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ORANGE-CO, INC. REPORTS SECOND-QUARTER RESULTS

 BARTOW, Fla., May 14 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ) announced today results for the second quarter and the year-to-date six-month periods ended March 31, 1993. Sales for the quarter were $18,977,000, down from $23,021,000 for the second quarter last year. The company had a net loss for the second quarter of $1,484,000 or $.14 per share compared to a gain of $2,813,000 or $.27 per share for the second quarter last year. Year-to-date sales for the six months ended March 31, 1993, were $30,873,000 compared to $42,823,000 for the same period last year. The company had a net loss of $1,517,000 or $.15 per share for the first six months of the current year compared to a gain of $4,257,000 or $.42 per share for the same period last year.
 A major component of the current quarter net loss resulted from an extraordinary loss of $597,000 net of tax from early termination fees associated with the refinancing of $19.6 million in term debt and a $20 million line of credit previously announced.
 The company also took an after-tax charge of $318,000 as a reserve against the net realizable value of its Petroleum Division in anticipation of its disposal. The company has signed a letter of intent to sell Frank Carroll Oil Company to an undisclosed buyer. Negotiations continue and completion of the sale is expected during the third or fourth quarter of the current year.
 The net loss from continuing operations for the second quarter was $517,000 compared to a net profit of $2,845,000 for the second quarter last year.
 Commenting on the second-quarter loss Ben Hill Griffin III, chairman of the board and CEO, said: "The large Florida crop for the current year continues to depress citrus prices which have impacted our bottom line. Orange-co continues its emphasis on its long-term business plan. The disposal of the Petroleum Division allows us to more appropriately focus on what we do best. The major refinancing will lower interest rates and add to financial stability."
 Orange-co is a grower and processor of citrus products and a packer and distributor of beverage products.
 -0- 5/14/93
 /CONTACT: Ben Hill Griffin III, chairman of the board and chief executive officer, Orange-co, Inc., 813-635-2251/
 (OJ)


CO: Orange-co, Inc. ST: Florida IN: FOD SU: ERN

KE -- DE031 -- 8840 05/14/93 17:34 EDT
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Publication:PR Newswire
Date:May 14, 1993
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