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STANDARD COMMERCIAL EARNINGS AND SALES AT ALL-TIME HIGHS FOR YEAR AND FOURTH QUARTER

 STANDARD COMMERCIAL EARNINGS AND SALES AT ALL-TIME HIGHS
 FOR YEAR AND FOURTH QUARTER
 WILSON, N.C., June 16 /PRNewswire/ -- Standard Commercial (NYSE: STW) today announced new records in sales and earnings for its fiscal year ended March 31, 1992. Sales for fiscal 1992 of $1,178.1 million were up 14.2 percent from $1,032.0 million for 1991, and income from continuing operations was $21.6 million or $2.62 per share, up 86.0 percent compared to $11.6 million or $1.41 per share a year earlier. Net income was $22.3 million or $2.70 per share in 1992, whereas losses on discontinued operations and an extraordinary charge in 1991 resulted in a loss of $9.7 million or $1.17 per share.
 Sales for the fourth quarter of 1992 were $333.2 million compared to $271.8 million in 1991. Income from continuing operations for the quarter was $7.6 million, up from $5.1 million in 1991. Net income for the quarter was $7.6 million or $0.92 per share compared to $3.1 million or $0.37 per share in the year-earlier quarter.
 Tobacco sales for the 1992 year and fourth quarter were at new highs of $827.7 million and $234.6 million, respectively, up from $688.8 million and $198.3 million a year ago. Tobacco accounted for 70 percent of total sales for both the full year and fourth quarter. Operating profit net of interest for the tobacco business was $35.1 million in 1992 compared to $30.1 million in 1991 primarily as a result of a 5 percent increase in volume and change in the mix of sales.
 Wool sales for the year were up slightly from $333.4 million to $333.8 million, as the result of a strong rise in the final quarter from $71.4 million to $92.9 million. Operating profit net of interest for the wool business was $6.2 million in 1992 compared to an operating loss of $4.3 million in 1991 as the result of improved market conditions.
 There were no counterparts in 1992 to the 1991 loss on discontinued operations related to Kraemer Mercantile or the prior-year charge resulting from an Iraqi receivable write-off. The benefit of tax-loss carryforwards totaled $624,000 for fiscal 1992 versus $434,000 the previous year.
 Because of the seasonal nature and unpredictable shipping patterns of our two main businesses, quarter-to-quarter comparisons generally are of little value in determining and analyzing trends. In fiscal 1993, for tobacco, we expect demand to remain strong and anticipate a further improvement in earnings; and for wool, current market conditions are favorable and we expect improved profitability.
 DIVIDEND. The Board of Directors has voted to pay a dividend in Sept. 1992 of $0.13 per share.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per
 share amounts, unaudited)
 Quarter March 31 12 Months March 31
 1992 1991 1992 1991
 Sales $333,152 $271,772 $1,178,143 $1,031,992
 Income before taxes 12,615 7,436 34,255 20,472
 Income from continuing
 operations 7,634 5,097 21,627 11,628
 Loss from discontinued
 operations - (2,112) - (2,112)
 Extraordinary items
 - write-off of Iraqi
 receivable - - - (19,600)
 - benefit of tax-loss
 carryforwards (43) 65 624 434
 Net income (loss) 7,591 3,050 22,251 (9,650)
 Earnings (loss) per share
 Primary
 - from continuing
 operations $0.92 $0.62 $2.62 $1.41
 - before extraordinary
 items $0.92 $0.36 $2.62 $1.16
 - net $0.92 $0.37 $2.70 $(1.17)
 - average shares
 outstanding 8,249 8,239 8,246 8,233
 Fully diluted
 - from continuing
 operations $0.81 $0.62 $2.53 $1.41
 - before extraordinary
 items $0.81 $0.36 $2.53 $1.16
 - net $0.81 $0.37 $2.59 $(1.17)
 - average shares
 outstanding 10,375 8,239 9,059 8,233
 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- 6/16/92
 /CONTACT: G.M. Ross, Standard Commercial, (until June 22) 011-44-483-860171/
 (STW) CO: Standard Commercial Tobacco ST: North Carolina IN: TOB SU: ERN


JZ -- CH010 -- 0695 06/16/92 13:08 EDT
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Date:Jun 16, 1992
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