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TYLER CORPORATION ANNOUNCES 1993 THIRD QUARTER RESULTS

 DALLAS, Oct. 22 /PRNewswire/ -- Joseph F. McKinney, chief executive officer of Tyler Corporation (NYSE: TYL), announced today that earnings per share for third-quarter 1993 fell to $.02 from $.08 in 1992. Sales were $77.9 million, up from $77.0 million last year, and net income was $.4 million.
 For the nine months ended September 30, earnings per share before the cumulative effect of accounting changes were $.05 compared to $.16 a year ago. Sales declined 2% to $215.5 million.
 Tyler Pipe tonnage was modestly lower for the first three quarters of 1993. Tonnage has improved as the year has progressed with the third quarter moderately ahead of last year. "This increase, however, is not necessarily indicative of a pickup in underlying demand as year-to-date nonresidential square footage is flat versus the year-earlier period," McKinney stated.
 Tonnage declines and modestly lower prices led to a 6% sales decrease for Tyler Pipe during the first nine months. Product pricing materially lagged last year throughout the third quarter. Operating profit for the third quarter and nine months was less than one-half of the comparable periods in 1992.
 "This year Tyler Pipe has taken steps to reduce inventories well below the comparable period in 1992," McKinney noted. The effect of inventory reductions during the first nine months was a LIFO liquidation which lowered cost of sales, thereby adding $2.3 million to operating profit.
 "Sales at Forest City grew 8% for the nine months ended September 30 due to 4 percent improvement in same-store sales and the contribution of new stores," McKinney continued. Operating profit for the nine-month period approximated sales growth. Third-quarter sales rose 7% with same-store sales up 3 percent.
 Forest City opened two new stores during the third quarter increasing its
store count to 59 locations. The company will continue to expand its store base in 1994.
 "Tyler Corporation's outlook remains poor for the rest of 1993 as Tyler Pipe's profitability continues to be hampered by pricing weakness. In addition, Forest City expects a negative fourth-quarter comparison due to last year's unusually strong operating profit margin," McKinney said. "Longer term, however, we believe that Tyler Pipe's status as market leader and Forest City's expansion opportunities leave Tyler Corporation well positioned."
 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
 September 30
 Percentage of
 1993 1992 Change
 Net sales $77,946 $76,954 + 1
 Costs and expenses 76,275 73,602 + 4
 Interest expense, net 98 154 -36
 Income before income tax 1,573 3,198 -51
 Income tax 1,155 1,565 -26
 Income before cumulative effect
 of accounting changes 418 1,633 -74
 Cumulative effect of changes in
 accounting principles for:
 Income taxes --- --- ---
 Retiree health care and
 life insurance --- --- ---
 Net income (loss) $ 418 $ 1,633 -74
 Earnings per share before cumulative
 effect of accounting changes $ .02 $ .08 -75
 Cumulative effect of changes in
 accounting principles for:
 Income taxes --- --- ---
 Retiree health care and
 life insurance --- --- ---
 Net earnings (loss) per share $ .02 $ .08 -75
 Average shares outstanding
 during the period (thousands) 20,539 20,779
 Nine months ended
 September 30
 Percentage of
 1993 1992 Change
 Net sales $215,482 $220,413 - 2
 Costs and expenses 212,607 213,743 - 1
 Interest expense, net 381 468 -19
 Income before income tax 2,494 6,202 -60
 Income tax 1,560 2,977 -48
 Income before cumulative effect
 of accounting changes 934 3,225 -71
 Cumulative effect of changes in
 accounting principles for:
 Income taxes 2,092 --- ---
 Retiree health care and
 life insurance (5,693) --- ---
 Net income (loss) $ (2,667) $ 3,225 ---
 Earnings per share before cumulative
 effect of accounting changes $ .05 $ .16 -69
 Cumulative effect of changes in
 accounting principles for:
 Income taxes .10 --- ---
 Retiree health care and
 life insurance (.28) --- ---
 Net earnings (loss) per share $ (.13) $ .16 ---
 Average shares outstanding
 during the period (thousands) 20,608 20,802
 -0- 10/22/93
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler, 214-754-7800/
 (TYL)


CO: Tyler Corporation ST: Texas IN: SU: ERN

LG -- NY020 -- 5618 10/22/93 09:45 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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