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STONERIDGE RESOURCES, INC. REPORTS THIRD-QUARTER RESULTS

 STONERIDGE RESOURCES, INC. REPORTS THIRD-QUARTER RESULTS
 BLOOMFIELD HILLS, Mich., Nov. 14 /PRNewswire/ -- Stoneridge


Resources, Inc. (NYSE: SRE) reported its results for the third quarter and nine months ended Sept. 30, 1991. Revenues for the three months ended Sept. 30, 1991, were $40.8 million as compared to $51.1 million during the same period in the prior year. Operating profit for the three months ended Sept. 30, 1991, was $2.6 million as compared to an operating loss of $2.3 million in the comparable period in the prior year.
 The improvement in operating profit during the current quarter is principally attributable to profits recorded at the company's 52-percent owned subsidiary, Orange-co, Inc. (NYSE: OJ), whose operations are reflected in the company's consolidated results on a three-month lag basis. A net loss for the quarter of $843,000, or $.06 per share, compares to a net loss of $934,000, or $.07 per share, for the three months ended Sept. 30, 1990, during which Orange-co realized gains on the sales of certain citrus groves.
 For the nine months ended Sept. 30, 1991, the company reported revenues of $116.6 million vs. $140.5 million, and a net loss of $4.6 million, or $.34 per share, compared to a net loss of $6.4 million, or $.48 per share, in the same period in the prior year.
 In addition to its ownership of Orange-co, Stoneridge owns Acceptance Insurance Holdings, Inc., an Omaha, Neb.-based specialty property and casualty insurance company, 33 percent of Major Realty Corporation (NASDAQ: MAJR), a Florida-based real estate company, and 51 percent of The Major Group, Inc. (NYSE: MJR), a Florida-based real estate services company.
 STONERIDGE RESOURCES, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS


For the three months and nine months ended Sept. 30, 1991, and 1990
 (In thousands, except per-share data; Unaudited)
 Three Months Nine Months
 1991 1990 1991 1990
 Revenues:
 Insurance premiums earned $15,981 $17,308 $48,967 $33,871
 Agribusiness revenues 22,783 30,188 60,314 100,053
 Real estate revenues 710 1,129 2,161 2,223
 Net investment income 1,326 2,450 5,158 4,379
 40,800 51,075 116,600 140,526
 Costs and expenses:
 Cost of revenues:
 Insurance losses and loss
 adjustment expenses 11,747 12,566 35,389 24,204
 Insurance underwriting
 expenses 4,083 5,018 11,847 9,191
 Agribusiness costs 18,643 31,502 54,611 96,312
 Real estate costs 175 223 486 394
 General, administrative
 and selling expenses 3,541 4,080 11,508 13,216
 38,189 53,389 113,841 143,317
 Operating profit (loss) 2,611 (2,314) 2,759 (2,791)
 Other income (expense):
 Interest expense (2,648) (3,956) (8,094) (11,085)
 Share of net loss of
 investee (331) (465) (757) (1,198)
 Other, net 1,163 6,408 (627) 2,711
 (1,816) 1,987 (9,478) (9,572)
 Income (loss) before income
 taxes, minority interests
 and extraordinary item 795 (327) (6,719) (12,363)
 Income tax (benefit) 920 (330) (800) (3,494)
 Minority interests in net
 income (loss) of
 consolidated subsidiaries 718 937 (818) (2,480)
 Loss before extraordinary
 item (843) (934) (5,101) (6,389)
 Extraordinary item --- --- 512 ---
 Net loss ($843) ($934) ($4,589) ($6,389)
 Net loss per common share:
 Loss before extraordinary
 item ($.06) ($.07) ($.38) ($.48)
 Extraordinary item --- --- .04 ---
 ($.06) ($.07) ($.34) ($.48)
 -0- 11/14/91
 /CONTACT: Douglas M. Kilbourne of Stoneridge Resources, Inc., 313-540-9040/
 (SRE) CO: Stoneridge Resources, Inc. ST: Michigan IN: SU: ERN JG-SM -- DE035 -- 1208 11/14/91 16:57 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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