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THE MIDLAND COMPANY REPORTS FOURTH QUARTER EARNINGS

 THE MIDLAND COMPANY REPORTS FOURTH QUARTER EARNINGS
 CINCINNATI, Feb. 13 /PRNewswire/ -- The Midland Company (AMEX: MLA)


today reported 1991 net earnings of $9,231,000, $3.02 per share, on revenues of $202,583,000. Net income in 1990 was $9,989,000, $3.12 per share, on revenues of $179,856,000. For the fourth quarter ending Dec. 31, 1991, earnings were $3,114,000, $1.03 per share, on revenues of $59,768,000. Fourth quarter 1990 earnings were $2,996,000, $.95 per share, on revenues of $45,962,000.
 J.P. Hayden Jr., Midland's chairman, stated, "The company's insurance operations reported strong earnings in the fourth quarter as well as for the full year. We accomplished these earnings even though weather-related losses were slightly above historic norms for our insurance operations in 1991. This year's net written premiums for the company's property and casualty subsidiaries increased 15 percent over our 1990 results.
 "Midland's inland waterways transportation division incurred heavy onetime start-up costs in 1991 in order to facilitate a smooth transition to the operating patterns of a new long-term contract. As previously announced, the company began servicing this contract late in the third quarter of 1991. We believe this added contract business will help provide us with a more predictable operating base for many years to come.
 "CS Crable Sportswear, Midland's imprinted sportswear operation, which was in its third full year of operations under Midland, more than doubled its annual net sales to approximately $21,000,000 in 1991. This division also reported solid profits in the fourth quarter and for the full year of 1991."
 Midland, which is headquartered in Cincinnati, is engaged in insurance and finance operations, the transportation of bulk commodities on the inland waterways, and the imprinted sportswear business.
 THE MIDLAND COMPANY
 EARNINGS HIGHLIGHTS
 FOR THE TWELVE AND THREE-MONTH PERIODS ENDED DECEMBER 31
 Twelve Months
 1991 1990
 Revenues $202,583 $179,856
 Income Before Federal Income Tax 12,323 13,542
 Provision For Federal Income Tax 3,092 3,553
 Net Income 9,231 9,989
 Earnings Per Common Share $3.02 $3.12
 Dividends Per Common Share $.46 $.42
 Three Months
 1991 1990
 Revenues $59,768 $45,962
 Income Before Federal Income Tax 4,218 4,102
 Provision For Federal Income Tax 1,104 1,106
 Net Income 3,114 2,996
 Earnings Per Common Share $1.03 $.95
 Dividends Per Common Share $.115 $.105
 Average Common Shares Outstanding - 3,061,000 in 1991 and 3,205,000 in 1990.
 Note: Dollar amounts in thousands except per share figures.
 -0- 2/13/92
 /CONTACT: Michael J. Conaton, president, or John I. Von Lehman, vice president, both of The Midland Company, 513-721-3777/
 (MLA) CO: The Midland Co. ST: Ohio IN: INS FIN SU: ERN


KK -- CL010 -- 9637 02/13/92 10:18 EST
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Date:Feb 13, 1992
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