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THE MISCHER CORPORATION REPORTS FIRST QUARTER RESULTS FOR 1992

 THE MISCHER CORPORATION REPORTS FIRST QUARTER RESULTS FOR 1992
 HOUSTON, May 21 /PRNewswire/ -- The Mischer Corporation (OTC: MSHR) today reported a net loss of $729,000 or $.23 per share for the quarter ended March 31, 1992 compared to net income of $120,000 or $.04 per share for the quarter ended March 31, 1991. Included in revenues for the first quarter of 1991, is a $729,000 gain from the sales of the company's equity interest in two of its properties, resulting in the decline in revenues and income from continuing operations before extraordinary gain from 1991. Net income for the quarter ended March 31, 1991 included an extraordinary gain debt settlement in the amount of $287,000. In addition, during the first quarter of 1991, loss on the disposal of assets of discontinued operations was $182,000. There were no extraordinary gains or disposal of assets of discontinued operations during the first quarter of 1992.
 The company's real estate operations were significantly reduced as a result of the debt settlement in March 1990. Subsequently, the company has emphasized the management of real estate development for others, but intends to develop real estate as opportunities and capital become available in the future.
 The company is engaged in real estate development and management primarily in the Houston area.
 THE MISCHER CORPORATION
 Consolidated Summary of Income
 (Unaudited)
 Three months ended March 31, 1992 1991
 Revenues $1,316,000 $2,317,000
 Income (loss) from continuing
 operations before extraordinary
 gain (729,000) 15,000
 Loss on disposal of assets of
 discontinued operations -- (182,000)
 Loss before extraordinary gain (729,000) (167,000)
 Extraordinary gain on debt settlement -- 287,000
 Net income (729,000) 120,000
 Income (loss) per common share:
 Continuing operations before
 extraordinary gain $(0.23) $0.01
 Loss before extraordinary gain $(0.23) $(0.05)
 Net income (loss) $(0.23) $0.04
 -0- 5/21/92
 /CONTACT: Eric Schumann of The Mischer Corporation, 713-869-7800/
 (MSHR) CO: Mischer Corporation ST: Texas IN: SU: ERN


SM -- NY112 -- 3087 05/21/92 17:23 EDT
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Publication:PR Newswire
Date:May 21, 1992
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