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MERRY LAND REPORTS RECORD EARNINGS; ANNOUNCES DIVIDEND INCREASE

 AUGUSTA, Ga., Jan. 11 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), reported net income for 1992 of $11,445,000, equivalent to $1.07 per share, the highest levels in the company's history.
 1991 net income was $8,791,000, equivalent to $.94 per share, so the 1992 results were up 30 percent in absolute amount and 14 percent on a per-share basis. Average shares outstanding in 1992 increased to 10.7 million shares, up from 9.3 million shares in 1991, as a result of the new shares sold during 1992.
 Funds from operations for 1992 were $12,895,000 ($1.21 per share), up from $9,318,000 ($1.00 per share) in 1991. Excluding the discontinued mortgaged-backed securities, funds from operations were $.99 per share in 1992, up from $.54 per share in the prior year.
 Knox also announced an increase in the company's regular cash dividend from an annual rate of $.68 per share to $.80 per share, effective with the first quarter of 1993. A quarterly dividend of $.20 per share has been declared, payable March 31 to shareholders of record on March 15.
 3 mos. ended 12 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $7,884,000 $7,835,000 $29,593,000 $31,286,000
 Net income 2,303,000 1,998,000 11,445,000 8,791,000
 Per share $.18 $.21 $1.07 $.94
 Funds from operations 3,428,000 2,837,000 12,895,000 9,318,000
 Per share $.27 $.30 $1.21 $1.00
 Average common shares
 outstanding 12,570,488 9,417,788 10,651,754 9,326,408
 -0- 1/11/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN DIV

BN-CF -- AT010 -- 3581 01/11/93 13:32 EST
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Publication:PR Newswire
Date:Jan 11, 1993
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