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SERVICE CORPORATION INTERNATIONAL REPORTS THIRD QUARTER EARNINGS

 SERVICE CORPORATION INTERNATIONAL REPORTS THIRD QUARTER EARNINGS
 HOUSTON, Oct. 21 /PRNewswire/ -- Service Corporation International (NYSE: SRV) (SCI) reported net income today for the three months ended Sept. 30, 1992, of $17.1 million, representing a 28 percent increase over the third quarter9?91, excluding a $4.8 million income tax benefit realized in last year's third quarter. Current quarter's earnings per share of $.22 represent a 19 percent increase over last year's third quarter earnings per share, excluding the tax benefit. Total reported earnings per share were $.25 last year including the tax benefit.
 For the nine months ended Sept. 30, 1992, net income was $62.1 million, or $.81 per share, compared to $53.1 million, or $.76 per share, reported for the same period last year. Excluding the income tax benefit discussed above, earnings per share increased 17 percent for the nine month period.
 SCI Chairman and CEO R. L. Waltrip said, "Our earnings continued to increase in what is normally a weak quarter in our industry. Profit margins in all our operating segments remained strong, with continued improvement in operating results from businesses acquired since the beginning of 1991.
 "Our acquisition activity continues at an aggressive pace," Waltrip added. "During 1992 we have acquired 35 funeral homes and eight cemeteries with combined projected annualized revenues in excess of 45 million dollars."
 Service Corporation International is the largest owner and operator of funeral homes and cemeteries in the world. SCI's operations currently include 668 funeral homes and 169 cemeteries in 39 states, the District of Columbia and four Canadian provinces. SCI's stock is traded on the New York Stock Exchange. The company's ticker symbol is SRV.
 SERVICE CORPORATION INTERNATIONAL
 Consolidated Statement of Income
 (In thousands, except per share amounts, unaudited)
 Nine months Three months
 Periods ended Sept. 30 1992 1991 1992 1991
 Revenues:
 Funeral $408,487 $314,570 $130,154 $103,710
 Cemetery 155,629 135,251 51,080 45,367
 Financial services 7,669 12,248 2,706 3,436
 Total 571,785 462,069 183,940 152,513
 Cost and expenses:
 Funeral 284,088 216,772 95,179 75,551
 Cemetery 121,613 109,247 40,677 36,599
 Financial services 4,986 8,635 1,658 2,393
 Sub-Total 410,687 334,654 137,514 114,543
 Total 161,098 127,415 46,426 37,970
 General & administrative exp. (28,887) (24,674) (9,300) (7,949)
 Income from operations 132,211 102,741 37,126 30,021
 Interest expense (40,062) (31,069) (12,890) (10,776)
 Income from corporate
 investments 5,349 4,052 2,091 909
 Gains from dispositions 2,540 1,019 1,169 263
 Total (32,173) (25,998) (9,630) (9,604)
 Income before income taxes 100,038 76,743 27,496 20,417
 Provision for income taxes (37,900) (23,600) (10,400) (2,300)
 Net income available to common
 shareholders 62,138 53,143 17,096 18,117
 Weighted average number of
 common shares (A) 76,748 70,059 76,822 71,564
 Earnings per share (A) $.81 $.76 $.22 $.25
 (A) Adjusted for 3-for-2 stock split on June 30, 1992
 -0- 10/21/92
 /CONTACT: Bill Barrett of Service Corporation International, 713-525-5497; or Steve Frankel of Burson-Marsteller, 212-614-5062, for Service Corporation International/
 (SRV) CO: Service Corporation International ST: Texas IN: SU: ERN


SM-LR -- NY078 -- 2954 10/21/92 13:51 EDT
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Date:Oct 21, 1992
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