Business Wire

                           August 29, 1984, Wednesday

DISTRIBUTION: Business Editors

LENGTH: 768 words

HEADLINE: HORIZON; Financial results

DATELINE: TUCSON, Ariz.

 BODY:    Horizon Corp. Wednesday reported a loss from continuing 
operations and a net loss of $1,219,000, or 22 cents per share for the 
year ended May 31, compared to a loss from continuing operations of 
$1,320,000, or 24 cents, a loss from discontinued operations of $629,000, 
or 12 cents, and a net loss of $1,949,000, or 36 cents, for the year 
ended May 31, 1983.

   Revenues in fiscal 1984 were $14,743,000 as compared to $21,248,000 in 
fiscal 1983.

   For the three months ended May 31, Horizon reported a loss from 
continuing operations and a net loss of $1,904,000, or 35 cents, as 
compared to a loss from continuing operations of $2,887,000, or 52 cents, 
a loss from discontinued operations of $101,000, or 3 cents and a net 
loss of $2,988,000, or 55 cents for the three months ended May 31, 1983.

   Revenues for the fourth quarter of 1984 were $2,916,000 as compared to 
$4,048,000 for the fourth quarter of 1983.

   The results for the three months ended May 31 include a provision of 
$3 million to reduce real estate held for development and sale at the 
Arizona Sunsites project to estimated net realizable value.

   The results for the three months ended May 31, 1983 include a 
provision of $1,700,000 for federal income taxes and $2,500,000 of 
related to accrued interest before tax benefits of $1,200,000 related to 
proposed additional taxes for the four years 1979 through 1982.

   In other matters, Horizon reported that, effective Aug. 30, Floyd W. 
Bailey, director, president, chairman of the board and a member of the 
office of the chief executive will resign all positions except that of 
director.

   Bailey is 68 years of age and has indicated his desire to step down 
from the day-to-day activities of managing the company. Richard R. 
Lovinger, vice president, secretary and general counsel will replace 
Bailey as a member of the office of the chief executive.

   Dr.  William C. Leone  was named chairman of the board, effective Aug. 
30. Leone continues to serve as the president of MCO Holdings Inc., a 
publicly traded company which is engaged in the business of real estate 
development, various aspects of the natural resources industry and in 
several other unrelated activities.

                                                                       
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   The office of the chief executive is continuing its search for a chief 
operating officer for the company.

   Horizon, headquartered in Tucson, is principally engaged in the 
business of real estate development and sale in Arizona, New Mexico and 
Texas.                       Horizon Corporation                
Consolidated Summary of Operations                       3 Months Ended 
May 31       Year Ended May 31                        1984         1983         
1984         1983  Revenues            $ 2,916,000  $ 4,048,000  
$14,743,000  $21,248,000 Costs & expenses      3,279,000    6,348,000   
14,019,000   21,800,000 Total                  (363,000)  (2,300,000)     
724,000     (552,000) Provision to reduce  certain real estate held  for 
development and sale  to estimated net  realizable value    (3,000,000)         
--    (3,000,000)        -- Loss from continuing  operations before 
provision  (credit) for income  taxes               (3,363,000)  
(2,300,000)  (2,276,000)    (552,000) Provision (credit) for  income 
taxes        (1,459,000)     587,000   (1,057,000)     768,000 Loss from 
discontifued  operations, net of  related taxes       (1,904,000)  
(2,887,000)         --      (629,000) Loss from continuing  operations                                    
(1,219,000)  (1,320,000) Loss from discontinued  operations                
--       (101,000) Net loss            [1,904,000) [2,988,000) 
[1,219,000) [1,949,000) Per common & common  equivalent share:  Loss from 
continuing   operations          (35 cents)   (52 cents)   (22 cents)   
(24 cents)  Loss from discontinued   operations               --       (3 
cents)        --      (12 cents)  Net loss             (35 cents)   (55 
cents)   (22 cents)   (36 cents)     

   CONTACT: Horizon Corp., Tucson             Richard Lovinger, 
602/886-5300