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THE TURNER CORPORATION ANNOUNCES 1991 EARNINGS

 THE TURNER CORPORATION ANNOUNCES 1991 EARNINGS
 NEW YORK, Feb. 24 /PRNewswire/ -- The Turner Corporation


(AMEX: TUR), the nation's leading general builder, today announced net income for the year ended Dec. 31, 1991, of $11.3 million or $2.06 per share. This is in comparison to a net loss of $10.8 million or $2.41 per share for the year ended Dec. 31, 1990.
 The large loss in 1990 was the result of a pretax reserve of $21 million against the company's real estate operations taken in the fourth quarter of that year. In the first quarter of 1991, Turner put into effect a curtailment of its defined benefit plan which resulted in a one-time $29.8 million pretax gain for the year. The curtailment gain more than offset the reserve for the real estate portfolio and strengthened Turner's balance sheet.
 Earlier this month, Turner announced the planned purchase by Karl Steiner Holdings Corporation of Zurich, Switzerland, of $15 million of new convertible securities in Turner and the intention to create a new jointly owned Turner Steiner International construction management company.
 "The combination of these three events, the real estate reserves, the pension plan curtailment gain and the investment by Steiner company, are strong and positive steps taken by the company to strengthen its balance sheet, deal with its real estate holdings and position the firm to better capitalize on available construction activities in the current soft construction market," remarked Alfred T. McNeill, chairman and chief executive officer.
 The fourth quarter 1991 results reflected a loss of $1.1 million or $0.27 per share compared with a loss of $16.8 million or $3.45 per share for the same period of 1990, both as a result of real estate holdings.
 Despite a contraction in the company's construction markets in 1991 due to recessionary effects, backlog of construction at year-end 1991 was $4.76 billion, up from $4.6 billion in the third quarter and equal to the backlog at year-end 1990.
 Based in New York City, the Turner Corporation, through Turner Construction Company and other construction subsidiaries, is one of the nation's leading general builders of commercial, industrial, hospital and healthcare, institutional, government building and multi-unit housing projects. Operating through more than 34 offices, Turner has construction projects under way throughout the United States and abroad.
 THE TURNER CORPORATION AND ITS SUBSIDIARIES
 Consolidated Financial Highlights
 (In thousands, except for share data)
 Periods ended Year Three months
 Dec. 31 1991 1990 1991 1990
 Value of construction
 completed $2,672,475 $3,258,325 $695,388 $785,150
 Gross earnings (loss) 57,960 53,874 14,438 (2,133)
 Income (loss) before taxes 18,950 (14,411) (1,713) (24,559)
 Net income (loss) 11,342 (10,768) (1,056) (16,813)
 Preferred dividends "ESOP,"
 net of taxes (1,096) (1,096) (274) (274)
 Earnings (loss) available
 to common shareholders 10,246 (11,864) (1,330) (17,087)
 Earnings (loss) per
 common share $2.06 $(2.41) $(0.27) $(3.45)
 Weighted average number
 of shares 4,981,152 4,925,072 5,003,740 4,954,465
 NOTE: Value of construction completed represents the cost of the work put in place and materials fabricated during the year and related earnings pursuant to Turner's construction and management contracts, together with fees and reimbursed expense from consulting contracts. It is essentially a measure of construction activity during the year rather than "sales" or "revenues" in the sense that the term is used in typical manufacturing company.
 -0- 2/24/92
 /CONTACT: Douglas M. Bennett of Turner, 212-229-6159/
 (TUR) CO: The Turner Corporation ST: New York IN: CST SU: ERN


CK-OS -- NY034 -- 1862 02/24/92 11:32 EST
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Date:Feb 24, 1992
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