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FIRST CONNECTICUT CAPITAL CORP. REPORTS SIX MONTH LOSS

 BRIDGEPORT, Conn., Nov. 17 /PRNewswire/ -- The First Connecticut Capital Corporation at its annual meeting today reported a loss of $943,000 or 80 cents a share for the six months ended Sept. 30, 1993, compared to a loss on an adjusted basis of $1,101,000 or 94 cents a share for the same period last year.
 The company also told stockholders, as previously announced, it has entered into an agreement with Gruntal Financial Corporation to sell a substantial portion of its assets subject to many conditions. If this transaction is completed, the company said, it would permit First Connecticut to service the existing portfolio as well as to re-enter the field of lending and servicing of real estate matters. "This would significantly change the direction and prospectively the profitability of the company," stockholders were told.
 THE FIRST CONNECTICUT CAPITAL CORPORATION
 OPERATING RESULTS
 (Unaudited)
 For the Six Months Ended Sept. 30,
 1993 1992
 Interest & fee income $1,243,000 $1,981,000
 Net loss before income
 tax benefit 1,236,000 3,445,000
 Decrease in unrealized
 depreciation on
 investments N/A 1,973,000
 Income tax benefit 293,000 371,000
 Net loss 943,000 1,101,000
 Loss per common share .80 .94
 Book value per share 6.19 9.19
 Note: As a result of the company recently being exempted from The Investment Company Act of 1940, several accounting principles have been changed. Investments are no longer carried at fair value. Loans, assets acquired and notes receivable are carried at historical cost reduced by an allowance for investment losses. Equity investments are either consolidated or reflected on the equity or cost method.
 -0- 11/17/93
 /CONTACT: David Engelson of The First Connecticut Capital Corporation, 203-366-4726/


CO: The First Connecticut Capital Corporation ST: Connecticut IN: FIN SU: ERN

JG-PS -- NY035 -- 5397 11/17/93 10:48 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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