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.