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.