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TYLER CORPORATION ANNOUNCES 1992 SECOND QUARTER RESULTS

 TYLER CORPORATION ANNOUNCES 1992 SECOND QUARTER RESULTS
 DALLAS, July 24 /PRNewswire/ -- Joseph F. McKinney, chief executive


officer of Tyler Corporation (NYSE: TYL), announced today that earnings per share for second-quarter 1992 increased to $.07 from $.04 in the comparable period last year. Net income grew 59 percent to $1.5 million, and sales were $76.9 million, up 5 percent from 1991.
 For the six months ended June 30, 1992, earnings per share were $.08 versus a loss of $.07 last year. Sales rose 16 percent to $143.5 million. Forest City Auto Parts, acquired on Feb. 20, 1991, was not included for the full six months of 1991.
 As anticipated, significant tonnage gains at Tyler Pipe during the first three months did not continue in the second quarter. Better volume early in the year was principally related to an extremely mild winter as new nonresidential construction activity actually declined.
 Sales at Tyler Pipe advanced 9 percent for the six-month period due to better prices and a moderate rise in tonnage. Resulting margin improvements produced a considerable increase in operating profit compared to a loss in the year-ago period. "While Tyler Pipe's performance thus far exceeds last year, 1991's stronger second half will make profit comparisons more difficult for the remainder of this year," McKinney stated.
 Forest City sales improved 11% for the first six months on a pro forma basis. Same-store sales rose 9 percent with two locations added during the last 12 months contributing the remainder. McKinney commented, "While operating margin for the second quarter decreased slightly, first-half operating profit was significantly above last year's level." The company plans to open two stores during the third quarter, bringing the total number of locations to 55.
 "Tyler Corporation management remains focused on rebuilding size and diversity. At the same time, our operating companies will continue to explore ways to increase profitability," continued McKinney.
 Tyler Corporation, with national headquarters in Dallas, provides cast iron pipe and fittings and automotive aftermarket parts.
 TYLER CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 (Dollars in thousands, except per share data)
 Three months ended June 30
 Pct. of
 1992 1991 Change
 Net sales $76,940 $73,263 + 5
 Costs and expenses 73,965 71,641 + 3
 Interest expense, net 182 345 -47
 Income (loss) before income
 tax (benefit) 2,793 1,277 ---
 Income tax (benefit) 1,311 347 ---
 Net income (loss) $ 1,482 $ 930 +59
 Net earnings (loss) per share $ .07 $ .04 +75
 Average shares outstanding
 during the period (thousands) 20,837 20,744
 Six months ended June 30
 Pct. of
 1992 1991 Change
 Net sales $143,459 $123,385 +16
 Costs and expenses 140,141 124,703 +12
 Interest expense, net 314 462 -32
 Income (loss) before income
 tax (benefit) 3,004 (1,780) ---
 Income tax (benefit) 1,412 (356) ---
 Net income (loss) $ 1,592 $ (1,424) ---
 Net earnings (loss) per share $ .08 $ (.07) ---
 Average shares outstanding
 during the period (thousands) 20,814 20,689
 Forest City Auto Parts is included in 1991 results since its purchase on Feb. 20.
 -0- 7/24/92
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler Corporation, 214-754-7800/
 (TYL) CO: Tyler Corporation ST: Texas IN: AUT SU: ERN


PS -- NY021 -- 2964 07/24/92 10:39 EDT
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Date:Jul 24, 1992
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