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ROANOKE ELECTRIC STEEL ANNOUNCES IMPROVED ANNUAL EARNINGS AND SALES

 ROANOKE, Va., Nov. 22 /PRNewswire/ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today announced net earnings for the fiscal year ended Oct. 31, 1993, of $4,750,106, or 90 cents per share of common stock, an 80 percent improvement from earnings last year of $2,655,006, or 50 cents per share. Sales for the 1993 fiscal year were $167,294,378, up 14.6 percent from 1992 sales of $146,036,301.
 Net earnings for the three months ended Oct. 31, 1993, were $2,099,100, or 40 cents per share of common stock, a 67 percent increase from the $1,261,376, or 24 cents per share, earned for the same period last year. Sales for the fourth quarter of 1993 were $49,417,589, up 25.5 percent from the $39,362,060 reported for the same period last year.
 Donald G. Smith, chairman and chief executive officer, stated: "Improved business conditions and demand resulted in increased tons shipped of billets and bar products during the year. The combination of the higher volume and improved gross profit margins provided the increased gross and net earnings reported. Although continued depressed conditions in the construction industry hampered our performance, slight gains were made, and the overall results for the year were extremely pleasing."
 ROANOKE ELECTRIC STEEL CORPORATION
 12 Months Ended 3 Months Ended
 10-31-93 10-31-92 10-31-93 10-31-92
 Net Sales $167,294,378 $146,036,301 $49,417,589 $39,362,060
 Earnings Before
 Income Taxes $ 7,535,274 $ 4,146,480 $ 3,221,876 $ 1,962,903
 Income Taxes $ 2,785,168 $ 1,491,474 $ 1,122,776 $ 701,527
 Net Earnings $ 4,750,106 $ 2,655,006 $ 2,099,100 $ 1,261,376
 Earnings
 Per Share $ 0.90 $ 0.50 $ 0.40 $ 0.24
 Average Shares
 Outstanding 5,304,327 5,301,794 5,304,909 5,303,709
 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- 11/22/93
 /CONTACT: Thomas J. Crawford of Roanoke Electric Steel, 703-342-1831/
 (RESC)


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

DC-IH -- DC008 -- 6833 11/22/93 12:01 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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