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ANDAL REPORTS SECOND QUARTER RESULTS

 ANDAL REPORTS SECOND QUARTER RESULTS
 NEW YORK, May 14 /PRNewswire/ -- Andal Corp. (AMEX: ADL) today


reported a net loss of $356,000, or 5 cents per share, for its 1992 fiscal second quarter which ended March 31, 1992, compared with net loss of $941,000, or 14 cents per share, in the comparable quarter ended March 31, 1991. Revenues were $5,356,000 in the current quarter compared with $13,449,000 last year.
 For the six months ended March 31, 1992, Andal reported a net loss of $1,488,000, or 23 cents per share, from revenues of $10,301,000, compared with net loss of $2,620,000, or 40 cents per share, from revenues of $25,025,000 in the six months ended March 31, 1991. The decline in revenues resulted principally from the sale in June 1991 of Andal's business of manufacturing stainless steel and high nickel alloy tubing. After elimination of the business that was sold, pro forma revenues and net loss for the six months ended March 31, 1991, would have been $11,867,000 and $2,417,000, respectively.
 Andal, through its Multi-Arc Scientific Coatings Division (Multi- Arc), is engaged in surface enhancement as a leading provider of thin-film metal coating services and systems. Multi-Arc's operating income improved for the first six months of fiscal 1992 over the prior year, despite a decline in revenues, as a result of extensive cost reductions in its coating services business.
 Andal owns a 21 percent interest in Steve's Homemade Ice Cream, Inc., a seller, franchiser, and distributor of premium and super- premium ice cream and frozen yogurt. Andal also owns a 25 percent interest in Olsher Metals Corporation. Olsher Metals and its subsidiaries are engaged in niche areas of the carbon steel industry, including the operation of a facility which processes primary and secondary grades of tin plate.


ANDAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited and in thousands of dollars, except per share amounts)
 Three Months Ended Six Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Operating Revenues $ 5,356 $13,449 $10,301 $25,025
 Operating Costs and
 Expenses:
 Cost of Revenues 2,458 9,458 4,922 17,908
 Depreciation expense 584 884 1,173 1,696
 Selling, general and
 administrative
 expenses 2,154 3,059 4,444 5,964
 Total 5,196 13,401 10,539 25,568
 Income (loss) from
 operation 160 48 (238) (543)
 Other income (expense):
 Investment income, net 48 70 93 216
 Interest expense (539) (881) (1,104) (1,819)
 Amortization of goodwill - (123) - (246)
 Total (491) (934) (1,011) (1,849)
 Equity in net income (loss)
 of Steve's Homemade Ice
 Cream, Inc. 32 (50) 32 (200)
 Equity in net (loss)
 income of Olsher
 Metals Corporation (52) - (261) -
 Income (loss) before
 income taxes (351) (936) (1,478) (2,592)
 Provision for income
 taxes (5) (5) (10) (28)
 Net income (loss) ($356) ($941) ($1,488) ($2,620)
 Net income (loss)
 per common share ($0.05) ($0.14) ($0.23) ($0.40)
 Average number of common
 shares outstanding(000) 6,586 6,586 6,586 6,586
 -0- 5/14/92
 /CONTACT: Michael S. Huber of Andal, 212-688-4440/
 (ADL) CO: Andal Corporation ST: New York IN: MNG SU:


IH -- NY032 -- 0135 05/14/92 10:45 EDT
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Date:May 14, 1992
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