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ZARING HOMES, INC. REPORTS RECORD SECOND QUARTER AND SIX MONTHS OPERATING RESULTS AND APPOINTS NEW DIRECTOR

 CINCINNATI, July 29 /PRNewswire/ -- Zaring Homes, Inc. (NASDAQ/NMS: ZHOM) today announced record operating results for the second quarter and six months ended June 30, 1993. The company reported that second quarter pro forma net income increased 39 percent to $1,634,000, or $0.45 per share, compared with $1,175,000, or $0.39 per share for the same period a year earlier. The sales value of the company's backlog was $35.6 million at June 30, 1993, as compared to the June 30, 1992, backlog of $27.0 million. The company also announced that Dr. Daniel W. Geeding, Dean of the College of Business Administration of Xavier University, has joined the board of directors.
 For the second quarter of 1993, the company had net revenues of $23.0 million as compared to $16.5 million for the same period of the prior year, an increase of $6.5 million or 39 percent. Pro forma net income for the second quarter of 1993 was $1,634,000 as compared to $1,175,000 for the second quarter of 1992, an increase of $459,000 or 39 percent. The pro forma information reflects the effects on the historical income statement as if the company had not been treated as an S corporation for income tax purposes, assuming a 40 percent combined effective rate. On an earnings per share basis, pro forma net income during the second quarter of 1993 and 1992 was $0.45 and $0.39, respectively. This represents an increase of 15 percent based on an increase of 20 percent in the weighted average number of shares outstanding during the 1993 period as a result of the initial public offering completed May 25, 1993.
 For the six months ended June 30, 1993, the company had net revenues of $37.1 million versus $24.0 million for the same period of the prior year, an increase of $13.1 million or 55 percent. Pro forma net income for the first half of this year was $2,610,000 versus $1,231,000 during the same period of the prior year, an increase of $1,379,000 or 112 percent. On an earnings per share basis, pro forma net income during the first half of 1993 and 1992 was $0.79 and $0.41, respectively, an increase of 93 percent based on an increase of 10 percent in the weighted average number of shares outstanding during the 1993 period.
 Zaring Homes, Inc. completed its initial public offering of 2,000,000 common shares on May 25, 1993. The company is a leading regional builder of single-family homes in the Cincinnati and Nashville, Tennessee, metropolitan areas. The company builds homes primarily for the move-up market.
 ZARING HOMES, INC.
 SUMMARY STATEMENTS OF INCOME (UNAUDITED)
 Dollars in Thousands, Except per Share Amounts
 Three Months Six Months
 Ended June 30 Ended June 30
 1993 1992 1993 1992
 Net revenues(A) $23,012 $16,480 $37,066 $23,998
 Cost of sales 17,594 12,501 28,079 18,538
 Gross profit 5,418 3,979 8,987 5,460
 Selling, general and
 administrative expenses 2,681 1,995 4,663 3,466
 Operating income 2,737 1,984 4,324 1,994
 Other income (expense) (35) (25) (16) 57
 Income before provision
 for income taxes 2,702 1,959 4,308 2,051
 Provision for income taxes 824 --- 824 ---
 Net income 1,878 1,959 3,484 2,051
 Pro forma information(B):
 Income before provision
 for income taxes 2,702 1,959 4,308 2,051
 Provision for income taxes 1,068 784 1,698 820
 Net income 1,634 1,175 2,610 1,231
 Net income per share $0.45 $0.39 $0.79 $0.41
 Weighted average shares
 outstanding 3,600,180 3,002,763 3,300,180 3,003,022
 (A) -- Revenue from a sale is recognized upon the closing of th sale.
 (B) -- The pro forma income statement information reflects the effects on the historical income statement data for each of the periods presented as if the company had not been treated as an S corporation for income tax purposes (assuming a 40 percent combined effective rate).
 ZARING HOMES, INC.
 OTHER INFORMATION SUMMARY
 Dollars in Thousands
 Balance Sheet Data: At June 30, 1993
 Cash and cash equivalents $10,437
 Inventories and properties held for
 development or sale 42,694
 Total assets 60,982
 Notes payable 15,755
 Shareholders' equity 33,957
 Three Months Ended
 June 30,
 Operating Data: 1993 1992
 Sales (units)(A) 116 93
 Closings (units) 103 77
 Backlog (units)(B) 165 121
 Average revenue per closing $221 $210
 Sales value of backlog at end of period $35,563 $26,999
 (A) -- Sales represent total new home orders received during the period, net of cancellations.
 (B) -- Backlog includes sales orders which have not yet closed.
 -0- 7/29/93
 /CONTACT: Michelle Grigsby of Zaring Homes, Inc., 513-489-8849/
 (ZHOM)


CO: Zaring Homes, Inc. ST: Ohio IN: CST SU: ERN PER

BM -- CL003 -- 7175 07/29/93 09:52 EDT
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Date:Jul 29, 1993
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