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THE HALLWOOD GROUP REPORTS FISCAL 1993 SECOND QUARTER RESULTS

 DALLAS, March 17 /PRNewswire/ -- The Hallwood Group Incorporated (NYSE: HWG) today reported fiscal 1993 second quarter results. The quarter ended January 1993.
 Net income for the quarter was $6.3 million, or $1.14 per share, compared to a net loss of $2.2 million, or $0.39 per share a year ago. A $6.1 million gain on the sale of 250,000 ShowBiz Pizza Time Inc. common shares was a primary factor in the quarterly results.
 Revenue for the fiscal 1993 second quarter was $30.7 million, compared to $27.0 million a year ago.
 For the six months, net income was $6.1 million, or $1.10 per share compared to net income of $8.8 million, or $1.50 per share.
 Revenue for the six months was $60.0 million compared to $54.9 a year ago.
 The fiscal 1992 results have been restated to reflect the adoption of Statement of Financial Accounting Standards No. 109 -- Accounting for Income Taxes, which allowed the company to recognize the value of its net operating loss carryforwards and other tax items as a deferred asset. The change resulted in a one-time cumulative income adjustment through the statement of operations in the amount of $12.1 million, effective as of August 1, 1991.
 Following is a divisional comparison of results for the quarter and six months for fiscal 1993 and 1992.
 Asset management, including real estate and energy segments, earned $1.1 million on revenue of $3.8 million in the quarter, compared to $879,000 on revenue of $3.9 million in the prior year quarter. Earnings from the real estate segment increased to $890,000 from $723,000, primarily due to increased profitability of its property management business. Earnings from the energy segment increased slightly to $165,000 from $156,000 in the prior year quarter. For the six months, the division earned $1.4 million on revenue of $7.0 million in 1993, as compared to $1.0 million on revenue of $6.9 million in 1992.
 Operating subsidiaries, including textile products and hotels segments, reported a loss of $161,000 on revenue of $20.0 million in the fiscal 1993 quarter, compared to a loss of $562,000 on revenue of $22.1 million in the year ago quarter. Earnings from the textile products segment increased to $55,000, compared to a loss of $200,000 in the prior year quarter. The hotels segment reported a loss of $216,000, compared to a loss of $362,000 in the prior year quarter. For the six months, the division reported a loss of $34,000 in 1993, compared to a loss of $651,000 in 1992.
 Associated companies, consisting of Hallwood's investments in three companies, reported earnings of $6.4 million for the fiscal 1993 second quarter, compared to a loss of $1.1 million in the year ago quarter. The current year quarter included the $6.1 million gain on sale of ShowBiz shares. For the six months, earnings for the division were $7.2 million, compared to a loss of $250,000 in 1992.
 Other, consisting primarily of debenture interest and administrative expenses, reported quarterly losses of $2.8 million and $2.4 million and six month losses of $5.4 million and $4.9 million in fiscal 1993 and 1992, respectively.
 THE HALLWOOD GROUP INCORPORATED
 (In thousands, except per share amounts)
 Period Ended Three Months Six Months
 January 31, 1993 1992(A) 1993 1992(A)
 Revenue $30,661 $27,001 $55,965 $54,872
 Income (loss) before
 extraordinary gain
 and cumulative effect of
 SFAS No. 109 adoption 6,3221 (2,671) 6,105 (3,812)
 Extraordinary gain -- 425 -- 451
 Cumulative effect of
 SFAS No. 109 adoption -- -- -- 12,133
 Net income (loss) 6,321 (2,246) 6,105 8,772
 Net income (loss)
 per share $1.14 ($0.39) $1.10 $1.50
 Average share
 outstanding 5,532 5,771 5,532 5,863
 (A) Amounts for the tree and six months ended Jan. 31, 1992 have been restated, except for average shares outstanding.
 -0- 3/17/93 R
 /CONTACT: Mary Doyle of the Hallwood Group Incorporated, 800-225-0135, or 214-528-5588/
 (HWG)


CO: Hallwood Group Incorporated ST: Texas IN: FIN SU: ERN

LD -- NY093R -- 7413 03/18/93 10:50 EST
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Date:Mar 18, 1993
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