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SALEM CORPORATION REPORTS RESULTS

 MIAMI, March 31 /PRNewswire/ -- Salem Corporation (AMEX: SBS) today reported net income for the year ended Dec. 31, 1992 of $3,305,000 ($2.66 per share) on gross revenues of $118,983,000. This compares with net income of $1,593,000 ($1.28 per share) on gross revenues of $127,016,000 for 1991. Operating income for 1992 amounted to $4,577,000 compared to $3,523,000 in 1991. Extraordinary credits arising from the utilization of tax loss carryforwards in Canada and the United Kingdom amounted to $132,000 ($.11 per share) in 1992.
 For the three months ended Dec. 31, 1992, Salem had income of $1,230,000 ($.99 per share) on revenues of $34,389,000, compared to net income of $495,000 ($.40 per share) on revenues of $34,480,000 during the same period of 1991.
 The company's backlog at Dec. 31, 1992 amounted to approximately $65 million compared to approximately $68 million at Dec. 31, 1991.
 SALEM CORPORATION
 Summary of Consolidated Operating Results
 For the Three and 12 Months ended Dec. 31, 1992
 (In thousands except per share amounts)
 Three Months 12 Months
 1992 1991 1992 1991
 Gross revenue $ 34,389 $ 34,480 $118,983 $127,016
 Net income before
 extraordinary
 items $ 1,252 $ 495 $ 3,173 $ 1,593
 Extraordinary
 (charge) credit (22) --- 132 ---
 Net income $ 1,230 $ 495 $ 3,305 $ 1,593
 Per Share Amounts:
 Earnings before
 extraordinary
 items $ 1.00 $ .40 $ 2.55 $ 1.28
 Extraordinary
 (charge) credit (.01) --- .11 ---
 Earnings per share $ .99 $ .40 $ 2.66 $ 1.28
 -0- 3/31/93
 /CONTACT: Chuck Nolan of Salem Corporation, 305-866-7771/
 (SBS)


CO: Salem Corporation ST: Florida IN: MAC SU: ERN

JB-AW -- FL008 -- 1728 03/31/93 17:30 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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