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BRAND REPORTS RESULTS FOR 1992 AND THE FOURTH QUARTER

 WESTCHESTER, Ill., Feb. 2 /PRNewswire/ -- The Brand Companies, Inc. (NASDAQ: BRAN) today reported revenues of $440.0 million for 1992 compared with $408.8 million for 1991. Revenues for the fourth quarter of 1992 were $118.1 compared with $110.2 million for the fourth quarter of 1991.
 Net income for 1992 totaled $3.1 million (reflecting charges of $21.5 million described below), or $.13 per share, compared with $20.6 million, or $.93 per share, for 1991. For the quarter ended Dec. 31, 1992, the company recorded a net loss of $12.9 million or $.57 per share compared with net income of $5.4 million or $.24 per share for the corresponding period in 1991.
 Results for the fourth quarter of 1992 and for the full year reflect a charge of approximately $19,200,000 on an after-tax basis ($.85 per share) reflecting a write-down of the company's investment in its asbestos abatement business, restructuring costs related to the formation of Rust International Inc. ("Rust") and certain special operating charges. Also, as previously announced, included in the full year results were costs of $2,300,000 on an after-tax basis ($.10 per share) which were incurred in the third quarter in connection with reorganizing the company's asbestos abatement business and closing certain offices used in that business.
 As previously announced, Brand has signed a definitive agreement pursuant to which the company agreed to be merged into a wholly owned subsidiary of Rust. Brand became a majority owned subsidiary of Rust on Jan. 1, 1993. The merger of Brand, which is subject to approval by the holders of a majority of its outstanding shares, is expected to be completed during the second quarter of 1993. Rust has agreed to vote its Brand shares in favor of approval of the merger.
 In December 1992, Brand announced that it signed an agreement in principle with NSC Corporation "NSC" to acquire newly issued shares of NSC common stock equivalent to a 41 percent ownership interest in NSC, as well as NSC's interest in two industrial services businesses, in exchange for Brand's asbestos abatement business. The proposed transaction with NSC is expected to be closed by the end of the first quarter of 1993.
 THE BRAND COMPANIES, INC.
 Consolidated Statements of Income
 (Dollars in thousands except per share data)
 Period ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Revenue $118,083 $110,169 $439,953 $408,818
 Costs & Expenses:
 Cost of Operations $110,926 $ 86,054 $354,034 $315,994
 SG&A 25,215 15,122 76,061 56,905
 Interest expense 1,451 962 5,264 3,229
 Interest income (600) (244) (2,352) (244)
 Sundry expense
 (income), net 2,206 (622) 1,962 (969)
 Income (loss) before
 income taxes $(21,115) $ 8,897 $ 4,984 $ 33,903
 Provision (benefit) for
 income taxes (8,192) 3,453 1,934 13,350
 Net income (loss) $(12,923) $ 5,444 $ 3,050 $ 20,553
 Average shares and equivalent
 shares outstanding 22,495 23,078 22,772 22,218
 Earnings per com. and
 com. equivalent share $ (.57) $ .24 $ .13 $ .93
 -0- 02/02/93
 /CONTACT: Harold W. Ingalls of The Brand Companies, 708-947-3502/
 (BRAN)


CO: The Brand Companies, Inc. ST: Illinois IN: SU: ERN

AH -- NY017 -- 1800 02/02/93 11:10 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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