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MHI GROUP REPORTS PRELIMINARY RECORD RESULTS FOR FOURTH QUARTER/YEAR END

 MHI GROUP REPORTS PRELIMINARY RECORD RESULTS
 FOR FOURTH QUARTER/YEAR END
 TALLAHASSEE, Fla., May 18 /PRNewswire/ -- MHI Group, Inc. (NYSE: MH), owner and operator of five funeral homes and four cemeteries in Florida, today reported preliminary, unaudited record results for the fourth quarter and fiscal year ended April 30, 1992.
 Fourth quarter net income climbed to $1,397,000 or 8 cents per share compared to a net loss of $1,290,000 or 10 cents per share, including a settlement reserve of $1,734,000 to complete Chapter 11 claims, for the same period last year. Earnings for the fourth quarter of fiscal 1992 included extraordinary gains from utilization of operating loss carryforward of $539,000 or 3 cents per share. There were no such gains in the fourth quarter of fiscal 1991. Revenues for the final three months of fiscal 1992 reached $4,973,000 from $3,775,000 for the like period of the prior year.
 Net income for fiscal 1992 rose to $3,305,000 or 20 cents per share versus a net loss of $623,000 or 5 cents per share, after the settlement and reserve of Chapter 11 claims, for fiscal 1991. There were extraordinary gains from utilization of an operating loss carryforward of $1,231,000 or 7 cents per share for fiscal 1992, and no similar gains for the year earlier. Fiscal 1992 and the fourth quarter of that year benefited from a gain of $221,000 from the reduction of bankruptcy reserves. Revenues for fiscal 1992 were $16,730,000 compared to $13,039,000 for fiscal 1991.
 "These results reflect strong performances by each of our profit centers and substantial capital gains of $1,123,000 from our trust fund bond portfolios which now total approximately $28.5 million," Jane Harris, vice president and treasurer, said.
 "The steady growth of the trust fund attests to the effectiveness of our pre-need sales programs which ensures increasing market share in the years ahead," she noted. "We are optimistic about achieving further gains in fiscal 1993 at our current facilities and through the pending acquisition of a large cemetery in Atlanta, Ga.," Harris concluded.
 MHI GROUP, INC.
 Consolidated Statement of Income
 Periods ended Three Months Fiscal Year
 April 30 1992(A) 1991(A) 1992(A) 1991
 Revenues $ 4,973,000 $ 3,775,000 $16,730,000 $13,039,000
 Income (loss)
 bef. extraord.
 item 858,000(B) (1,013,000)(C) 2,074,000(B) (623,000)(C)
 Net income
 (loss) 1,397,000(B) (1,290,000)(C) 3,305,000(B) (623,000)(C)
 Earns. (loss)
 per share:
 Bef. extraord.
 item $.05(B) $(.08)(C) $.13(B) $(.05)(C)
 Extraordinary
 item (D) .03 (.02) .07 --
 Net $.08(B) $(.10)(C) $.20(B) $(.05)(C)
 Average shares
 outstg., fully
 diluted 17,225,187 12,404,626 16,561,680 12,390,707
 (A) -- Unaudited.
 (B) -- Includes recaptured reserve of $221,000 for Chapter 11 claims established in fiscal year 1991.
 (C) -- Includes settlement and reserve of $1,734,000 to complete Chapter 11 claims.
 (D) -- Utilization of net operating loss carryforward.
 -0- 5/18/92
 /CONTACT: Jane Harris, vice president and treasurer of MHI Group, 904-422-9600/
 (MH) CO: MHI Group, Inc. ST: Florida IN: SU: ERN


GK-OS -- NY018 -- 1207 05/18/92 10:06 EDT
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Date:May 18, 1992
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