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THE MIDLAND COMPANY REPORTS FIRST QUARTER EARNINGS

 CINCINNATI, April 22 /PRNewswire/ -- The Midland Company (AMEX: MLA) today reported Income Before Cumulative Effect of Accounting Changes of $1,308,000, $.42 per common share, for the first quarter ended March 31, 1993 and Net Income (After Cumulative Effect of Accounting Change) of $6,175,000, $2.00 per common share. This compares to net income of $4,127,000, $1.37 per common share, in the first quarter of 1992. Revenues for the first three months of 1993 totaled $58,297,000 compared to $54,772,000 in 1992. The accounting change is the result of the Company adopting FASB 109, Accounting for Income Taxes.
 J.P. Hayden, Jr., Midland's chairman stated, "The Company's earnings were adversely affected by the severe storm that hit the eastern portion of the United States on March 13, 1993. The losses from this storm were approximately $3,800,000 on an after-tax basis and reduced Midland's first quarter results by approximately $1.23 per share.
 Revenues and operating profits for Midland's river transportation subsidiary, M/G Transport Services, Inc., were comparable to the first quarter of 1992 while operating profits were much improved over the third and fourth quarters of 1992. However, revenues and profits continued to be adversely affected by the depressed rates in a marketplace with excess capacity.
 Spring shipments for CS Crable Sportswear, Inc., the Company's sportswear division, were below management's expectations. However, orders received for fall shipment are ahead of the prior year. Progress on CS Crable's new 290,000 square foot office, production and warehouse facility continues on schedule. It is our plan to occupy this facility in the coming months."
 Midland's Board of Directors, at its March 4, 1993 Board meeting, approved an increase in its dividend from 50 cents to 54 cents per common share on an annualized basis. This marks the seventh consecutive year that Midland's Board of Directors has increased its dividend.
 Midland, which is headquartered in Cincinnati, is engaged in insurance and finance operations, the transportation of bulk commodities on the inland waterways, and the sportswear business.
 THE MIDLAND COMPANY
 EARNINGS HIGHLIGHTS
 FOR THE THREE MONTHS ENDING MARCH 31
 1993 1992
 Revenues $ 58,297 $ 54,772
 Income Before Federal Income
 Tax 1,467 5,825
 Provision For Federal Income
 Tax 159 1,698
 Income Before Cumulative Effect
 of Accounting Change 1,308 4,127
 Cumulative Effect of Accounting
 Change 4,867 ---
 Net Income $ 6,175 $ 4,127
 Primary Earnings Per
 Common Share:
 Income Before Cumulative Effect
 of Accounting Change $ .42 $1.37
 Cumulative Effect of Accounting
 Change 1.58 ---
 Net Income $ 2.00 $ 1.37
 Fully Diluted Earnings Per
 Common Share:
 Income Before Cumulative
 Effect of Accounting Change $ .42 $ 1.32
 Cumulative Effect of Accounting
 Change 1.58 ---
 Net Income $ 2.00 $ 1.32
 Dividends Per Common Share $ .135 $ .125
 Note: Dollar amounts in thousands except per share figures.
 -0- 4/22/93
 /CONTACT: Michael J. Conaton, president, or John I. Von Lehman, vice president, 513-721-3777, both of The Midland Company/
 (MLA)


CO: The Midland Co. ST: Ohio IN: INS FIN SU: ERN

LC -- CL016 -- 9314 04/22/93 10:42 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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