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TYLER CORPORATION ACQUIRES INSTITUTIONAL FINANCING SERVICES

 DALLAS, Jan. 10 /PRNewswire/ -- Joseph F. McKinney, chief executive officer of Tyler Corporation (NYSE: TYL), announced today that Tyler has completed the purchase of Institutional Financing Services (IFS), a direct marketer of products for fund-raising programs. The company will operate as a wholly owned subsidiary of Tyler under the leadership of existing management. IFS was acquired for approximately $50 million and the assumption of responsibility for seasonal working capital debt. Additional payments are possible if certain profit objectives are achieved.
 IFS assists schools in fund-raising activities by arranging for students to sell company-supplied gift items to family and friends. Proceeds received by schools are used for designated educational, recreational and extracurricular projects. Headquartered in Benicia, California, IFS has an excellent reputation for helping schools raise needed funds in one-week sales campaigns. A large percentage of the company's programs involves schools that have bought from IFS in prior years.
 For the fiscal year ended June 30, 1993, IFS sales were $68.1 million. Operating profit, which is before amortization and interest expense, was $6.8 million.
 "The purchase of IFS marks our second major acquisition during the past three years," McKinney stated. "Going forward, we plan to continue our rebuilding efforts searching for other acquisitions to increase Tyler's size and diversity."
 Tyler Corporation, with national headquarters in Dallas, manufactures cast iron pipe and fittings, provides products for fund- raising programs and retails automotive parts.
 -0- 1/10/94
 /CONTACT: Michael R. Meyers, Assistant Treasurer, Tyler Corporation, 214-754-7851/
 (TYL)


CO: Tyler Corporation; Institutional Financing Services ST: Texas IN: SU: TNM

LG -- NY022 -- 0432 01/10/94 09:05 EST
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Publication:PR Newswire
Date:Jan 10, 1994
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