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McM CORPORATION REPORTS THIRD QUARTER RESULTS

 McM CORPORATION REPORTS THIRD QUARTER RESULTS
 RALEIGH, N.C., Nov. 13 /PRNewswire/ -- McM Corporation


(NASDAQ: MCMC), a Raleigh-based insurance holding company, reports a consolidated net loss for the nine months ended Sept. 30, 1992, of $2,920,000 or $.62 per share compared to a net loss of $11,687,000 or $2.50 per share through the third quarter of 1991. Of the loss in 1991, $11,582,000 or $2.48 per share was attributable to operations and disposal of McM's discontinued life and health segment. The consolidated net loss for the third quarter of 1992 was $3,364,000 or $.72 per share compared to net income of $661,000 or $.14 per share during the same period last year. The results of continuing operations include the property and casualty subsidiaries, Occidental Fire & Casualty Company of North Carolina and Wilshire Insurance Company.
 Gross revenues for the first nine months of 1992 were $49,689,000 compared to $44,898,000 for the same period in 1991. This increase is primarily attributable to the Company's planned development of the nonstandard private passenger line of business and the expansion of existing commercial auto lines of business. Included in revenues are realized investment gains of $79,000 in 1992 compared to realized investment gains of $108,000 in 1991.
 Shareholders' equity at Sept. 30, 1992 totaled $20,319,000 or $4.35 per share compared to $23,239,000 or $4.97 per share at Dec. 31, 1991. Consolidated assets were $140,235,000 at Sept. 30, 1992 compared to $146,869,000 at Dec. 31, 1991.
 The operating loss experienced in the property and casualty operations for the first nine months of 1992 is primarily attributable to adverse claims development and an overall increase in claim severity during the third quarter in the Company's commercial auto business. The loss ratio for the current underwriting year, however, continues to show improvement.
 McM CORPORATION
 Financial Highlights
 September 30, December 31, Percent
 1992 1991 Change
 (Thousands of dollars)
 Assets $140,235 $146,869 -4.5
 Shareholders' Equity $20,319 $23,239 -12.6
 Report for the Nine Months and Third Quarter Ended Sept. 30, 1992
 (Unaudited) (Thousands of dollars, except per share data)
 Nine Months Ended Three Months Ended
 September 30 September 30
 1992 1991 1992 1991
 Premiums $44,095 $37,992 $13,693 $14,160
 Gross Investment Income 5,407 6,162 1,800 1,992
 Realized Investment Gains 79 108 70 25
 Other income 108 636 26 463
 TOTAL REVENUES $49,689 $44,898 $15,589 $16,640
 (LOSS) INCOME FROM CONTINUED
 OPERATIONS BEFORE INCOME TAX
 AND EXTRAORDINARY ITEM ($2,946) ($105) ($3,364) 752
 Income Taxes (Benefits) 0 0 0 (28)
 (LOSS) INCOME FROM CONTINUING
 OPERATIONS BEFORE
 EXTRAORDINARY ITEM (2,946) (105) (3,364) 780
 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 26 (6,518) 0 (91)
 (LOSS) INCOME BEFORE EXTRAORDINARY
 ITEM (2,920) (11,687) (3,364) 689
 EXTRAORDINARY TAX BENEFIT
 (PROVISION) FROM
 RECOGNITION OF OPERATING LOSS
 CARRYFORWARD 0 0 0 (28)
 NET (LOSS) INCOME ($2,920)($11,687) ($3,364) $661
 PER SHARE DATA:
 (Loss) Income from Continuing
 Operations ($0.63) ($0.02) ($0.72) $0.17
 Income (Loss) From Discontinued
 Operations 0.01 (2.48) 0.00 0.02
 Extraordinary Tax Benefit
 (Provision) 0.00 0.00 0.00 (0.01)
 (Loss) Income Per Share ($0.62) ($2.50) ($0.72) $0.14
 Cash Dividends Per Share
 Declared By McM $0.00 $0.00 $0.00 $0.00
 -0- 11/13/92
 /CONTACT: Stephen L. Stephano, Executive Vice President, McM Corporation, 919-833-1600/
 (MCMC) CO: McM Corporation ST: North Carolina IN: INS SU: ERN


DF -- CH008 -- 0810 11/13/92 15:30 EST
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Date:Nov 13, 1992
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