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ROANOKE ELECTRIC STEEL ANNOUNCES SECOND QUARTER RESULTS

 ROANOKE, Va., May 19 /PRNewswire/ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today announced net earnings for the second quarter ended April 30, 1993, of $949,242, or 18 cents per share of common stock, compared to net earnings of $807,292, or 15 cents per share, reported for the second quarter last year. Sales for the second quarter of 1993 were $40,975,239, up 19 percent from sales of $34,388,902 for the 1992 second quarter.
 For the six months ended April 30, 1993, net earnings were $1,467,098, or 28 cents per share of common stock, compared to net earnings of $467,341, or 9 cents per share, reported for the same period last year. Sales for the first six months of 1993 were $76,975,027, up 13 percent from sales of $68,066,560 for the same period last year.
 Donald G. Smith, chairman and chief executive officer, stated: "Higher selling prices for all products, improved market conditions and the resultant increase in shipment levels were mainly responsible for the improved results reported for both the second quarter and the six- month period."
 ROANOKE ELECTRIC STEEL CORPORATION
 6 Months Ended 3 Months Ended
 4/30/93 4/30/92 4/30/93 4/30/92
 Net Sales $76,975,027 $68,066,560 $40,975,239 $34,388,902
 Earnings Before
 Income Tax $ 2,371,262 $ 680,247 $ 1,552,576 $ 1,279,418
 Income Tax $ 904,164 $ 212,906 $ 603,334 $ 472,126
 Net Earnings $ 1,467,098 $ 467,341 $ 949,242 $ 807,292
 Earnings
 Per Share $ 0.28 $ 0.09 $ 0.18 $ 0.15
 Average Shares
 Outstanding 5,303,911 5,300,778 5,304,119 5,300,848
 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- 5/19/93
 /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-MH -- DC007 -- 0155 05/19/93 09:25 EDT
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Publication:PR Newswire
Date:May 19, 1993
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