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ROUSE COMPANY REPORTS EARNINGS

 COLUMBIA, Md., Nov. 16 ~PRNewswire~ -- The Rouse Company (NASDAQ: ROUS) of Columbia, Maryland today reported financial results for the third quarter of 1992. Total earnings before depreciation and deferred taxes were $12,252,000 for the third quarter and $31,643,000 for the nine months, increases of 37 percent and 10 percent respectively over the comparable periods in 1991. The net losses, after depreciation and deferred taxes, gains or losses on disposition of assets and extraordinary items, were $6,284,000 for the third quarter and $14,942,000 for the nine months compared to net losses of $4,153,000 in 1991's third quarter and $12,579,000 for last year's first nine months (before revision for a one time earnings benefit of $13,463,000 as a result of a change in accounting for income taxes).
 The company's retail centers recorded particularly strong results, with 13 percent gains in earnings before depreciation and deferred taxes in both the third quarter and the nine months.
 Commenting on the company's financial report, chairman and chief executive officer, Mathias J. DeVito, stated, "The company has produced strong results for the first nine months. This was particularly gratifying in a period of economic turbulence. And while we do not expect that the fourth quarter will produce gains at these same high quarterly rates, we nonetheless feel confident that for the full year earnings before depreciation and deferred taxes will be well ahead of 1991."
 THE ROUSE COMPANY
 Consolidated Statements of Operations
 (unaudited, in thousands, except per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $150,195 $141,623 $428,491 $415,324
 Operating
 expenses 85,154 82,695 242,798 238,442
 Interest expense 52,721 49,759 153,778 147,776
 Depreciation and
 amortization 15,832 15,643 49,027 47,624
 Gain (loss) on
 disposition of
 assets and other
 provisions, net (4,515) 798 (3,110) 798
 Loss before inc.
 taxes, extraord.
 loss and
 cumulative effect of
 change in accounting
 principle (8,027) (5,676) (20,222) (17,720)
 Income tax
 benefit (provision):
 Current-state (68) (198) (272) (374)
 Deferred 1,881 1,811 5,689 5,605
 Loss bef. extraord.
 loss and cumulative
 effect of change
 in accounting
 principle (6,214) (4,063) (14,805) (12,489)
 Extraordinary loss
 from extinguishment
 of debt, net of related
 income tax benefit (70) (90) (137) (90)
 Cumulative effect
 at Jan. 1, 1991 of change
 in accounting for income
 taxes -- -- -- 13,463
 Net earnings (loss)(6,284) (4,153) (14,942) 884
 Earnings (loss) per share
 of common stock:
 Loss bef. extraord. loss
 and cumulative
 effect of change
 in accounting
 principle (.13) (.09) (.31) (.26)
 Extraordinary loss -- -- -- --
 Cumulative effect of
 change in accounting
 principle -- -- -- .28
 Total $ (.13) $ (.09) $ (.31) $ .02
 Reconciliation of
 earnings bef.
 depreciation and
 deferred taxes from
 operations to
 net earnings (loss):
 Earnings bef. depreciation
 and deferred taxes from
 operations 12,252 8,971 31,643 28,732
 Depreciation and
 amortization (15,832) (15,643) (49,027) (47,624)
 Gain (loss) on
 disposition of
 assets and other
 provisions,net (4,515) 798 (3,110) 798
 Deferred income
 tax benefit 1,881 1,811 5,689 5,605
 Extraordinary loss,
 net of related
 income tax
 benefit (70) (90) (137) (90)
 Cumulative effect
 of change in
 accounting
 principle -- -- -- 13,463
 Net earnings
 (loss) $ (6,284) $ (4,153) $ (14,942) $ 884
 -0- 11~16~92
 ~CONTACT: David L. Tripp, vice president~director - investor relations of The Rouse Company, 410-992-6546~
 (ROUS)


CO: Rouse Company ST: Maryland IN: REA SU: ERN

TM-AH -- NY100 -- 1455 11~16~92 16:23 EST
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Publication:PR Newswire
Date:Nov 16, 1992
Words:601
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