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THE TURNER CORPORATION STRENGTHENS CORE BUSINESS BY PENETRATING NEW MARKETS

 NEW YORK, March 10 /PRNewswire/ -- The Turner Corporation (AMEX: TUR), the nation's leading general builder, today announced that its core construction business was more profitable in 1992 than in 1991 as a result of the company's successful penetration of new building and geographic markets. Speaking at a meeting of security analysts this morning, Turner's Chairman, Alfred T. McNeill, indicated that Turner's construction operating income increased in each quarter of 1992 as compared to the same periods in the previous year. He expects the trend to continue in the first quarter of 1993 and throughout the year.
 Reviewing Turner's performance in 1992, McNeill noted that corporate general and administrative expenses was reduced in all four quarters of 1992 as compared with the same periods in 1991. During 1992, Turner's total general and administrative expense was reduced by 15 percent in 1992 from 1991, while construction volume per staff member increased. In addition, Mr. McNeill indicated that real estate debt and losses will continue to be reduced.
 In commenting on the company's performance McNeill said: "We're continuing to achieve the goals we've targeted in one-, three- and five-year plans despite a soft construction market. I'm confident that we're on the up side of the turnaround curve."
 In the past five years, Turner has fulfilled a strategic goal by increasing its market share in every region of the country. The company has maintained or increased its share of healthcare, education, public, justice and renovations construction -- market segments which are expected to show continued growth over the next five years.
 In addition, Turner has positioned itself to take advantage of global construction opportunities through half ownership in Turner Steiner International (TSI), a company formed in mid-1992 to pursue work in Europe, the Middle East and the Far East. Currently, TSI has projects underway in Belgium, Kuwait, Dubai, Qatar, Taiwan and Sri Lanka.
 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, institutional, retail, commercial, industrial, interiors, biotech/pharmaceutical, government building and multi-unit housing projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1992, the Turner Corporation completed $2.6 billion of construction.
 -0- 3/10/93
 /CONTACT: Christopher A. McFadden of the Turner Corporation, 212-229-6145/
 (TUR)


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

SH-LR -- NY008 -- 4800 03/10/93 08:37 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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