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URCARCO ANNOUNCES THIRD QUARTER RESULTS

 URCARCO ANNOUNCES THIRD QUARTER RESULTS
 FORT WORTH, Texas, April 22 /PRNewswire/ -- Clifton H. Morris Jr.,


chairman and chief executive officer of URCARCO, Inc. (NYSE: KAR) today announced a net loss of $24.6 million, or $.78 per share, for the three months ended March 31, 1992, which included a provision for future losses in the retail sales contracts portfolio of $27.6 million. Morris stated, "The provision for losses is charged to operations based upon the company's historical loss experience.
 "The provision for the quarter included $25 million applicable to loan portfolios created before the company's centralization of the credit function in February 1991."
 For the nine months ended March 31, 1992, the company posted a net loss of $23.8 million, or $.75 per share. The nine month period included a provision for losses of $37 million, $25 million of which related to loans originated prior to centralization of the company's credit process.
 At March 31, 1992, the company's shareholders' equity totalled $148.4 million, resulting in a book value per share of approximately $4.71.
 URCARCO, INC.
 Consolidated Statements of Operations
 (Unaudited, Dollars in Thousands, Except Per Share Amounts)
 Three Months Ended Nine Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Sales $ 8,874 $ 40,690 $ 40,711 $ 137,093
 Cost of sales (5,683) (26,403) (26,066) (80,169)
 Gross margin
 before
 provision
 for losses 3,191 14,287 14,645 56,924
 Provision for
 losses (27,614) (38,853) (37,005) (60,340)
 Gross margin
 (loss) (24,423) (24,566) (22,360) (3,416)
 Finance charge
 income 5,761 8,475 19,124 22,630
 Other income 326 144 1,214 536
 Operating
 expenses (4,499) (10,633) (16,139) (31,053)
 General and
 administrative
 expenses (1,853) (2,877) (5,225) (7,979)
 Equity in
 income (loss)
 of affiliate 9 (217) (682) (217)
 Restructuring
 charges -- (6,048) -- (6,048)
 Loss before
 interest and
 income taxes (24,679) (35,722) (24,068) (25,547)
 Interest expense (81) (1,250) (238) (1,965)
 Interest income 172 798 555 2,610
 Loss before
 income taxes (24,588) (36,174) (23,751) (24,902)
 Income tax
 benefit -- 12,117 -- 8,397
 Net loss ($24,588) ($24,057) ($23,751) ($16,505)
 Loss per
 share ($.78) ($.77) ($.75) ($.53)
 Weighted average
 number of shares
 and share
 equivalents 31,498,233 31,388,901 31,494,869 31,388,615
 Condensed Consolidated Balance Sheets
 (Unaudited, Dollars in Thousands)
 March 31, 1992 June 30, 1991
 Cash and cash equivalents $ 31,705 $ 14,255
 Retail sales contracts 163,150 211,304
 Unearned finance charges (34,795) (49,209)
 Allowance for losses (50,054) (46,696)
 Retail sales contracts, net 78,301 115,399
 Other assets 45,272 51,734
 Total assets $ 155,278 $ 181,388
 Liabilities 6,899 9,486
 Shareholders' equity 148,379 171,902
 Total liabilities and
 shareholders' equity $ 155,278 $ 181,388
 -0- 4/22/92
 /CONTACT: Eugene M. Estep, Beverly H. Mastran or Daniel E. Berce of URCARCO, 817-882-7009 or 817-882-7010/
 (KAR) CO: URCARCO, Inc. ST: Texas IN: AUT SU: ERN


KD -- NY125 -- 1568 04/22/92 19:33 EDT
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Date:Apr 22, 1992
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