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FARMSTEAD TELEPHONE GROUP REPORTS RECORD SECOND QUARTER AND SIX MONTHS REVENUES AND NET INCOME

 FARMSTEAD TELEPHONE GROUP REPORTS RECORD SECOND QUARTER
 AND SIX MONTHS REVENUES AND NET INCOME
 EAST HARTFORD, Conn., Aug. 13 /PRNewswire/ -- Farmstead Telephone Group, Inc. (NASDAQ: FONEC), an authorized distributor and refurbisher of used AT&T business telephone equipment and systems, had a 59 percent increase in second quarter revenues in 1992 versus 1991 to a record $2 million. Net income in the current second quarter was $200,000 or $.02 per share, also a record, George J. Taylor, chairman and chief executive officer reported today.
 Revenues of $2,021,000 in the second quarter ended June 30, 1992 compare with $1,269,000 in the second quarter of 1991. Net income of $200,000, or $.02 per share, compares with a loss of $33,000 in the second quarter last year. Average common and common equivalent shares outstanding were 11,331,500 in the second quarter of 1992 and 9,605,296 in the year ago comparable period.
 Taylor said, "Farmstead's business also increased impressively in the current second quarter over the first quarter. Revenues and net income gained 54 percent and 344 percent respectively in the three months ended June 30, 1992 compared with the three months ended March 31, 1992. The outlook for the second half of 1992 is also very positive. As previously announced, we shipped our first order for used AT&T telephone parts to the Peoples Republic of China early in the third quarter and we anticipate substantial additional orders from China. With the continued progress in our domestic business, the results for the full year should also be at record levels."
 In the first half of 1992, revenues totaled $3,333,000, an increase of 19 percent from $2,799,000 in the first six months of 1991. Net income of $245,000, or $.02 per share, in this year's first half compares with net income of $5,000 in the same period last year.
 One of nine companies authorized to distribute selected AT&T refurbished telephone equipment, Farmstead Telephone Group serves the telecommunications needs of customers like Travelers Insurance, Colgate- Palmolive, United Technologies, CBS, Bear Stearns and Fleet Norstar Bank.
 FARMSTEAD TELEPHONE GROUP, INC.
 Consolidated Statements of Income (Loss)
 (Dollars in thousands except per share data, unaudited)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $2,021 $1,269 $3,333 $2,799
 Net income (loss) 200 (33) 245 5
 Per share data:
 Net income (loss) .02 -- .02 --
 Weighted average
 common and common
 equivalent shares
 outstanding 11,331,500 9,605,296 11,115,800 9,020,336
 -0- 8/13/92
 /CONTACT: George J. Taylor, Jr., chairman and CEO of Farmstead Telephone Group, 203-282-0010/
 (FONEC) CO: Farmstead Telephone Group, Inc. ST: Connecticut IN: TLS SU: ERN


SH-AH -- NY050 -- 9710 08/13/92 14:14 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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