MERCHANTS GROUP INC <MRCH> 4TH QTR OPER NET
Oper shr profit 21 cts vs loss 2.13 dlrs
    Oper net profit 456,000 vs loss 2,454,000
    Revs 16.3 mln vs 13.1 mln
    Year
    Oper shr 1.39 dlrs vs loss 2.41 dlrs
    Oper net profit 1,815,000 vs loss 2,779,000
    Revs 58.0 mln vs 43.8 mln
    NOTE: 1986 4th qtr and yr oper net exclude realized
investment gains of 279,000 dlrs and 1,013,000 dlrs,
respectively, which includes provision for income taxes of
238,000 dlrs and 863,000 dlrs for the periods, respectively.
    1986 4th qtr and yr oper net exclude 606,000 dlrs or 38 cts
per share and 2,323,000 dlrs or 1.86 dlrs per share, for net
operating loss carryovers.
    1985 4th qtr and yr oper net exclude realized investment
gains of 439,000 dlrs and 666,000 dlrs respectively.
 Reuter
