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THE TURNER CORPORATION ANNOUNCES 1992 THIRD QUARTER EARNINGS

 THE TURNER CORPORATION ANNOUNCES 1992 THIRD QUARTER EARNINGS
 NEW YORK, Nov. 9 /PRNewswire/ -- The Turner Corporation (AMEX: TUR),


the nation's leading general builder, today announced net income of $1.2 million, or $0.17 per share, for the third quarter of 1992. This compares with a net loss of $1.7 million or $0.40 per share for the comparable period in 1991.
 Net income for the first nine months of 1992 was $2.9 million or $0.40 per share. This compares with $2.33 per share for the same period in 1991, which included a one-time gain of $3.66 per share in the first quarter of 1991 resulting from the curtailment of the company's defined benefit pension plan.
 The company's pre-tax earnings from operations for the third quarter in 1992 were $2.3 million, equal to the second quarter 1992 results and significantly improved from the $2.9 million pre-tax loss from operations in the third quarter of 1991.
 The continued improvement to the comparable quarterly period in 1991 is the result of increased construction activity in 1992 and savings in operating and general and administrative expenses. Real estate costs and expenses are also well below last year's levels.
 During the quarter, Turner announced the conclusion and funding of the investment by Karl Steiner Holding Corporation of Zurich, Switzerland of $15 million in Turner in exchange for new convertible securities of The Turner Corporation and the creation of a new, jointly owned international construction management company.
 New sales have shown continued strength. In the third quarter, new sales totaled $673 million, and year-to-date sales totaled $2.4 billion. This compares to $2.0 billion for the comparable nine-month period last year. Construction backlog at the end of the third quarter 1992 was $5.1 billion. Backlog at the comparable period in the prior year was $4.6 billion.
 Alfred T. McNeill, chairman and chief executive officer, said, "While the overall construction market remains flat, our ongoing efforts to penetrate new markets continues to be successful. New contracts in the education, public, research and development, correctional, amusement, recreation and manufacturing markets now account for significant portions of our overall sales and work-in-place volume. The healthcare and airport markets also continue to show strong sales activity. In the first nine months of this year Turner has secured close to $1 billion of new contracts in the healthcare market and has begun work on several airport facilities throughout the country."
 Based in New York, the Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the nation's leading builder of hospital and healthcare, industrial, cultural, institutional, government building and multi-unit residential, commercial and retail projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1991, the Turner Corporation completed $2.7 billion of construction.
 THE TURNER CORPORATION AND SUBSIDIARIES
 Consolidated Financial Highlights
 (In thousands, except share amounts)
 Periods ended Nine Months Three Months
 Sept. 30 1992 1991 1992 1991
 Value of construction
 completed $1,951,229 $1,977,087 $687,136 $647,726
 Gross earnings 47,768 43,522 18,787 14,023
 Income (loss) before taxes 2,811 20,663 2,276 (2,861)
 Income (loss) before change
 in accounting method 1,444 12,398 1,216 (1,716)
 Cumulative effect on prior
 years of changing the method
 of amortizing unrecognized
 pension actuarial net gains 1,454 -- -- --
 Net income (loss) 2,898 12,398 1,216 (1,716)
 Preferred dividends,
 net of taxes (909) (822) (359) (274)
 Earnings (loss) available
 to common shareholders $ 1,989 $ 11,576 $ 857 $ (1,990)
 Earnings (loss) per common
 share before change in
 accounting method $.11 $2.33 $.17 $(0.40)
 Effect of change in
 accounting method .29 -- -- --
 Earnings per common share $.40 $2.33 $.17 $(0.40)
 Weighted average
 number of shares 5,093,104 4,973,540 5,066,271 4,984,796
 NOTES:
 -- 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 a typical manufacturing company.
 -- Income during the nine months ended Sept. 30, 1991 included $28.8 million due to the curtailment of the company's defined benefit pension plan.
 -0- 11/9/92
 /CONTACT: Christopher A. McFadden of Turner, 212-229-6145/
 (TUR) CO: The Turner Corporation ST: New York IN: CST SU: ERN


GK-OS -- NY073 -- 8743 11/09/92 13:33 EST
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Date:Nov 9, 1992
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