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UNITOR REPORTS FIRST-QUARTER RESULTSRECORD OPERATING INCOME FOR THE PERIOD

 KOLBOTN, Norway, April 29 /PRNewswire/ -- Unitor Ships Service AS (UNITOR) today reported net income of NOK 31.0 million ($4.5 million), or NOK 1.79 per share ($0.26 per ADR), for the first quarter ended March 31, 1993, a 2.3-percent gain over NOK 30.3 million, or NOK 1.77 per share, in the first quarter of 1992, according to Karsten Houm, managing director.
 Revenues were a record NOK 373.5 million ($53.6 million), up 1.4 percent from the NOK 368.4 million reported in 1992. This represents NOK 36.7 million ($5.3 million) more than the fourth quarter of 1992 and NOK 5.0 million ($0.7 million) more than the comparable quarter in 1992.
 "The market during the first quarter of 1993 was still influenced by recessionary conditions in the shipping industry," Houm said. "However, the maritime market is now considered to have stabilized and is expected to begin to reflect improved conditions. But it is important to note that the high first-quarter sales level essentially reflects the effect of the strong U.S.-dollar translation rate during the March quarter, rather than increased volume."
 "The cost reduction program which UNITOR conducted during the second half of 1992 would have resulted in savings of almost NOK 7.0 million ($1.0 million) in the first quarter of 1993 if the dollar rate had held at the same level as in the first quarter of 1992. But this higher dollar rate, together with inflationary conditions, contributed adversely to operating costs, which increased to NOK 144.9 million ($20.8 million). This is nearly equivalent to the first quarter of 1992," Houm continued.
 "Operating income was a record at NOK 47.1 million ($6.8 million), a 23.3-percent gain of NOK 8.9 million ($1.3 million) when compared to the first quarter of 1992, which occurred prior to the recent problems in the shipping industry," Houm said.
 U.S. dollar forward hedging contracts led to a loss of NOK 6.5 million ($0.9 million) this quarter as compared to a gain of NOK 3.3 million for the same period a year ago. Other financial items, however, increased by NOK 2.5 million ($0.4 million), which resulted in net financial expenses of NOK 4.0 million ($0.6 million) as compared to income of NOK 2.8 million the previous year.
 Income before taxes and minority interest was NOK 43.1 million ($6.2 million) as compared to NOK 41.0 million in the first quarter of 1992, a 5.1-percent gain.
 The Group's pre-tax profit margin (before extraordinary items and minority interest) was 11.5 percent in the 1993 first quarter as compared to 11.1 percent in the same quarter in 1992. The equivalent figure for all of 1992 was 8.8 percent.
 First-quarter earnings per share increased by NOK 1.16 ($0.17 per ADR) from the fourth quarter of 1992.
 UNITOR supplies high-quality maintenance products and equipment to the international merchant fleet of over 23,000 vessels. It has been listed on the Oslo Stock Exchange since 1978 and its ADRs have traded on the "Pink Sheets" (Symbol: 3UNSSY) since April 1991. Each UNITOR ADR is the equivalent of one Norwegian UNITOR share.
 Currency exchange rate: U.S. $1 equals NOK 6.965.
 NOK -- Norwegian krone.
 UNITOR
 Consolidated Statement of Operations
 Three Months ended March 31, 1993 and 1992
 (In millions; unaudited)
 1993 1992 Percent
 Change
 Operating revenues NOK 373.5 $53.6 NOK 368.4 1.4
 Cost of goods 167.3 24.0 174.4 -4.1
 Gross profit 206.2 29.6 194.0 6.3
 Depreciation 14.2 2.0 12.7 11.8
 Other operating expenses 144.9 20.8 143.1 1.2
 Operating income NOK 47.1 $6.8 NOK 38.2 23.3
 Net interest and
 other financial
 expenses (income) 4.0 0.6 (2.8) nm
 Income before taxes
 and minority interest 43.1 6.2 41.0 5.1
 Minority interest 0.0 0.0 0.0 nm
 Income after
 minority interest 43.1 6.2 41.0 5.1
 Income taxes 12.1 1.7 10.7 13.1
 Net income NOK 31.0 $4.5 NOK 30.3 2.3
 Earnings per share NOK 1.79 $0.26 NOK 1.77 1.1
 Weighted average no.
 of shares outstanding 17.4 17.4 17.2
 Currency translation rate: NOK 6.965 equals $1
 -0- 4/29/93
 /CONTACT: Philip L. Thomas of The P.L. Thomas Group, 312-906-8060, for Unitor Ships Service AS/
 (3UNSSY)


CO: Unitor Ships Service AS ST: IN: MAR SU: ERN

DH-JG -- DE004 -- 2546 04/29/93 10:23 EDT
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Date:Apr 29, 1993
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