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SCOTTISH HERITABLE, INC., REPORTS SECOND QUARTER PROFIT

 FAIRFAX, Va., July 29 /PRNewswire/ -- Scottish Heritable, Inc. ("SHI") (NASDAQ: SHER), a lime and limestone producer with operations in Arkansas, Pennsylvania and Texas, today announced it posted a profit during the second quarter of fiscal year 1993 of $432,000 compared to a loss of $560,000 in the second quarter of 1992. Net loss for the first six months of the year was $544,000 compared with a loss of $1,249,000 during the same period in 1992.
 Sales revenues for the quarter from the company's three remaining plants were $9,089,000, some $904,000 higher than the comparable figures for the second quarter of 1992. Sales revenues from the three remaining plants for the first six months of 1993 were $15,121,000, an increase of $385,000 over the first six months of 1992.
 "Demand now appears to be increasing at all of our plants, which augurs well for the company given its high sensitivity to sales volumes," said Peter C. Timms, president and chief executive officer of Scottish Heritable, Inc. "Price levels in 1993 are lower than those of 1992; however, the price decline in the second quarter of 1993 is less than the price decline in the first quarter of 1993. This trend is definitely encouraging."
 SCOTTISH HERITABLE, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (In thousands of dollars, except EPS)
 (Unaudited)
 Three months ended June 30 1993 Pct. 1992 Pct.
 Revenues $ 9,089 100.0 $10,111 100.0
 Cost of revenues:
 Labor and other operating exp. 6,033 66.4 7,225 71.5
 Depreciation and depletion 911 10.0 1,086 10.7
 Amortization of cost in excess
 of net assets acquired 164 1.8 164 1.6
 Total 7,108 78.2 8,475 83.8
 Gross profit 1,981 21.8 1,636 16.2
 Selling, general and admin. exp. 1,299 14.3 1,345 13.3
 Operating profit (loss) 682 7.5 291 2.9
 Other deductions (income):
 Interest expense 181 2.0 620 6.1
 Other, net 54 0.6 (69) -0.7
 Total 235 2.6 551 5.4
 Earnings (loss) from continuing
 operations before income taxes 447 4.9 (260) -2.6
 Federal and state income taxes -- --
 Earnings (loss) from continuing
 operations 447 4.9 (260) -2.6
 Loss from discontinued operations (15) -0.2 (300) -3.0
 Net earnings (loss) $ 432 4.8 $ (560) -5.5
 Earnings (loss) per share of
 common stock:
 Continuing operations $ 0.11 $ (0.07)
 Discontinued operations (0.00) (0.08)
 Net earnings (loss) $ 0.11 $ (0.15)
 Six months ended June 30 1993 Pct. 1992 Pct.
 Revenues $15,121 100.0 $18,753 100.0
 Cost of revenues:
 Labor and other oper. exp. 10,213 67.5 13,247 70.6
 Depreciation and depletion 1,708 11.3 2,106 11.2
 Amortization of cost in excess
 of net assets acquired 328 2.2 328 1.7
 Total 12,249 81.0 15,681 83.6
 Gross profit 2,872 19.0 3,072 16.4
 Selling, general and admin. exp. 2,984 19.7 2,863 15.3
 Operating profit (loss) (112) -0.7 2,309 1.1
 Other deductions (income):
 Interest expense 379 2.5 1,232 6.6
 Other, net 38 0.3 (74) -0.4
 Total 417 2.8 1,158 6.2
 Earnings (loss) from continuing
 operations before income taxes (529) -3.5 (949) -5.1
 Federal and state income taxes -- --
 Earnings (loss) from continuing
 operations (529) -3.5 $ (949) -5.1
 Loss from discontinued operations (15) -0.1 (300) -1.6
 Net earnings (loss) $ (544) -3.6 $(1,249) -6.7
 Earnings (loss) per share of
 common stock:
 Continuing operations $ (0.14) $ (0.25)
 Discontinued operations (0.00) (0.08)
 Net earnings (loss) $ (0.14) $ (0.33)
 SCOTTISH HERITABLE, INC. AND SUBSIDIARIES
 Pro Forma Condensed Consolidated Statements of Operations
 (In thousands of Dollars)
 (Unaudited)
 To provide a historic perspective of the continuing operations, the company provides below a pro forma restatement of 1992 results excluding Virginia Lime Company, produced as if the sale transaction and debt paydown has occurred at the beginning of the period (the actual sale took place on July 15, 1992). For comparison purposes, non-recurring charges of $390,000 relating to resolution of the company's control and shareholders situation have been eliminated from the results of the first quarter of 1993.
 Six months ended June 30 1993 Pct. 1992 Pct.
 Revenues $15,121 100.0 $14,736 100.0
 Cost of revenues:
 Labor and other operating
 expense 10,213 67.5 9,775 66.3
 Depreciation and depletion 1,708 11.3 1,522 10.3
 Amortization of cost in excess
 of net assets acquired 328 2.2 328 2.2
 Total 12,249 81.0 11,625 78.9
 Gross profit 2,872 19.0 3,111 21.1
 Selling, general and admin.
 expenses 2,592 17.1 2,355 16.0
 Operating profit (loss) 280 1.9 756 5.1
 Other deductions (income):
 Interest expense 379 2.5 501 3.4
 Other, net 38 0.3 (60) -0.4
 Total 417 2.8 441 3.0
 Earnings (loss) from continuing
 operations before income taxes (137) -0.9 315 2.1
 -0- 7/29/93
 /CONTACT: Peter C. Timms of Scottish Heritable, 703-207-9702/
 (SHER)


CO: Scottish Heritable, Inc. ST: Virginia IN: SU: ERN

GK -- NY078 -- 7297 07/29/93 14:28 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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