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THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1992

 THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1992
 HOUSTON, Nov. 13 /PRNewswire/ --The Mischer Corporation (OTC: MSHR) today reported a net loss of $463,000 or $.15 per share for the quarter ended Sept. 30, 1992 compared to a net loss of $803,000 or $.25 per share for the quarter ended Sept. 30, 1991. Loss from continuing operations before extraordinary gain for the quarter ended Sept. 30, 1992 was $512,000 or $.16 per share compared to a loss from continuing operations before extraordinary gain for the quarter ended Sept. 30, 1991 of $789,000 or $.25 per share. Net income for the nine months ended Sept. 30, 1992, was $901,000 or $.28 per share compared to a net loss of $654,000 or $.21 per share for the nine months ended Sept. 30, 1991. Loss from continuing operations before extraordinary gain was $1,437,000 or $.45 per share for the first nine months of 1992 compared to a loss of $1,983,000 or $.62 per share for the first nine 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 and other settlements, the company recorded an extraordinary gain on debt settlements of $2,338,000 net of $100,000 federal income taxes, which is included in net income for 1992. In connection with this restructure, the company's ownership in the partnership was reduced from 67.5 percent to 20 percent, and accordingly, 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 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.
 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 1992 1991 1992 1991
 Revenues $ 615,000 $ 344,000 $ 2,130,000 $ 2,351,000
 Loss from continuing
 operations before
 extraord. gain (512,000) (789,000) (1,437,000) (1,983,000)
 Loss on disposal of
 assets of discontin-
 ued operations -- (14,000) -- (374,000)
 Loss before extra-
 ordinary gain (512,000) (803,000) (1,437,000) (2,357,000)
 Extraordinary gain on
 debt settlements,
 net of $0 and $100
 federal income taxes
 in 1992 49,000 -- 2,338,000 1,703,000
 Net income (loss) (463,000) (803,000) 901,000 (654,000)
 Income (loss) per
 common share:
 Continuing operations
 before extra-
 ordinary gain ($.16) ($.25) ($.45) ($.62)
 Loss before extra-
 ordinary gain ($.16) ($.25) ($.45) ($.74)
 Net income (loss) ($.15) ($.25) $.28 ($.21)
 -0- 11/13/92
 /CONTACT: Eric Schumann of The Mischer Corporation, 713-869-7800/
 (MSHR) CO: Mischer Corporation ST: Texas IN: SU: ERN


AH -- NY081 -- 0938 11/13/92 17:48 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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