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THE MIDLAND COMPANY REPORTS FOURTH QUARTER EARNINGS

 CINCINNATI, Feb. 11 /PRNewswire/ -- The Midland Company (AMEX: MLA) today reported 1992 net earnings of $11,979,000, $3.98 per share, on revenues of $225,504,000. Net income in 1991 was $9,231,000, $3.02 per share, on revenues of $202,583,000. For the fourth quarter ending Dec. 31, 1992, earnings were $3,585,000, $1.17 per share, on revenues of $62,533,000. Fourth quarter 1991 earnings were $3,114,000, $1.03 per share, on revenues of $59,768,000.
 J.P. Hayden, Jr., Midland's chairman, stated "1992 was a very successful year for Midland, the second best earnings year in the company's history. We were able to accomplish this in a year when the entire insurance industry, as well as Midland's insurance division, suffered from the devastation of Hurricane Andrew. We feel fortunate to be able to report that even after the hurricane losses, American Modern Home Group, Midland's insurance division, enjoyed its best year ever, establishing new records for revenues, as well as profits, as net premiums written increased 16.5 percent over 1991.
 "CS Crable Sportswear, Midland's sportswear division, continued its rapid growth. Sales increased approximately 62 percent to $33,000,000 in 1992. This division, in only its fourth year of operation, reported solid profits for the full year. Revenues and operating profits for Midland's river transportation subsidiary, M/G Transport Services, Inc., continued to be adversely affected by the depressed rates in a marketplace with excess capacity."
 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 TWELVE AND THREE-MONTH PERIODS ENDED DEC. 31,
 Twelve-Months
 1992 1991
 Revenues $225,504 $202,583
 Income Before Federal Income
 Tax $ 16,005 $ 12,323
 Provision For Federal Income
 Tax 4,026 3,092
 Net Income $ 11,979 $ 9,231
 Net Income Per Common Share -
 Primary $3.98 $3.02
 Net Income Per Common Share -
 Fully Diluted $3.87 $2.93
 Dividends Per Common Share $.50 $.46
 Three-Months
 1992 1991
 Revenues $62,533 $59,768
 Income Before Federal Income
 Tax $ 4,680 $ 4,218
 Provision For Federal Income
 Tax 1,095 1,104
 Net Income $ 3,585 $ 3,114
 Net Income Per Common Share -
 Primary $1.17 $1.03
 Net Income Per Common Share -
 Fully Diluted $1.16 $ .99
 Dividends Per Common Share $.125 $.115
 Note: Dollar amounts in thousands except per share figures.
 -0- 2/11/93
 /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

BM -- CL006 -- 5615 02/11/93 10:37 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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