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SALEM CORPORATION ANNOUNCES RESULTS

 PITTSBURGH, Aug. 11 /PRNewswire/ -- Salem Corporation (AMEX: SBS) today reported net income for the three months ended June 30, 1993 of $1,035,000 or $.83 per share on gross revenues of $26,196,000. Included in net income was income from equity affiliates amounting to approximately $1,419,000. This compares to net income of $782,000 or $.63 per share on revenues of $26,934,000 during the same period in 1992.
 Net income for the six months ended June 30, 1993 was $701,000 or $.56 per share on gross revenues of $52,895,000. Included in net income was income from equity affiliates amounting to approximately $1,383,000. Offsetting net income are non-cash charges resulting from cumulative accounting changes relating to postretirement benefits and income taxes amounting to $519,000 or $.42 per share. This compares to net income of $1,341,000 or $1.08 per share on revenues of $53,853,000 during the same period in 1992. Backlog at June 30, 1993 was $60.7 million as compared to $68.1 million at the beginning of the year.
 SALEM CORPORATION
 SUMMARY OF CONSOLIDATED OPERATING RESULTS
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1993
 (In thousands except per share amounts)
 (Unaudited)
 Three months ended
 June 30
 1993 1992
 Gross Revenues $26,196 $26,934
 Net Income $ 1,035(A) $ 782
 Earnings per share $ .83 $ .63
 Six months ended
 June 30
 1993 1992
 Gross Revenues
 $52,895 $53,853
 Net Income before accounting changes $ 1,220(A) $ 1,341
 Accounting changes -- cumulative
 effect $ (519) $ ---
 Net Income $ 701(A) $ 1,341
 Earnings per share before
 accounting changes $ .98 $ 1.08
 Cumulative effect of accounting
 changes $ (.42) $ ---
 Earnings per share $ .56 $ 1.08
 (A) -- Includes income from equity affiliates of approximately $1.4 million.
 -0- 8/11/93
 /CONTACT: Brenda N. Castellano of Salem Corporation, 305-866-7272/
 (SBS)


CO: Salem Corporation ST: Florida, Pennsylvania IN: SU: PER

RC-AW -- FL013 -- 1879 08/11/93 17:19 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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