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ROANOKE ELECTRIC STEEL ANNOUNCES ANNUAL EARNINGS AND SALES

 ROANOKE ELECTRIC STEEL ANNOUNCES ANNUAL EARNINGS AND SALES
 ROANOKE, Va., Nov. 26 /PRNewswire/ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today announced net earnings for the fiscal year ended Oct. 31, 1991, of $227,230, or 4 cents per share of common stock, compared with earnings last year of $8,353,178, or $1.57 per share. Sales for the 1991 fiscal year were $126,977,104, down 24 percent from 1990 sales of $166,796,343.
 Net earnings for the three months ended Oct. 31, 1991, were $1,075,995, or 20 cents per share of common stock, compared to the $2,773,935, or 52 cents per share, reported for the same period last year. Sales for the fourth quarter of 1991 were $35,001,798, compared to $41,887,272 for the same period last year.
 Donald G. Smith, Chairman and Chief Executive Officer, stated:
 "In spite of recession and poor economic conditions within the steel and construction industries, which severely increased competition and made profitability most difficult to achieve, it is pleasing to report fiscal 1991 was a profitable year. It is especially gratifying that earnings were achieved on sales which declined 24 percent for the year. During the year, improved efficiencies and productivity from recent capital expenditures and implementation of various cost reduction measures helped to minimize the effects of the declines in production, shipments, sales and gross profits."
 ROANOKE ELECTRIC STEEL CORPORATION
 12 Months Ended 3 Months Ended
 10-31-91 10-31-90 10-31-91 10-31-90
 Net Sales $126,977,104 $166,796,343 $35,001,798 $41,887,272
 Earnings Before
 Income Tax $ 301,614 $ 13,538,302 $ 1,792,115 $ 4,359,173
 Income Tax $ 74,384 $ 5,185,124 $ 716,120 $ 1,585,238
 Net Earnings $ 227,230 $ 8,353,178 $ 1,075,995 $ 2,773,935
 Earnings
 Per Share $ .04 $ 1.57 $ .20 $ .52
 Average Shares
 Outstanding 5,300,709 5,327,147 5,300,709 5,310,644
 Roanoke Electric Steel Corporation is a mini-mill producer of steel products, consisting of angles, plain rounds, flats, channels and reinforcing bars, which are sold to steel fabricators and steel service centers across the eastern United States. Four subsidiaries are involved in various steel related activities, consisting of steel scrap production, steel bar joist fabrication and reinforcing bar fabrication.
 -0- 11/26/91
 /CONTACT: Thomas J. Crawford, Roanoke Electric Steel Corporation, 703-342-1831/
 (RESC) CO: Roanoke Electric Steel Corporation ST: Virginia IN: MNG CST SU: ERN


DF-JM -- CH002 -- 7181 11/26/91 09:35 EST
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Publication:PR Newswire
Date:Nov 26, 1991
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