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ROANOKE ELECTRIC STEEL ANNOUNCES THIRD QUARTER RESULTS

 ROANOKE, Va., Aug. 18 /PRNewswire/ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today announced net earnings for the third quarter ended July 31, 1993, of $1,183,908, or 22 cents per share of common stock, compared to net earnings of $926,289, or 17 cents per share, reported for the third quarter last year. Sales for the third quarter of 1993 were $40,901,762, a 6 percent improvement from 1992 third quarter sales of $38,607,681.
 For the nine months ended July 31, 1993, the company reported net earnings of $2,651,006, or 50 cents per share of common stock, compared to net earnings of $1,393,630, or 26 cents per share, reported for the same period last year. Sales for the nine months of 1993 were $117,876,789, up 11 percent from sales of $106,674,241 for the same period last year.
 Donald G. Smith, chairman and chief executive officer, stated: "The improvement in sales and earnings for the periods compared is attributable to increased tons shipped at higher gross profit margins. Selling price increases and cost reductions from improved production levels are mainly responsible for the improved margins."
 ROANOKE ELECTRIC STEEL CORPORATION
 Nine Months Ended Three Months Ended
 7/31/93 7/31/92 7/31/93 7/31/92
 Net Sales $117,876,789 $106,674,241 $40,901,762 $38,607,681
 Earnings Before
 Income Taxes $4,313,398 $2,183,577 $1,942,136 $1,503,330
 Income Taxes $1,662,392 $789,947 $758,228 $577,041
 Net Earnings $2,651,006 $1,393,630 $1,183,908 $926,289
 Earnings Per
 Share $0.50 $0.26 $0.22 $0.17
 Average Shares
 Outstanding 5,304,131 5,301,151 5,304,563 5,301,888
 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- 8/18/93
 /CONTACT: Thomas J. Crawford of Roanoke Electric Steel, 703-342-1831/
 (RESC)


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

TW -- DC004 -- 3785 08/18/93 09:11 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
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