities 44,822 53,877 53,877
 Total liabilities 561,059 555,845 581,793
 Stockholders' deficit:
 Preferred stock; $1.00
 par value; 20,000,000
 shares authorized; 959,920
 shares issued; aggregate
 liquidation preference
 $227,847, $217,500 and
 $223,415 respectively 960 960 960
 Common Stock; $5.00 par
 value; 100,000,000 shares
 authorized; 42,790,257
 issued 213,951 213,951 213,951
 Capital surplus 596,957 596,957 596,957
 Accumulated deficit (982,811) (943,382) (983,506)
 Treasury stock, at
 cost; 218,660 shares (3,859) (3,859) (3,859)
 Total stockholders'
 deficit (174,802) (135,373) (175,497)
 $ 386,257 $ 420,472 $ 406,296
 -0- 8/14/92
 /CONTACT: W. Mack Goforth Of MCorp, 214-939-5892/
 CO: MCorp
 ST: Texas
 IN: FIN
 SU: ERN


DC -- NY016 -- 9974 08/14/92 11:32 EDT
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Date:Aug 14, 1992
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