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AGP & COMPANY INC. ANNOUNCES 1992 LOSS AND PROJECTS RECORD FIRST HALF OF 1993

 NEW YORK, April 15 /PRNewswire/ -- AGP & Co. Inc. (NASDAQ: AGPC), today announced revenues of $11,706,086 and a net loss of $741,906, or $0.39 per share for the fiscal year ended Dec. 31, 1992. These figures can be compared to 1991 revenues of $13,748,977 and net income of $516,377 and $0.29subsidiary were attributable to an extremely cautions fourth quarter 1992 retail environment which caused its customers to avoid post Christmas mark downs by ordering only against sales. This decline in sales in turn caused AGP to take a severe inventory revaluation for the fourth quarter of 1992. By taking this severe revaluation all in 1992, and not amortizing it over the next several years, 1993 results will be favorably impacted."
 "The preliminary estimate of $2,799,000 revenues and $384,640 and $0.20 per share net income for the first quarter of 1993 as compared to $2,837,481, $70,228 and $0.04 for the like period of 1992 appear to substantiate this assumption." Finally, he noted "with the recent dramatic decline in interest rates Asset Growth Partners appears to be on the way to a record 1993 and with strong sales in all product lines and outstanding acceptance of its new `CD Magic' technology, Dynasound's 1993 revenues and earnings appear to be on a pace equivalent to that of the record 1991 levels."
 AGP & COMPANY INC.
 Consolidated Statement of Operations
 As of Dec. 31, 1992 1991
 Fee income $1,220,049 $1,293,369
 Product income 10,486,037 12,455,608
 Total revenues 11,706,086 13,748,977
 Cost of goods sold 7,735,189 7,939,322
 Operating expenses
 Fee 1,569,420 1,136,863
 Product 2,795,007 2,828,808
 Depreciation and amortization,
 net of amounts allocated to
 cost of goods sold 315,600 156,564
 Operating Income (709,130) 1,687,420
 Interest expense 519,871 524,106
 Other income 58,295 2,163
 Income (loss) before provision for
 income taxes minority interest and
 cumulative effect of change in
 accounting principle (1,170,706) 1,165,477
 Provision for income taxes (443,800) 377,000
 Minority interest 15,000 320,000
 Income (loss) before cumulative effect
 of change in accounting principle (741,906) 468,477
 Cumulative effect of change in
 accounting principle -- 47,900
 Net income (loss) (741,906) 516,377
 Income (loss) before cumulative effect
 of change in accounting principle (0.39) 0.26
 Cumulative effect of change in accounting
 principle -- 0.03
 Net income (loss) per common and common
 equivalent share (0.39) 0.29
 Weighted average common and common
 equivalent shares outstanding 1,886,157 1,818,565
 AGP & COMPANY INC.
 Projected 1993 Vs. Actual 1992 Results
 First Quarter Six months
 Periods ended 1993P 1992 1993P 1992
 Fee Income $967,000 $416,649 $1,862,000 $1,152,874
 Product income 1,832,000 2,420,832 3,682,438 4,316,289
 Total revenues 2,799,000 2,837,481 5,544,438 5,469,163
 Cost of goods sold 1,337,360 1,607,404 2,706,684 2,774,247
 Operating expenses
 Fee 360,000 314,922 735,000 715,403
 Product 534,000 627,000 1,082,280 1,302,896
 Depreciation and
 amortization, net of
 amounts allocated to
 cost of goods sold 78,000 44,544 183,000 85,636
 Total 972,000 986,466 2,000,280 2,103,935
 Operating income 489,640 243,611 837,474 590,987
 Interest expense 120,000 116,269 250,000 221,906
 Other income 15,000 2,494 30,000 12,171
 Income before taxes 384,640 129,836 617,474 381,252
 Net income 384,640 70,228 617,474 234,741
 Net income (loss) per
 common and common
 equivalent share 0.20 0.04 0.32 0.12
 -0- 4/15/93
 /CONTACT: Steven M. Frenkel of Steven M. Frenkel Associates, Inc., 800-827-4763 or 201-947-1845, for AGP & Company Inc./
 (AGPC)


CO: AGP & Co. Inc. ST: New York IN: SU: ERN

SM-LR -- NY007 -- 6043 04/15/93 09:12 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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