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ROANOKE ELECTRIC STEEL ANNOUNCES ANNUAL EARNINGS AND SALES

 ROANOKE, Va., Nov. 23 ~PRNewswire~ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today announced net earnings for the fiscal year ended Oct. 31, 1992, of $2,655,006, or 50 cents per share of common stock, compared to earnings last year of $227,230, or 4 cents per share. Sales for the 1992 fiscal year were $146,036,301, up 15 percent from 1991 sales of $126,977,104.
 Net earnings for the three months ended Oct. 31, 1992, were $1,261,376, or 24 cents per share of common stock, compared to the $1,075,995, or 20 cents per share, reported for the same period last year. Sales for the fourth quarter of 1992 were $39,362,060, up 12 percent from the $35,001,798 reported for the same period last year.
 Donald G. Smith, chairman and chief executive officer, stated: "Is is gratifying to report improved sales and earnings for 1992, even though poor economic conditions and intense competition within the steel and construction industries continued throughout the year. The increased sales were attributable to improvement in shipments of all product classes. Other factors contributing to the improved results for the year were increased melt and finished steel production, improved mill yield and tons produced per hour, lower scrap steel costs, decreased labor costs and reduced interest expense."
 ROANOKE ELECTRIC STEEL CORPORATION
 12 Months Ended Three Months Ended
 10~31~92 10~31~91 10~31~92 10~31~91
 Net Sales $146,036,301 $126,977,104 $39,362,060 $35,001,798
 Earnings Before
 Income Tax $ 4,146,480 $ 301,614 $ 1,962,903 $ 1,792,115
 Income Tax $ 1,491,474 $ 74,384 $ 701,527 $ 716,120
 Net Earnings $ 2,655,006 $ 227,230 $ 1,261,376 $ 1,075,995
 Earnings
 Per Share $ 0.50 $ 0.04 $ 0.24 $ 0.20
 Average Shares
 Outstanding 5,301,794 5,300,709 5,303,709 5,300,709
 Roanoke Electric Steel Corporation is a mini-mill producer of finished steel products, consisting of angles, plain rounds, flats, channels and reinforcing bars, which are sold to steel fabricators and steel service centers, and semi-finished steel billets, which are sold to other steel producers. Four subsidiaries are involved in various steel-related activities, consisting of steel scrap processing, steel bar joist fabrication and reinforcing bar fabrication.
 -0- 11~23~92
 ~CONTACT: Thomas J. Crawford of Roanoke Electric Steel Corporation, 703-342-1831~
 (RESC)


CO: Roanoke Electric Steel Corporation ST: Virginia IN: MNG SU: ERN

TW -- DC018 -- 0591 11~23~92 13:37 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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