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THE HALLWOOD GROUP REPORTS FISCAL 1993 THIRD QUARTER RESULTS

 DALLAS, June 14 /PRNewswire/ -- The Hallwood Group Incorporated (NYSE:HWG) today reported fiscal 1993 third quarter results. The quarter ended April 30, 1993.
 Net loss for the quarter was $1.9 million, or $0.35 per share, compared to a net loss of $6.7 million, or $1.21 per share a year ago. Although all operating business segments were profitable for the quarter, a $2.4 million deferred tax charge was a primary factor in the quarterly results.
 Revenue was $28.3 million in both quarters.
 For the nine months, net income was $4.2 million, or $0.77 per share compared to net income of $2.1 million, or $0.36 per share. A $6.1 million gain on the sale of 250,000 ShowBiz Pizza Time, Inc. common shares in the second quarter was a primary factor in the nine-month results.
 Revenue for the nine months was $84.3 million compared to $83.2 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 nine months for fiscal 1993 and 1992.
 Asset Management, including real estate and energy segments, earned $886,000 on revenue of $3.3 million in the quarter, compared to $226,000 on revenue of $3.3 million in the prior year quarter. Earnings from the real estate segment increased to $509,000 and $183,000, primarily due to increased
profitability of its property management business. Earnings from the energy segment increased to $377,000 from $83,000 in the prior year quarter. For the nine months, the division earned $2.3 million on revenues of $10.2 million in 1993, as compared to $1.3 million on revenue of $10.2 million in 1992.
 Operating Subsidiaries, including textile products and hotel segments, reported earnings of $1.6 million on revenue of $23.7 million in the fiscal 1993 quarter, compared to earnings of $709,000 on revenue of $23.2 million in the year ago quarter.
 Earnings from the textile products segment increased to $713,000, from $89,000 in the prior year quarter. The hotels segment reported earnings of $838,000, compared to earnings of $620,000 in the prior year quarter. For the nine months, the division reported earnings of $1.5 million in 1993, compared to earnings of $61,000 in 1992.
 Associated Companies, consisting of Hallwood's investments in three companies, reported earnings of $437,000 for the fiscal 1003 third quarter, compared to a loss of $6.8 million in the year ago quarter. The year ago quarter included an $8.0 million loss provision for the decision were $7.6 million, compared to a loss $7.1 million in 1992.
 Other, consisting primarily of debenture interest and administrative expenses, reported quarterly losses of $2.2 million and $2.4 million and nine month losses of $7.6 and $7.2 million in fiscal 1993 and 1992, respectively. The current year quarter improved slightly from the effect of the 13.5 percent debenture exchange offer and offers to purchase for cash, which was completed on March 1, 1993.
 THE HALLWOOD GROUP INCORPORATED
 (In thousands, except per share amounts)
 Periods ended April 30 Three months Nine months
 1993 1992(A) 1993 1992(A)
 Revenue $28,308 $28,334 $84,273 $83,205
 Income (loss) before
 extraordinary gain and
 cumulative effect of
 SFAS No. 109
 adoption (1,907) (6,680) 4,198 (10,491)
 Extraordinary gain -- -- -- 451
 Cumulative effect of
 SFAS No. 109 adoption -- -- -- 12,133
 Net income (loss) (1,907) (6,680) 4,198 2,093
 Net Income (loss)
 per share $ (0.35) $(1.21) $ 0.77 $0.36
 Average shares
 outstanding 5,497 5,536 5,481 5,757
 NOTES: (A) Amounts for the three and nine months ended April 30, 1992 have been restated, except for average shares outstanding.
 -0- 6/14/93
 /CONTACT: Mary Doyle, investor relations of The Hallwood Group Incorporated, 800-225-0135, or 214-528-5588/
 (HWG)


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

TM-MG -- NY114 -- 1876 06/14/93 19:13 EDT
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Date:Jun 14, 1993
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