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STONERIDGE RESOURCES REPORTS SECOND-QUARTER RESULTS, RELOCATION OF CORPORATE OFFICE

 STONERIDGE RESOURCES REPORTS SECOND-QUARTER RESULTS,
 RELOCATION OF CORPORATE OFFICE
 OMAHA, Neb., Aug. 19 /PRNewswire/ -- Stoneridge Resources, Inc. (NYSE: SRE) announced a net loss of $2.6 million or $0.19 per share for the quarter ended June 30, 1992, vs. a net loss of $3.7 million, or $0.28 per share for the same quarter of the prior year. The results for the six-month period ended June 30, 1992, were a $2.5 million loss, or $0.18 per share vs. a $3.7 million loss or $0.28 per share for the same period of the prior year.
 The second-quarter loss was principally attributable to Stoneridge's parent company expenses, losses in its real estate operations, as well as reserve strengthening at the insurance company level to adjust the expected ultimate loss ratios within its workers' compensation and liquor liability books of business.
 Stoneridge also announced that it has finalized the relocation of its corporate offices from Bloomfield Hills, Mich., to the Acceptance Insurance offices in Omaha. This action was taken to reduce overall expenses as well as to continue the focus on the insurance operations.
 Stoneridge Resources' principal operations are conducted through Acceptance Insurance Holdings, Inc., a specialty property and casualty insurance group based in Omaha.
 STONERIDGE RESOURCES, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 For the three months and six months ended June 30, 1992 and 1991
 (In thousands, except per-share data; unaudited)
 Three Months Six Months
 1992 1991 1992 1991
 Revenues:
 Insurance premiums earned $19,545 $16,328 $37,379 $32,986
 Insurance agency commissions 888 --- 2,084 ---
 Real estate revenues 517 700 1,995 1,451
 Net investment income 2,232 1,972 3,860 3,832
 23,182 19,000 45,318 38,269
 Costs and expenses:
 Cost of revenues:
 Insurance losses and
 loss adjustment expenses 15,906 11,920 28,982 23,642
 Insurance agency costs 871 --- 2,001 ---
 Insurance underwriting
 expenses 5,650 3,744 10,351 7,764
 Real estate costs 162 154 314 311
 General and administrative
 expenses 1,407 2,926 2,516 4,802
 23,996 18,744 44,164 36,519
 Operating profit (loss) (814) 256 1,154 1,750
 Other income (expense):
 Interest expense (1,469) (1,462) (2,607) (3,113)
 Share of net loss
 of investee (534) (328) (914) (426)
 Other, net 351 (1,300) 54 (1,216)
 (1,652) (3,090) (3,467) (4,755)
 Loss from continuing operations
 before income taxes and
 minority interests (2,466) (2,834) (2,313) (3,005)
 Provision for income taxes --- --- --- ---
 Minority interests in net
 income (loss) of
 consolidated subsidiaries 59 (113) 83 (200)
 Loss from continuing
 operations (2,525) (2,721) (2,396) (2,805)
 Discontinued operations:
 Share of net loss from
 discontinued operations --- (1,037) --- (1,453)
 Loss on disposal of
 discontinued operations (83) --- (83) ---
 (83) (1,037) (83) (1,453)
 Loss before
 extraordinary item (2,608) (3,758) (2,479) (4,258)
 Extraordinary item --- --- --- 512
 Net loss ($2,608) ($3,758) ($2,479) ($3,746)
 Net loss per common share:
 Continuing operations ($.18) ($.20) ($.17) ($.21)
 Discontinued operations ($.01) ($.08) ($.01) ($.11)
 Loss before
 extraordinary item ($.19) ($.28) ($.18) ($.32)
 Extraordinary item --- --- --- $.04
 Net loss per common share ($.19) ($.28) ($.18) ($.28)
 -0- 8/19/92
 /CONTACT: William J. Gerber of Stoneridge Resources, Inc., 402-344-8800/
 (SRE) CO: Stoneridge Resources, Inc. ST: Nebraska, Michigan IN: INS SU: ERN


DH-JG -- DE023 -- 1475 08/19/92 16:32 EDT
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Date:Aug 19, 1992
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