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THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1991

   THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1991
    HOUSTON, Nov. 15 /PRNewswire/ -- The Mischer Corporation (NASDAQ: MSHR) today reported net loss of $803,000 or $.25 per share for the quarter ended Sept. 30, 1991 compared to a net loss of $626,000 or $.20 per share for the quarter ended Sept. 30, 1990.  Loss from continuing operations before extraordinary gain for the quarter ended Sept. 30, 1991 was $789,000 or $.25 per share compared to a loss from continuing operations before extraordinary gain for the quarter ended Sept. 30, 1990 of $1,340,000 or $.41 per share.  Net income (loss) for the nine months ended Sept. 30, 1991 and 1990 was ($654,000) or ($.21) per share and $985,000 or $.31 per share, respectively.  Loss from continuing operations before extraordinary gain was $1,983,000 or $.62 per share for the first nine months of 1991 compared to a loss of $41,792,000 or $13.11 per share for the same period of 1990.  The company recorded a $37,022,000 write-down on asset conveyance to settle debt which resulted in the increased net loss from continuing operations before extraordinary gain for 1990.  In addition to the write-down, the company recorded a $41,584,000 extraordinary gain on debt settlement, which is included in net income for the first nine months of 1990. During the first nine months of 1991, the company recorded a $374,000 loss on disposal of assets of discontinued operations and a $1,703,000 extraordinary gain on debt settlements.
    In March 1990, the company conveyed to several creditors title to certain assets and assigned distribution rights in certain real estate projects to settle outstanding debt with aggregate balances of $85.4 million.  The company's real estate operations have been significantly reduced as a result of the debt settlement.  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 (Loss)
                         (Unaudited)
     Periods ended           Three Months           Nine Months
     Sept. 30;             1991       1990         1991     1990
    Revenues           $1,071,000 $   916,000 $ 4,787,000 $4,261,000
    Write-down of
     asset conveyance          --          --         -- ($37,022,000)
    Loss from continuing
     operations before
     extraordinary
     gain           $ (789,000) $(1,340,000) $(1,983,000) $(41,792,000)
    Income (loss)
     on disposal of
     assets of
     discontinued
     operations        $(14,000) $  29,000   $(374,000)   $(1,193,000)
    Loss before
     extraordinary
     gain            $(803,000) $(1,311,000) $(2,357,000) $(40,599,000)
    Extraordinary
     gain on debt
     settlement        $  --     $ 685,000    $1,703,000   $41,584,000
    Net income (loss)  $(803,000)$(626,000)   $ (654,000)  $   985,000
    Income (loss)
     per common share:
    Continuing operations
     before extraordinary
     gain
    Primary and
     fully diluted     ($0.25)    ($0.41)        ($0.62)     ($13.11)
    Loss before
     extraordinary
     gain
    Primary and fully
     diluted           ($0.25)    ($0.41)        ($0.74)     ($12.74)
    Net income (loss)
     Primary and
      fully diluted    ($0.25)    ($0.20)        ($0.21)      $ 0.31
    -0-             11/15/91
    /CONTACT:  Thomas L. Poe of The Mischer Corporation, 713-869-7800/
    (MSHR) CO:  The Mischer Corporation ST:  Texas IN: SU:  ERN FC -- NY097 -- 1743 11/15/91 16:58 EST
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Publication:PR Newswire
Date:Nov 15, 1991
Words:552
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