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TYLER CORPORATION ANNOUNCES 1992 THIRD QUARTER RESULTS

 TYLER CORPORATION ANNOUNCES 1992 THIRD QUARTER RESULTS
 DALLAS, Oct. 23 /PRNewswire/ -- Joseph F. McKinney, chief executive


officer of Tyler Corporation (NYSE: TYL), announced today that earnings per share for third-quarter 1992 fell to $.08 from $.11 in 1991. Sales were $77.0 million versus $77.7 million last year, and net income was $1.6 million.
 For the nine months ended September 30, earnings per share grew to $.16 from $.04 a year ago. Sales rose 10 percent to $220.4 million. Forest City Auto Parts, acquired in February 1991, was not included for the full nine months last year.
 "The ongoing slump in nonresidential construction resulted in a 12 percent drop in third-quarter tonnage at Tyler Pipe versus the same period last year," McKinney stated. Volume for the first nine months fell slightly compared to 1991. The year-to-date period benefited from a strong first quarter as a result of extremely mild winter weather, and volume has declined steadily on a comparative basis since then. Lower tonnage was offset by better pricing as Tyler Pipe sales increased 4 percent for the first three quarters, and operating profit remained significantly above 1991.
 Sales at Forest City rose 12 percent for the nine months ended September 30 versus last year on a pro forma basis. Same-store sales advanced 9 percent, and new stores contributed 3 percent growth. Higher sales produced a moderate rise in operating profit for the nine-month period. "During the past two quarters, operating profit margin has narrowed primarily due to additional expenses related to store expansion efforts," McKinney commented. Forest City management continues to evaluate potential sites for expansion; however, no new-store openings are anticipated for the rest of 1992.
 "While Tyler Pipe operating profit year to date is well above last year, declining construction markets make sustained improvement difficult," said McKinney. "October shipments to date trail 1991's level by an amount similar to the third-quarter tonnage shortfall, and the outlook for the remainder of the fourth quarter is poor."
 Tyler Corporation continues to seek sizable acquisitions operating on economic cycles different from existing subsidiaries.
 Tyler Corporation, with national headquarters in Dallas, provides cast iron pipe and fittings and automotive aftermarket parts.
 TYLER CORPORATION
 Condensed Consolidated Statements of Income
 (Unaudited, dollars in thousands, except per share data)
 Percent of
 Three months ended Sept. 30 1992 1991 Change
 Net sales $76,954 $77,669 - 1
 Costs and expenses 73,602 73,710 --
 Interest expense, net 154 189 -19
 Income before income tax 3,198 3,770 -15
 Income tax 1,565 1,440 + 9
 Net income $ 1,633 $ 2,330 -30
 Net earnings per share $ .08 $ .11 -27
 Average shares outstanding
 during the period (thousands) 20,779 20,736
 Percent of
 Nine months ended Sept. 30 1992 1991 Change
 Net sales $220,413 $201,054 +10
 Costs and expenses 213,743 198,413 + 8
 Interest expense, net 468 651 -28
 Income before income tax 6,202 1,990 --
 Income tax 2,977 1,084 --
 Net income $ 3,225 $ 906 --
 Net earnings per share $ .16 $ .04 --
 Average shares outstanding
 during the period (thousands) 20,802 20,703
 (A) -- Forest City Auto Parts is included in 1991 results since its purchase on February 20.
 -0- 10/23/92
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler Corporation, 214-754-7800/
 (TYL) CO: Tyler Corporation ST: Texas IN: SU: ERN


TS -- NY016 -- 4046 10/23/92 10:07 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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