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GRAPHIC INDUSTRIES EARNINGS UP 61.5 PERCENT FOR THIRD QUARTER AND UP 93.7 PERCENT FOR NINE MONTHS

 ATLANTA, Nov. 17 /PRNewswire/ -- Graphic Industries, Inc. (NASDAQ: GRPH), a leading full service printing and graphic communications company, today reported higher sales and earnings for the third quarter and first nine months of the fiscal year.
 Sales for the quarter ended Oct. 31 increased 5.6 percent to $84,033,000 compared with $79,580,000 last year. Net income rose 61.5 percent to $1,611,000 or $.16 per share of common stock fully diluted against $997,000 or $.10 per share for the third quarter last year as restated to reflect the company's adoption of SFAS No. 109, "Accounting for Income Taxes." The company elected to adopt the new standard effective Feb. 1, 1990, and to restate subsequent years.
 For the first nine months of the year, sales advanced 7.3 percent to $251,586,000 compared with $234,497,000 last year. Net income for the nine months this year increased 93.7 percent to $4,389,000 compared with the restated earnings of $2,266,000 for the corresponding period last year.
 Earnings per share of common stock fully diluted were $.44 for the first nine months of this fiscal year compared with the restated $.23 per share for the corresponding period last year.
 The restatement reflecting the accounting change reduced last year's third quarter net income from $1,078,000 or $.11 per share and the FY93 nine-month net income from $2,507,000 or $.26 per share.
 "We are continuing our program of steady growth through strategic networking and innovative marketing," said Mark C. Pope III, chairman and chief executive officer. "With the commercial printing market gaining strength, we anticipate further progress in the fourth quarter and a good year for Graphic in fiscal 1994."
 The Graphic operating companies include IPD Printing & Distributing, Inc., Williams Printing Company, Stein Printing Company, Atlanta Blue Print Co., Prizma Photographics, Executive Courier, Inc., and Northside Blueprint, all based in Atlanta; Edwards and Broughton Company, Raleigh, N.C.; Craftsman Printing Co., Charlotte, N.C.; A&E Reprographics, Jacksonville, Fla.; W.E. Andrews Co., Inc., Boston; W.E. Andrews Co. of Connecticut, Hartford, Conn.; Central Press of Miami; Wetmore & Company, Houston; Heritage Press, Inc., Dallas; Graphic Direct, Detroit and Chicago; State Printing Company and Carolina Reprographics, both of Columbia, S.C.; Spartan Blueprinters, Spartanburg, S.C.; Atlantic Reprographics, Myrtle Beach, S.C.; Piedmont Printmakers, Greenville, S.C.; Arco Blueprinters, Asheville, N.C.; Macon Blue Print, Macon, Ga.; Baum Printing, Inc., Philadelphia; Hoechstetter Printing Company, Inc., Pittsburgh; Mercury Printing Company, Inc., Memphis, Tenn.; and Monroe Litho Inc., Rochester, N.Y.
 -0- 11/17/93
 /CONTACT: Donald P. Hunnicutt of Graphic Industries, 404-874-3327/
 (GRPH)


CO: Graphic Industries, Inc. ST: Georgia IN: SU: ERN

BR-BN -- AT003 -- 5346 11/17/93 09:57 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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