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UNITED CAPITAL CORP. REPORTS FIRST QUARTER RESULTS

 GREAT NECK, N.Y., April 21 /PRNewswire/ -- United Capital Corp. (AMEX: ICU) today reported results for the first quarter of 1993. Total revenues for the quarter were $17,832,000 vs. $15,709,000 for the first quarter of 1992. Net income for the quarter was $1,673,000 or $0.27 per share as compared to net income of $1,015,000, or $.15 per share in 1992.
 In commenting on these results, A.F. Petrocelli, chairman of United Capital Corp., noted that revenues increased $2,123,000 or 14 percent over the comparable period in 1992. The additional revenues were generated as a result of increased revenues from real estate operations and knitted wire and transformer segment, as well as from revenues of D&M/Chu Technology, which was acquired in April 1992, offset by lower revenues from the Dorne & Margolin antenna business. Net income for the first quarter of 1993 increased $658,000 to $1,673,000 as a result of the higher revenues noted above and a cumulative effect of an accounting change of $702,000 resulting from the adoption of FAS 109, "Accounting for Income Taxes," offset by a reduction in gains from property sales which were generated during the first quarter of 1992.
 United Capital Corp. owns and manages real estate assets and through its subsidiary, Metex Corporation, provides engineered products to aviation, industrial and automotive markets worldwide.
 UNITED CAPITAL CORP. AND SUBSIDIARIES
 Consolidated Financial Highlights (Unaudited)
 (Thousands omitted, except per-share data)
 Three months ended March 31 1993(A) 1992
 Revenues $17,832 $15,709
 Income before income taxes 1,631 1,835
 Provision for income taxes 660 820
 Income before cumulative effect
 of change in accounting principle 971 1,015
 Cumulative effect of change
 in accounting principle 702 --
 Net income 1,673 1,015
 Net income per common share $.27 $.15
 Weighted average number of
 common shares outstanding 6,305,587 6,675,333
 (A) -- Includes the operations of Chu Associates, Inc. and Isoreg Corporation since April 2, 1992, and Oct. 23, 1992, respectively, the dates the operating assets of these companies were acquired by United Capital Corp.
 -0- 4/21/93
 /CONTACT: Dennis S. Rosatelli, chief financial officer of United Capital Corp., 908-756-3400/
 (ICU)


CO: United Capital Corp. ST: New York IN: FIN SU: ERN

CK-OS -- NY056 -- 8698 04/21/93 11:48 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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