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THE TURNER CORPORATION ANNOUNCES CONTINUED PROFITABILITY IN THIRD QUARTER 1993

 NEW YORK, Nov. 8 /PRNewswire/ -- The Turner Corporation (AMEX: TUR), the nation's leading general builder, today announced its sixth consecutive quarter of positive operating earnings. Net income for the company totaled $911,000 or 9 cents per share, for the quarter ended Sept. 30, 1993. These earnings are equal to the earnings per share reported in both the first and second quarters of 1993.
 Earnings per share for the first nine months of 1993 were 27 cents. This compares with net income from operations for the comparable period in 1992 of 11 cents per share before the benefit of a 29 cent one-time gain resulting from a change in accounting methods.
 Alfred T. McNeill, chairman and chief executive officer, remarked: "Our ongoing efforts to reduce general and administrative expenses are yielding favorable returns to the company's continued profitability. We are also pleased to note that new sales for the quarter were $675 million, which is a 23 percent improvement over a slow second quarter. We hope to see sales improve further during the fourth quarter in what has been a spotty economic recovery."
 Based in New York City, The Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the nation's largest builder of hospital and healthcare, commercial, retail, industrial, institutional, biotech/pharmaceutical, government building and multi-unit housing projects. Operating through more than 34 offices, Turner has construction projects underway throughout the United States and abroad. During 1992, The Turner Corporation had sales of $3.1 billion and completed $2.6 billion of construction.
 THE TURNER CORPORATION AND SUBSIDIARIES
 Consolidated Financial Highlights
 (in thousands except share amounts)
 For the periods ended Nine Months Three Months
 Sept. 30, 1993 1992 1993 1992
 Value of construction
 completed $2,053,244 $1,951,229 $735,223 $687,136
 Gross earnings 47,646 47,768 16,952 18,787
 Income before taxes 4,800 2,811 1,816 2,276
 Income before change
 in accounting method 2,766 1,444 911 1,216
 Cumulative effect on prior
 years of changing the method
 of amortizing unrecognized
 pension actuarial net gains -- 1,454 -- --
 Net income 2,766 2,898 911 1,216
 Preferred dividends,
 net of tax ($1,372) ($909) ($445) ($359)
 Earnings available
 to common shareholders 1,394 1,989 466 857
 Earnings per common share:
 Before change in accounting
 method $0.27 $0.11 $0.09 $0.17
 Effect of change
 in accounting method -- 0.29 -- --
 Earnings per common share 0.27 0.40 0.09 0.17
 Weighted average number
 of shares 5,184,288 5,093,104 5,213,291 5,066,271
 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 a typical manufacturing company.
 -0- 11/8/93 R
 /CONTACT: Christopher McFadden of the Turner Corporation, 212-229-6145/
 (TUR)


CO: The Turner Corporation ST: New York IN: CST SU: ERN

WB-TW -- NY039R -- 1814 11/08/93 13:23 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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