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STECK-VAUGHN REPORTS THIRD QUARTER RESULTS

 AUSTIN, Texas, Oct. 20 /PRNewswire/ -- Steck-Vaughn Publishing Corp. (NASDAQ: STEK) today announced total revenues of $17,431,000 for the three months ended Sept. 30, 1993, an 11 percent increase over total revenues of $15,698,000 for the same period in 1992. The company reported net income of $3,112,000, or $0.22 per share, compared to net income of $3,740,000, or $0.28 per share (pro forma), for the same period in 1992. Net income for the third quarter of 1992 included nonoperating, nonrecurring gains of $754,000 (pre-tax) which contributed $.04 to pro forma per share earnings for the prior year period.
 Total revenues for the nine months ended Sept. 30, 1993, were $41,710,000, compared to total revenues of nearly $35,603,000 for the same nine-month period in 1992, an increase of 17.2 percent for the period. Net income for the nine months ended Sept. 30, 1993, was $6,558,000, or $0.52 per share, compared to net income of $6,478,000, or $0.49 per share (pro forma), for the same period in 1992.
 Steck-Vaughn's chief executive officer and president, Roy E. Mayers, said that the financial results for the quarter ended Sept. 30, 1993, including the 11 percent growth in revenues, were less than expected by the company.
 "For the nine months, sales performance was at anticipated levels in both the library reference segment of the company's business, as well as adult education," Mayers said. "The shortfall occurred in the elementary and secondary segments and resulted primarily from the severe pressure that school budgets continue to experience, particularly in the Midwest and Texas," he said.
 "Despite the current softness in the elementary and secondary market, Steck-Vaughn continues to grow in excess of the publishing industry average for this segment of educational materials. We believe this growth, and particularly accelerated growth in the future, is made possible by our ability to successfully reach the marketplace and to offer a growing number of innovative new products in a timely manner," Mayers said.
 Steck-Vaughn has been a publisher of educational materials since 1936 and completed an initial public offering in July 1993.
 Steck-Vaughn is one of the nation's largest publishers of supplemental materials used in elementary, secondary and adult education. "Supplemental" educational materials generally refer to softcover curriculum-based books, workbooks, and other support materials that are used in conjunction with or instead of hardcover basal textbooks. The company also has a growing presence in the children's library market.
 STECK-VAUGHN PUBLISHING CORP.
 Summary Financial Information
 Three Months Ended Sept. 30: 1993 1992
 Total revenues $17,431,000 $15,698,000
 Net income $3,112,000 $3,740,000
 Average shares (pro forma shares
 in 1992) 13,848,000 13,338,000
 Net income per share $0.22 (a)
 Pro forma earnings per share $0.28
 Nine Months Ended Sept. 30: 1993 1992
 Total revenues $41,710,000 $35,603,000
 Net income $6,558,000 $6,478,000
 Average shares (pro forma shares
 in 1992) 12,556,000 13,338,000
 Net income per share $0.52 (a)
 Pro forma earnings per share $0.49
 (a) Historical earnings per share have been omitted for 1992 due to a historical capital structure that is substantially different from the current capital structure. Pro forma earnings per share include assumed additional shares required to settle the cash portion of a dividend to National Education Corp. paid from the proceeds for the initial public offering of Steck-Vaughn shares.
 -0- 10/20/93
 /CONTACT: Roy Mayers of Steck-Vaughn Publishing, 512-343-8277; or Connie McCluskey of National Education Corp., 714-474-9400/
 (STEK)


CO: Steck-Vaughn Publishing Corp. ST: Texas IN: PUB SU: ERN

MF-LM -- LA011 -- 4375 10/20/93 08:33 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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