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THE MISCHER CORPORATION REPORTS SECOND QUARTER RESULTS FOR 1992

 THE MISCHER CORPORATION REPORTS SECOND QUARTER RESULTS FOR 1992
 HOUSTON, Aug. 14 /PRNewswire/ -- The Mischer Corporation (OTC: MSHR) today reported net income of $2,092,000 or $.66 per share for the quarter ended June 30, 1992 compared to net income of $29,000 or $.01 per share for the quarter ended June 30, 1991. Loss from continuing operations before extraordinary gain for the quarter ended June 30, 1992 was $197,000 or $.06 per share compared to a loss from continuing operations before extraordinary gain for the quarter ended June 30, 1991 of $1,209,000 or $.38 per share. Net income for the six months ended June 30, 1992 and 1991 was $1,363,000 or $.43 per share and $149,000 or $.05 per share, respectively. Loss from continuing operations before extraordinary gain was $926,000 or $.29 per share for the first six months of 1992 compared to a loss of $1,194,000 or $.37 per share for the first six months of 1991.
 In June 1992, the company reached an agreement with one of its lenders to restructure certain debt with an outstanding principal balance of $15,400,000 in connection with a majority owned partnership. This partnership owns and operates an office building in Houston. As a result of this restructure, the company recorded an extraordinary gain on debt settlement of $2,289,000 net of federal income taxes, which is included in net income for 1992. In addition, the company's financial statements for prior periods have been restated to record the company's investment in this partnership in accordance with the equity method of accounting. During the first half of 1991, the company recorded a $360,000 loss on disposal of assets of discontinued operations and a $1,703,000 extraordinary gain on debt settlements.
 The company is engaged in real estate development and management primarily in the Houston area.
 THE MISCHER CORPORATION
 Consolidated Summary of Income
 (Unaudited)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Revenues $ 932,000 $ 534,000 $1,515,000 $2,007,000
 Loss from
 continuing
 operations before
 extraordinary
 gain (197,000) (1,209,000) (926,000) (1,194,000)
 Loss on disposal
 of assets of
 discontinued
 operations -- (178,000) -- (360,000)
 Loss bef.
 extraord. gain (197,000) (1,387,000) (926,000) (1,554,000)
 Extraord. gain on
 debt settlements 2,289,000 1,416,000 2,289,000 1,703,000
 Net income 2,092,000 29,000 1,363,000 149,000
 Income (loss)
 per common share:
 Cont. opers. bef.
 extraord. gain ($.06) ($.38) ($.29) ($.37)
 Loss before
 extraordinary gain ($.06) ($.44) ($.29) ($.49)
 Net income $.66 $.01 $.43 $.05
 -0- 8/14/92
 /CONTACT: Eric Schumann of The Mischer Corporation, 713-869-7800/
 (MSHR) CO: Mischer Corporation ST: Texas IN: SU: ERN


AH -- NY095 -- 0279 08/14/92 18:55 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:478
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