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ALLEN GROUP ANNOUNCES FIRST QUARTER EARNINGS, COMMON STOCK DIVIDEND AND ANNUAL MEETING RESULTS

 ALLEN GROUP ANNOUNCES FIRST QUARTER EARNINGS,
 COMMON STOCK DIVIDEND AND ANNUAL MEETING RESULTS
 MELVILLE, N.Y., April 28 /PRNewswire/ -- The Allen Group Inc. (NYSE: ALN) reported earnings from continuing operations of $.27 per common share for the quarter ended March 31, 1992 compared to earnings from continuing operations of $.21 per common share for the same period last year, an increase of 29 percent.
 Revenues for the first quarter of 1992 were $63.1 million as compared to revenues of $64.4 million for the first quarter of 1991. The decline in revenues for the quarter is almost entirely due to the reduction in sales of automotive emission test equipment resulting from the lack of any significant new emissions testing programs.
 Commenting on the results of the first quarter, Robert G. Paul, president and chief executive officer, stated: "Our 29 percent earnings growth in the first quarter came primarily from a continuation of 1991's excellent performance at Antenna Specialists, our most profitable business. With the strong performance at Antenna Specialists expected to continue, in part due to its large order backlog, and with an anticipated improvement in our engine diagnostic and emission testing business later in the year, we believe that 1992 should be another record earnings year for Allen."
 The Allen Group Inc. also announced that its board of directors declared a quarterly dividend of $.05 per share on the company's common stock, payable July 1, 1992 to common stockholders of record on June 5, 1992.
 The Allen Group Inc. also announced that at the annual meeting held on April 28, 1992, stockholders re-elected the 10 incumbent directors to the board. They are:
 -- Wade W. Allen, president, WB Associates, financial and general management consulting, Stamford, Conn.
 -- George A. Chandler, business consultant, Princeton, N.J.
 -- Philip Wm. Colburn, chairman of the board, the Allen Group Inc.
 -- Dr. Jill K. Conway, visiting scholar, program in science, technology and society, Massachusetts Institute of Technology, Cambridge, Mass.
 -- Albert H. Gordon, honorary chairman, Kidder, Peabody Group, Inc., Investment Bankers, New York, N.Y.
 -- J. Chisholm Lyons, partner, Smith, Lyons, Torrance, Stevenson & Mayer, Barristers and Solicitors, Toronto, Ontario, Canada, vice chairman of the board, the Allen Group Inc.
 -- Robert G. Paul, president and chief executive officer, the Allen Group Inc.
 -- Charles W. Robinson, chairman, Energy Transition Corporation, Energy Consultants, Santa Fe, N.M.
 -- Richard S. Vokey, vice chairman and director, Boston Private Bank and Trust Company, Boston
 -- William M. Weaver Jr., limited partner emeritus, Alex. Brown & Sons Incorporated, investment bankers, New York, N.Y.
 Stockholders also approved the adoption of the 1992 Stock Plan of the company pursuant to which stock options may be granted and restricted shares may be awarded to officers and key employees of the company for a total of up to 500,000 shares of the company's common stock.
 Stockholders also ratified the appointment of Coopers & Lybrand as independent auditors for 1992.
 The Allen Group Inc. manufactures and markets electronic and other products, principally for the telecommunications and automotive industries, including mobile communications equipment, automotive test equipment and truck components.
 THE ALLEN GROUP INC.
 Consolidated Statements of Income
 (Amounts in thousands, unaudited)
 Three months ended March 31 1992 1991
 Manufacturing
 Sales $59,058 $60,786
 Cost of sales 37,499 38,962
 S,G&A expenses 18,039 18,318
 Equity in loss of joint ventures 738 611
 Interest and financing expense 239 747
 Income before taxes - manufacturing 2,543 2,148
 Lease Financing
 Lease finance revenue 4,043 3,662
 Costs and Expenses
 Interest expense 1,263 1,296
 S,G&A expenses 696 773
 Provision for credit losses 480 420
 Income before taxes - lease financing 1,604 1,173
 Income before income taxes 4,147 3,321
 Provision for income taxes 570 375
 Income from continuing operations 3,577 2,946
 Loss from discontinued operations -- (452)
 Net income 3,577 2,494
 Net income applicable to common stock 2,571 1,488
 Earnings per common share:
 (Primary and fully diluted) .27 .21
 From continuing operations -- (.05)
 Loss from discontinued operations .27 .16
 -0- 4/28/92
 /CONTACT: Robert A. Youdelman of Allen Group, 516-293-5500/
 (ALN) CO: Allen Group Inc. ST: New York IN: AUT SU: ERN


SM-OS -- NY068 -- 3794 04/28/92 12:19 EDT
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Date:Apr 28, 1992
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