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GREAT AMERICAN ANNOUNCES RESULTS OF OPERATIONS FOR QUARTER ENDED OCT. 31, 1991

          GREAT AMERICAN ANNOUNCES RESULTS OF OPERATIONS
                   FOR QUARTER ENDED OCT. 31, 1991
    CHICAGO, Dec. 16 /PRNewswire/ -- Great American Management and Investment, Inc. (NASDAQ: GAMI) today reported the unaudited results of its operations for the quarter ended Oct. 31, 1991.  A summary of those results and the results for the quarter ended Oct. 31, 1990, is as follows (amounts in millions except per share amounts):
                         GREAT AMERICAN
    Three months ended                     Year
      Oct. 31                           1991     1990
                                              (restated)
    Net sales and revenues             $342.5      $356.7
    Operating expenses                 (320.4)     (328.0)
    Operating income                     22.1        28.7
     Equity in net (loss) of the
     Vigoro Corp.                         (.2)        (.3)
    Income from continuing
     operations before interest
     expense and income taxes           $21.9       $28.4
    Interest expense, net               (19.3)      (23.3)
    Income from continuing
     operations before income taxes       2.6         5.1
    Income taxes on continuing
     operations                           1.2         2.5
    Income from continuing operations     1.4         2.6
    Discontinued operations:
    Income (loss) from discontinued
     operations, net of tax                --        (1.0)
    Gain on disposal of discontinued
     businesses, net of tax of
     $35.6 million                         --        26.9
    Income before cumulative effect
     of change in accounting principle    1.4        28.5
    Cumulative effect of change in
     accounting principle, less
     allocable income tax provisions
     of $7.3 million                     16.9          --
    Net Income                          $18.3       $28.5
    Weighted average common and common
     equivalent shares outstanding       11.1        11.1
    Earnings per common share:
     Continuing operations               $.13        $.24
    Discontinued operations                --        2.33
     Cumulative effecting of
     accounting change                   1.52          --
    Total                               $1.65       $2.57
    The cumulative effect of a change in accounting principles less applicable tax provision recognized in the quarter ended Oct. 31, 1991, is the result of the company adopting the provisions of SFAS No. 106 by adjusting its postretirement benefits liability recognized in the consolidated financial statements as of Aug. 1, 1991, to the discounted present value of expected future benefits attributed to employees' service rendered prior to Aug. 1, 1991.
    Results for the quarter ended Oct. 31, 1990, have been restated for discontinued operations.
    The company held its annual shareholders' meeting on Dec. 12, 1991. At that meeting, the shareholders re-elected Bradbury Dyer III, David A. Gardner, John J. Hagenbuch, William K. Hall, F. Philip Handy, F. Warren Hellman, Donald W. Phillips, Sheli Z. Rosenberg, Joseph P. Sullivan and Samuel Zell as directors of the company.  Proxies for over 89 percent of the shareholders were voted at the meeting.
    -0-          12/16/91
    /CONTACT:  Susan Obuchowski, 312-466-4010, for Great American Management and Investment/
    (GAMI) CO:  Great American Management and Investment, Inc. ST:  Illinois IN:  FIN SU:  ERN SM -- NY082 -- 2677 12/16/91 16:54 EST
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Publication:PR Newswire
Date:Dec 16, 1991
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