ACADEMY INSURANCE GROUP INC <ACIG> 4TH QTR NET
Oper shr profit one ct vs loss 1.14 dlrs
    Oper net profit 435,000 vs loss 19.9 mln
    Year
    Oper shr loss 28 cts vs loss 2.78 dlrs
    Oper net loss 10 mln vs loss 46.5 mln
    NOTE: Excludes investment gains of one ct per share vs 12
cts in the quarter, and gains 10 cts per share vs 13 cts in the
year. Excludes loss from discontinued operations of three cts
per share in fourth quarter 1985, and loss of 21 cts per share
vs loss 2.72 dlrs in the year.
 Reuter
