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MONK-AUSTIN REPORTS FIRST QUARTER OPERATING RESULTS

 FARMVILLE, N.C., Nov. 10 /PRNewswire/ -- Monk-Austin, Inc. (NYSE: MK) today reported operating results for its first quarter of fiscal 1994, which ended Sept. 30, 1993. Before cumulative effect of accounting changes, the company's net income for the quarter decreased 12.5 percent from $7.2 million to $6.3 million, while earnings per share decreased from $.47 to $.35. The decrease in earnings per share was influenced by an 18 percent increase in the weighted average shares outstanding, resulting from the company's initial public offering in Nov. 1992. Net income after required accounting changes was down 35.1 percent from $7.2 million to $4.7 million due primarily to the company's adoption of FAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and FAS 109, "Accounting for Income Taxes," which resulted in a cumulative charge of $1.6 million or $.09 per share.
 Net revenues decreased from $165.9 million for the first three months of fiscal 1993 to $157.6 million for the first three months of fiscal 1994. This 4.9 percent decrease was due primarily to decreased sales of tobacco grown in Brazil, Zimbabwe, Guatemala, China and Argentina. The decrease was partially offset by increased sales of tobaccos grown in Mexico, Chile, Canada and the United States, as well as increased volumes of third party processing in the United States.
 Monk-Austin is the fourth-largest leaf tobacco merchant in the world. The company is involved in the business of purchasing and processing leaf tobacco. Processed tobacco is then sold worldwide to manufacturers of cigarettes and other consumer tobacco products.
 The company has an extensive network of purchasing and processing operations in five major regions of the world where export-quality, flue- cured and burley tobaccos are grown. In addition to the United States, the company has facilities located in Brazil, Malawi, Mexico and Zimbabwe. Monk-Austin also operates in other major tobacco-growing countries around the world.
 MONK-AUSTIN, INC.
 CONSOLIDATED STATEMENT OF INCOME
 (in thousands, except per share data)
 (unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 Net Revenues $157,641 $165,862
 Cost and expenses
 Cost of revenues 134,674 142,128
 Selling and administrative expenses 11,172 8,409
 Other (income) expenses - net (63) 855
 Income before income taxes and other items 11,858 14,470
 Provision for income taxes 4,871 8,132
 Income after taxes 6,987 6,338
 Equity in (income) loss of unconsolidated
 affiliates 655 (895)
 Income before cumulative effect of
 accounting changes 6,332 7,233
 Cumulative effect of accounting changes (1,634) --
 Net Income available to common shareholders $4,698 $7,233
 Weighted average number of shares outstanding 18,114 15,422
 Income before cumulative effect of accounting
 changes $0.35 $0.47
 Cumulative effect of accounting changes (0.09) --
 Earnings per share $0.26 $0.47
 -0- 11/10/93
 /CONTACT: Linda O'Dunne of James A. Fyock & Associates, 919-659-8440/
 (MK)


CO: Monk-Austin, Inc. ST: North Carolina IN: TOB SU: ERN

SB-MM -- CH004 -- 2717 11/10/93 11:33 EST
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Publication:PR Newswire
Date:Nov 10, 1993
Words:500
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