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McM CORPORATION REPORTS FOURTH QUARTER RESULTS

 RALEIGH, N.C., March 16 /PRNewswire/ -- McM Corporation (NASDAQ: MCMC), a Raleigh based insurance holding company, reports a consolidated net loss of $813,000 or $.17 per share for the fourth quarter of 1992 compared to net income of $1,011,000 or $.21 per share during the same period last year. The consolidated net loss for the twelve months ended Dec. 31, 1992, is $3,733,000 or $.80 per share compared to a net loss of $10,676,000 or $2.28 per share for 1991. Included in 1991 results are losses of $11,987,000 or $2.56 per share attributable to operations and disposal of McM's discontinued life and health segment. The results of continuing operations include McM's property and casualty subsidiaries, Occidental Fire & Casualty Company of North Carolina and Wilshire Insurance Company.
 Gross revenues for the twelve months ended Dec. 31, 1992 were $61,926,000 compared to $64,320,000 for the same period in 1991. Premium revenue increased approximately $900,000 in relation to the prior year. This increase was offset by a decline in investment income resulting from reduced investment rates during 1992. Included in revenues are realized investment gains of $666,000 in 1992 compared to realized investment gains of $2,942,000 in 1991.
 Shareholders' equity at Dec. 31, 1992 totalled $19,503,000 or $4.17 per share compared to $23,239,000 or $4.97 per share at Dec. 31, 1991. Consolidated assets were $133,915,000 at Dec. 31, 1992 compared to $146,869,000 at Dec. 31, 1991.
 The operating loss experienced in the property and casualty operations for the twelve months ended Dec. 31, 1992 is primarily attributable to adverse claims development and an overall increase in claim severity in the third and fourth quarters in the property and casualty companies' commercial auto business.
 McM CORPORATION
 Financial Highlights
 Dec. 31, Dec. 31, Percent
 1992 1991 Change
 (Thousands of dollars)
 Assets $133,915 $146,869 -8.8 pct.
 Shareholders' Equity $19,503 $23,239 -16.1 pct.
 Report for the Twelve Months and Fourth Quarter Ended Dec. 31, 1992
 (Unaudited)
 Twelve Months Ended Three Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 (Thousands of dollars,
 except per share data)
 Premiums $53,889 $52,975 $9,794 $14,983
 Gross Investment Income 7,199 7,999 1,797 1,824
 Realized Investment Gains 666 2,942 587 2,834
 Other Income 172 404 64 (232)
 TOTAL REVENUES $61,926 $64,320 $12,242 $19,409
 (LOSS) INCOME FROM
 CONTINUING OPERATIONS
 BEFORE INCOME TAX (3,764) 1,311 (818) 1,416
 (LOSS) INCOME FROM CONTINUING
 OPERATIONS (3,764) 1,311 818 1,416
 DISCONTINUED OPERATIONS
 Loss from Operations of
 Discontinued Life and
 Health Insurance
 Segment 0 (5,064) 0 0
 Income (Loss) on Disposal of
 Life and Health Insurance
 Segment 31 (6,923) 5 (405)
 NET (LOSS) INCOME ($3,733) ($10,676) ($813) $1,011
 PER SHARE DATA:
 (Loss) Income from Continuing
 Operations ($0.81) $0.28 ($0.17) $0.30
 Income (Loss) From
 Discontinued Operations 0.01 (2.56) 0.00 (0.09)
 (Loss) Income Per Share ($0.80) ($2.28) ($0.17) $0.21
 Cash Dividends Per Share
 Declared By McM $0.00 $0.00 $0.00 $0.00
 -0- 3/16/93
 /CONTACT: Stephen L. Stephano, Executive Vice President, McM Corporation, 919-833-1600/
 (MCMC)


CO: McM Corporation ST: North Carolina IN: INS SU: ERN

SB-MM -- CH010 -- 6763 03/16/93 17:10 EST
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Date:Mar 16, 1993
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