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VISTA RESOURCES' THIRD QUARTER EARNINGS UP 26 PERCENT

 ATLANTA, Oct. 26 /PRNewswire/ -- Vista Resources, Inc. (NYSE: VS), which has subsidiaries in leather manufacturing and property/casualty insurance, today reported that its third quarter earnings grew 26 percent to $2.2 million or $.57 per share from $1.7 million ($.45 per share) in the third quarter a year ago.
 Revenues in the quarter increased by 27 percent to $40 million from $31 million in the prior year.
 For the nine months ended Sept. 30, Vista's earnings grew 29 percent to $5.9 million or $1.52 per share before the one-time benefit of an accounting change which added $.4 million ($.11 per share) in the first quarter of 1993. Revenues for the nine months increased by 30 percent to $117 million from the comparable period of 1992.
 "Our leather operations were the principal source of Vista's growth in revenues and earnings in the third quarter," said Samuel W. Norwood III, president and chief executive officer. "Orders on hand for the fourth quarter remain significantly above the levels of a year ago," added Norwood.
 Vista Resources, through its leather subsidiaries, produces a broad line of cowhide and sheepskin leathers that are sold to manufacturers of shoes, handbags, personal leather goods, apparel, and furniture. Its insurance subsidiary is an underwriter of property/casualty insurance for automobile fleets and other niche markets.
 VISTA RESOURCES, INC.
 Third Quarter 1993
 (Amounts in Thousands Except Per Share Data)
 3 mos. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues:
 Leather sales $28,483 $21,414 $ 84,061 $ 61,053
 Insurance revenues 11,268 9,866 32,649 28,616
 Total revenues 39,751 31,280 116,710 89,669
 Income before interest expense and income taxes:
 Leather 2,835 1,731 6,919 4,667
 Insurance 1,380 1,644 4,304 4,584
 Corporate office, net (535) (612) (1,558) (1,741)
 Total 3,680 2,763 9,665 7,510
 Interest expense 359 289 968 834
 Income before income taxes 3,321 2,474 8,697 6,676
 Income taxes 1,129 735 2,843 2,121
 Income before cumulative
 effect of acct. change 2,192 1,739 5,854 4,555
 Cumulative effect of
 acctg. change(a) --- --- 418 ---
 Net income $ 2,192 $ 1,739 $6,272 $4,555
 Per share:
 Income before cumulative
 effect of acctg. change $ 0.57 $ 0.45 $ 1.52 $ 1.19
 Cumulative effect of
 acctg. change(a) --- --- 0.11 ---
 Net income $ 0.57 $ 0.45 $ 1.63 $ 1.19
 Avg. common shares and
 common share equivalents
 outstanding 3,864 3,830 3,849 3,824
 (a) Effective Jan. 1, 1993, Vista adopted SFAS 109, "Accounting for Income Taxes."
 -0- 10/26/93
 /CONTACT: Samuel W. Norwood III of Vista Resources, 404-815-2000/
 (VS)


CO: Vista Resources, Inc. ST: Georgia IN: SU: ERN

BR-BN -- AT009 -- 6820 10/26/93 10:42 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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