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PIEDMONT MANAGEMENT COMPANY REPORTS FIRST QUARTER 1992 EARNINGS

 PIEDMONT MANAGEMENT COMPANY REPORTS FIRST QUARTER 1992 EARNINGS
 NEW YORK, May 13 /PRNewswire/ -- Piedmont Management Company Inc. (NASDAQ-NMS: PMAN) today reported 1992 first quarter earnings of $0.38 per share as compared to $0.09 per share in 1991. Details follow:
 -- Consolidated net income for the period was $2 million versus $479,000 at March 31, 1991.
 -- Excluding the after-tax effects of realized capital gains and losses on net income in each period, income per share was $0.23 for 1992 in comparison to $0.12 in 1991.
 -- At RECO, earned premiums were up 42 percent in comparison to a year ago. This is primarily the result of new treaties written in recent periods covering non-standard personal auto business. The combined ratio for the first quarter, computed on a generally accepted accounting principles basis, was 113.4 percent, down from 121.0 percent a year ago. This favorable change is mainly attributed to the increase in business written this year coupled with less severe property loss activity in comparison to 1991. Statutory policyholders' surplus was $82.3 million, virtually unchanged from the 1991 year end.
 Net investment income in 1992 was $5.3 million, a narrow decline from $5.5 million earned a year earlier, reflecting the fall in interest rates compared to a year ago.
 -- Investment advisory pre-tax income improved to $279,000 in 1992 compared to $188,000 in 1991. Results in general for Lexington Management Corporation were on par with a year ago. Assets under management were level with year end 1991. A combined reduction in the operating loss for Lexington Capital Management and Lexington Plan Administrators accounted in large part for the overall improvement in this segment's results in comparison to last year.
 -- Consolidated assets were $469.3 million and stockholders' equity was $115.3 million at March 31, 1992. Book value per share was $21.71.
 Piedmont Management Company Inc. is a financial services company whose principal subsidiaries include The Reinsurance Corporation of New York (RECO), a property and casualty reinsurer, and Lexington Management Corporation, an investment advisory and mutual fund management company.
 PIEDMONT MANAGEMENT COMPANY INC.
 First Quarter Earnings
 (Unaudited)
 Three months ended March 31 1992 1991
 Reinsurance Operations:
 Net premiums earned $ 32,816,771 $ 28,046,824
 Net investment income 5,309,873 5,528,797
 Total 38,126,644 28,575,621
 Realized capital gains (losses) 1,025,015 (201,345)
 Losses and loss adjustment expenses 23,737,126 19,871,004
 Acquisition and other expenses 13,476,943 8,020,399
 Total 37,214,069 27,891,403
 Reinsurance operating income 1,937,590 482,873
 Investment Advisory Operations:
 Fees earned and other income 3,938,636 3,794,825
 Service and marketing costs 3,660,088 3,607,118
 Investment advisory operating income 278,548 187,707
 Parent Company:
 Investment and other income 127,011 154,559
 Interest expense 196,851 341,389
 Other corporate expenses 402,027 661,976
 Parent company operating loss (471,867) (848,806)
 Equity in net earnings of investors 679,265 592,491
 Income tax (expense) credit (379,683) 64,710
 Net income $ 2,043,853 $ 478,975
 Average shares for period 5,355,299 5,309,944
 Net income per share $.38 $.09
 Supplementary Data Per Share:
 Income excluding realized
 capital gains (losses) $.23 $.12
 Realized capital gains
 (losses) net of tax .15 (.03)
 Net income $.38 $.09
 -0- 5/13/92
 /CONTACT: Peter Palenzona, chief financial officer of Piedmont Management Company, 212-363-4650/
 (PMAN) CO: Piedmont Management Company Inc. ST: New York IN: FIN SU: ERN


SM-LR -- NY078 -- 9831 05/13/92 15:20 EDT
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Date:May 13, 1992
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