Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, November 23, 1993                   TAG: 9311230043
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Roanoke Electric Steel Corp. on Monday reported net earnings for the fiscal year ended Oct. 31 of $4.8 million, or 90 cents per common share, an 80 percent improvement from earnings last year of $2.7 million, or 50 cents per share. Sales for the 1993 fiscal year were $167.3 million, up 14.6 percent from 1992 sales of $146.0 million.

Net earnings for the company's fourth quarter were $2.1 million, or 40 cents per share of common stock, a 67 percent increase from $1.3 million or 24 cents per share, earned for the same period a year earlier. Sales for the fourth quarter of 1993 were $49.4 million, up 25.5 percent from $39.4 million a year earlier.

"Improved business conditions and demand resulted in increased tons shipped," said Donald G. Smith, the company's chairman and chief executive officer, in a statement. "The combination of the higher volume and improved gross profit margins provided the increased gross and net earnings reported.

"Although continued depressed conditions in the construction industry hampered our performance, slight gains were made, and the overall results for the year were extremely pleasing."

The Roanoke-based company is a mini-mill producer of finished steel products consisting of angles, plain rounds, flats, channels and reinforcing bars, which are sold to steel fabricators and steel service centers and to other steel producers. The corporation's four subsidiaries are involved in various steel-related activities, consisting of steel scrap processing, steel bar joist fabrication and reinforcing bar fabrication.

Lincoln National Corp.

Lincoln National Corp. reported record third-quarter income from operations of $96.1 million, an increase of 70 percent from the $56.4 million reported a year ago.

The company, which has an agency in Roanoke, said its per-share income rose to 93 cents last quarter from 61 cents a year ago.

Net income was $187.5 million, or $1.82 a share, which included net realized gains of $91.4 million. This compares with 1992 net income of $113.7 million, or $1.22 a share, with gains of $57.3 million.