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Standard Commercial Corporation Announces Fiscal 2004 Earnings 

Standard Commercial Corporation (NYSE: STW) today announced that for the fiscal year ended March 31, 2004, income from continuing operations was $32.5 million versus $44.0 million in the prior year. Basic earnings per share from continuing operations was $2.39 versus $3.26 in the prior year. A loss on discontinued operations of $46.2 million versus the prior year's loss of $6.1 million was recorded as the Company is exiting the wool business. Net income was a loss of $13.6 million due to charges recorded to exit the wool business versus a profit of $37.9 million in the prior year. Basic loss per share was $1.00 versus basic earnings of $2.81 in the prior year.

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