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THE MIDLAND COMPANY REPORTS THIRD QUARTER EARNINGS

 THE MIDLAND COMPANY REPORTS
 THIRD QUARTER EARNINGS
 CINCINNATI, Oct. 22 /PRNewswire/ -- The Midland Company (AMEX: MLA) today reported net income for the third quarter ended Sept. 30, 1992 of $927,000, $.31 per common share, compared to $2,074,000, $.68 per common share in the third quarter of 1991. Revenues in the third quarter of 1992 totaled $56,251,000 compared to $55,663,000 in 1991. Net income for the first nine months of 1992 increased 37 percent to $8,394,000, $2.81 per share, on revenues of $162,971,000. Net income in 1991 was $6,117,000, $1.99 per share, on revenues of $142,815,000.
 J.P. Hayden, Jr., Midland's chairman, stated "The company's insurance operations reported positive earnings in the third quarter in spite of the negative impact of Hurricane Andrew. As we previously reported, the level of losses American Modern Home Group, Midland's wholly owned insurance subsidiary, experienced from Hurricane Andrew were lower than originally expected. The losses related to Hurricane Andrew reduced Midland's third quarter results by an estimated $.77 per common share on an after-tax basis. Even after absorbing the impact of this catastrophe, AMHG's year-to-date underwriting profits remain favorable.
 "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.
 "CS Crable Sportswear, the company's imprinted sportswear division, continues to show strong growth. Net sales for the first nine months of 1992 were almost double the level for the same period of 1991. Progress on CS Crable's new 290,000 square-foot office, production and warehouse facility is on schedule. It is our plan to occupy this facility in mid- 1993."
 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 NINE- AND THREE-MONTH PERIODS ENDED SEPTEMBER 30
 Nine Months Three Months
 1992 1991 1992 1991
 Revenues $162,971 $142,815 $56,251 $55,663
 Income Before Federal
 Income Tax $ 11,325 $ 8,105 $ 919 $ 2,758
 Provision For Federal
 Income Tax 2,931 1,988 (8) 684
 Net Income $ 8,394 $ 6,117 $ 927 $ 2,074
 Net Income Per Common
 Share $ 2.81 $ 1.99 $ .31 $ .68
 Net Income Per Common
 Share - Fully Diluted $ 2.71 $ 1.94 $ .31 $ .65
 Dividends Per Common
 Share $ .375 $ .345 $ .125 $ .115
 Average Common Shares Outstanding - 2,985,000 in 1992 and 3,072,000 in 1991.
 Note: Dollar amounts in thousands except per share figures.
 -0- 10/22/92
 /CONTACT: Michael J. Conaton, president, or John I. Von Lehman, vice president, 513-721-3777, both of The Midland Company/
 (MLA) CO: The Midland Company ST: Ohio IN: INS TRN SU: ERN


BM -- CL015 -- 3458 10/22/92 10:47 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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