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STANDARD COMMERCIAL ANNOUNCES PRELIMINARY SALES AND EARNINGS FOR FISCAL YEAR

 WILSON, N.C., May 19 /PRNewswire/ -- Standard Commercial (NYSE: STW) today announced that sales for its fiscal year ended March 31, 1993, are expected to be $1.25 billion, an increase of 5.7 percent compared to $1.18 billion reported the previous year, and stated that income from continuing operations and net income will be down approximately 3 to 5 percent from the $21.6 million and $22.3 million, respectively, reported in the previous fiscal year.
 J. Alec G. Murray, vice chairman and chief executive officer, stated that the earnings decline was attributable to tobacco inventory provisions which management believes are prudent in view of increased production in many growing areas and recent sharp declines in tobacco prices on foreign markets.
 These preliminary indications are subject to final audit and the company expects to announced its final results by mid June.
 Standard Commercial is one of the world's largest leaf tobacco dealers and among the top international wool trading companies. It operates in virtually every tobacco and wool producing country and sells worldwide to tobacco manufacturers and various wool users.
 -0- 5/19/93
 /CONTACT: Guy M. Ross, Standard Commercial Corporation, 919-291-5507/
 (STW)


CO: Standard Commercial Corporation ST: North Carolina IN: TOB SU: ERP

SB -- CH007 -- 0467 05/19/93 16:40 EDT
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Publication:PR Newswire
Date:May 19, 1993
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