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MHI GROUP REPORTS RECORD FOURTH QUARTER/YEAR END RESULTS

 TALLAHASSEE, Fla., July 6 /PRNewswire/ -- MHI Group, Inc. (NYSE: MH), owner and operator of 10 funeral homes, four cemeteries and two crematories in Florida, today reported audited results for the fiscal year and fourth quarter ended April 30, 1993.
 Fiscal 1993 net income rose to $5,376,000 or 32 cents per share versus net income of $3,305,000 or 20 cents per share for fiscal 1992. Included in fiscal 1993 earnings is a benefit of $1,860,000 or 11 cents per share from the cumulative effect of a change in accounting principle (FASB Statement No. 109, Accounting for Income Taxes). There were extraordinary gains from utilization of an operating loss carryforward of $1,231,000 or seven cents per share in fiscal 1992. Fiscal 1992 and the fourth quarter of that year benefited from a gain of $221,000 from the reduction of reserves. Fiscal 1993 revenues were $17,384,000 compared to $16,730,000 in fiscal 1992.
 Fourth quarter 1993 net income was $1,357,000 or eight cents per share on revenues of $4,880,000 compared with net income of $1,397,000 or eight cents per share on revenues of $4,973,000 for the same period of the prior year. Earnings for the fourth quarter of fiscal 1992 included extraordinary gains from utilization of an operating loss carryforward of $539,000 or three cents per share.
 "We're very pleased with the results for fiscal 1993," stated J.C. Ogier Mathewes, vice president and chief financial officer. "Acquisitions made late in fiscal 1993, coupled with those announced earlier this month, should enable MHI to expand its market share and make 1994 an even better year," he concluded.
 MHI GROUP, INC.
 Consolidated Statement of Income
 Three months Year
 Periods ended April 30, 1993 1992 1993 1992
 Revenues $4,880,000 $4,973,000 $17,384,000 $16,730,000
 Income before cumulative
 effect of change
 in accounting principle
 and extraordinary
 item 1,357,000 858,000(A) 3,516,000 2,074,000(A)
 Cumulative effect of
 change in accounting
 principle -- -- 1,860,000 --
 Extraordinary
 item (B) -- 539,000 -- 1,231,000
 Net income 1,357,000 1,397,000 (A) 5,376,000 3,305,000 (A)
 Earnings/(loss) per
 share:
 Before cumulative
 effect of change in
 accounting principle
 and extraordinary
 item .08 .05(A) .21 .13(A)
 Cumulative effect of
 change in accounting
 principle -- -- .11 --
 Extraordinary item (B) -- .03 -- .07
 Net income per share .08 .08(A) .32 .20(A)
 Average shares outstanding
 fully diluted 17,351,330 17,225,187 17,058,352 16,561,680
 (A) Includes recaptured reserve of $221,000 established in fiscal year 1991.
 (B) Utilization of net operating loss carryforward.
 -0- 7/6/93
 /CONTACT: J.C. Ogier Mathewes of MHI Group, Inc., 904-385-8883/
 (MH)


CO: MHI Group, Inc. ST: Florida IN: SU: ERN

LG-LR -- NY007 -- 8494 07/06/93 09:00 EDT
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Date:Jul 6, 1993
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