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MHI REPORTS RECORD SECOND QUARTER/HALF-YEAR RESULTS

 TALLAHASSEE, Fla., Nov. 24 ~PRNewswire~ -- MHI Group, Inc. (NYSE: MH) which markets pre-need and at-need funeral and cemetery services, today reported record results for the second quarter and six months of fiscal 1993 ended Oct. 31, 1992.
 Second quarter net income rose to $1,004,000 or six cents per share on revenues of $4,570,000 from net income of $915,000 or five cents per share on revenues of $4,382,000 for the same period last year. Included in fiscal 1992 earnings were extraordinary gains from utilization of operating loss carryforward of $343,000 or two cents per share.
 Six-month net income for fiscal 1993 increased to $3,686,000 or 22 cents per share on revenues of $8,550,000 from net income of $1,341,000 or eight cents per share, on revenues of $7,908,000 for the first half of fiscal 1992. Included in fiscal 1993 earnings was a benefit of $1,860,000 or 11 cents per share resulting from the cumulative effect of a change in accounting principle (FASB Statement No. 109, Accounting for Income Taxes). Six-month results for fiscal 1992 included an extraordinary gain from utilization of a net operating loss carryforward of $507,000 or three cents per share.
 "Each of our profit centers contributed to second quarter earnings," Fred O. Drake, Jr., chairman and chief executive officer, pointed out. "Pre-need sales, a marketing activity in which we excel, were outstanding, assuring MHI of a growing market share in the future," he added. "These favorable trends coupled with the recently announced acquisition of three central Florida funeral homes and our acquisition line of credit obtained from Heller Financial, Inc., in October, makes the outlook for the remainder of fiscal 1993 very promising."
 MHI owns and operates eight funeral homes and four cemeteries in Florida.
 MHI GROUP, INC.
 Financial Highlights
 Three months Six months
 Periods ended Oct. 31 1992 1991 1992 1991
 Revenues $4,570,000 $4,382,000 $8,550,000 $7,908,000
 Income before cumulative
 effect of change in
 accounting principle and
 extraordinary item 1,004,000 572,000 1,826,000 834,000
 Cumulative effect of
 change in accounting
 principle -- -- 1,860,000 --
 Extraordinary item (A) -- 343,000 -- 507,000
 Net income 1,004,000 915,000 3,686,000 1,341,000
 Earnings Per Share:
 Before cumulative effect
 of change in accounting
 principle and extraordinary
 item $.06 $.03 $.11 $.05
 Cumulative effect of change in
 accounting principle -- -- .11 --
 Extraordinary item (A) -- .02 -- .03
 Net $.06 $.05 $.22 $.08
 Average shares outstanding
 fully diluted 16,756,984 16,615,240 16,923,153 16,536,069
 (A) Utilization of net operating loss carryforward.
 -0- 11~24~92
 ~CONTACT: J.C. Ogier Mathews of MHI Group, Inc., 904-385-8883~
 (MH)


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

SM-LR -- NY010 -- 0907 11~24~92 09:17 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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