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GREAT AMERICAN ANNOUNCES AUDITED RESULTS OF OPERATIONS FOR FISCAL 1992

GREAT AMERICAN ANNOUNCES AUDITED RESULTS OF OPERATIONS FOR FISCAL 1992
 CHICAGO, Nov. 4 /PRNewswire/ -- Great American Management and Investment, Inc. (NASDAQ: GAMI), today reported the audited results of its operations for the fiscal year ended July 31, 1992. A summary of those results and the results for the year ended July 31, 1991, is as follows:
 GREAT AMERICAN MANAGEMENT AND INVESTMENT, INC.
 (Amounts in thousands except per share amounts)
 Year ended July 31: 1992 1991
 (Restated)
 Net sales and revenues
 Manufacturing $15,599 $13,954
 Financial services 15,995 21,980
 Total 31,594 35,934
 Operating expenses 36,583 37,121
 Operating income (4,989) (1,187)
 Equity in net earnings of The Vigoro Corp. 19,563 22,001
 Equity in net earnings of The Commodore Corp. 1,646 1,401
 Income from continuing operations before
 interest expense and income taxes 16,220 22,215
 Interest expenses, net 6,622 14,397
 Income from operations before income taxes 9,598 7,818
 Income tax provision on continuing operations 389 294
 Income from continuing operations 9,209 7,524
 Income from discontinued operations,
 net of tax 32,864 31,593
 Net income 42,073 39,117
 Dividends on subsidiary preferred stock 2,582 1,414
 Net income to common shareholders $39,491 $37,703
 Weighted average common and common
 equivalent shares outstanding 11,079 11,096
 Earnings (loss) per common share
 Continuing operations $ .59 $ .55
 Discontinued operations 2.97 2.85
 Total $ 3.56 $ 3.40
 Fiscal 1991 results have been restated to reflect the operations of Eagle Industries, Inc. as discontinued operations due to the proposed spin-off of Eagle to Great American stockholders. Though the spin-off has been delayed, it is still the company's intention to complete the distribution in the future.
 Due to a guarantee by the company to pay the redemption price or liquidating preference on preferred stock of one of its subsidiaries, the company has recorded the subsidiary's preferred stock as if it were preferred stock of the company.
 -0- 11/4/92
 /CONTACT: Susan Obuchowski of Equity Group, 312-466-4010, for Great American Management and Investment, Inc./
 (GAMI) CO: Great American Management and Investment, Inc. ST: Illinois IN: CNO SU: ERN


TS -- NY032 -- 2446 11/04/92 11:35 EST
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Date:Nov 4, 1992
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