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TYLER CORPORATION REPORTS 1992 FIRST QUARTER RESULTS

 TYLER CORPORATION REPORTS 1992 FIRST QUARTER RESULTS
 DALLAS, April 22 /PRNewswire/ -- Joseph F. McKinney, chief executive


officer of Tyler Corporation (NYSE: TYL), announced today that earnings per share for the quarter ended March 31, 1992, were $.01 following a loss of $.11 in the year-earlier period. Sales for the three months advanced 33 percent to $66.5 million. Forest City Auto Parts, acquired by the company on Feb. 20, 1991, was not included for the full quarter last year.
 "Extremely mild winter weather in most regions of the nation contributed to better volume at Tyler Pipe," McKinney stated. Strong sales and expense savings resulting from cost-cutting measures implemented in March 1991 yielded a modest first-quarter profit for the company.
 Forest City sales rose 12 percent over last year on a pro forma basis. "Along with most retailers, Forest City experienced dampened activity in first-quarter 1991 related to the Gulf War," McKinney said. "Greater sales combined with tight expense control to produce substantial operating profit growth.
 "As we have said in the past, first-quarter results may not be indicative of performance for the year as a whole," continued McKinney. "Tyler Pipe benefited substantially from favorable weather which allowed many construction projects to operate throughout the winter. In fact, despite excellent tonnage improvement in the first quarter, shipments early in the second quarter are behind 1991 levels."
 Tyler Pipe's performance in ensuing quarters will be strongly influenced by the level of new nonresidential construction which, through March, has continued its five-year decline. In addition, consolidated profits will be negatively affected by the strike at Tyler Pipe's Macungie, Pennsylvania foundry. As reported in early April, 160 union employees went on strike when agreement could not be reached for a new contract.
 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)
 Pct
 Three months ended March 31 1992 1991 Change
 Net sales $66,519 $50,122 +33
 Costs and expenses 66,176 53,062 +25
 Interest expense, net 132 117 +13
 Income (loss) before income
 tax (benefit) 211 (3,057) --
 Income tax (benefit) 101 (703) --
 Net income (loss) $ 110 $(2,354) --
 Net earnings (loss) per share $ .01 $ (.11) --
 Average shares outstanding
 during the period (thousands) 20,800 20,643
 Forest City Auto Parts is included in 1991 results since its purchase on February 20.
 -0- 4/22/92
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler, 214-754-7800/
 (TYL) CO: Tyler Corporation ST: Texas IN: AUT SU: ERN


KD -- NY031 -- 1132 04/22/92 10:02 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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