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GROW GROUP, INC. ANNOUNCES RECORD FIRST QUARTER NET INCOME; AGREEMENT IN PRINCIPLE TO ACQUIRE COMPANY IN THE NETHERLANDS

 NEW YORK, Oct. 22 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that net income rose 39.1 percent to $4,099,000 or $.25 per primary share (16,093,000 primary shares) on revenues from continuing operations of $103,928,000 as compared to the prior year's first quarter results of $2,946,000 or $.22 per primary share (13,060,000 primary shares) on revenues from continuing operations of $96,813,000. Grow adopted Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes," in this quarter. The effect of adoption was not material.
 Commenting on the results, Russell Banks, president and chief executive officer of Grow Group, stated, "The record results achieved in the first quarter were right on plan. The strong performance of our architectural coatings operations and the diverse strength of our Consumer and Professional Products Group overcame the lower earnings from our marine and industrial coatings and automotive divisions. Reduced interest expense related to the repayment and conversion of debt in fiscal 1993 was the primary contributor the increase in earnings."
 Grow also announced an agreement in principle to acquire the stock of Baril Coatings BV, a small industrial coatings company located in The Netherlands.
 Mr. Banks commented, "Baril's modern facility and acreage for expansion will enable our Devoe Coatings operation in Delft to sell its existing facility and consolidate production at the Baril location."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 GROW GROUP, INC.
 Summary Of Results Of Operations
 (In thousands, except per share data)
 For the Quarter Ended Sept. 30, 1993 1992
 Revenues $103,928 $96,813
 Income from Continuing Operations 4,099 3,173(A)
 Discontinued Operations -- 122
 Extraordinary Item -- (349)
 Net Income 4,099 2,946
 Per Share (primary)
 Income from Continuing Operations $0.25 $0.23
 Discontinued Operations -- .01
 Extraordinary Item -- (.02)
 Net Income 0.25 0.22
 Average Shares Outstanding (primary) 16,093 13,060
 (A) Includes unusual items (after tax) gain of $150,000 ($.01 per share).
 -0- 10/22/93
 /CONTACT: Jennifer R. Wall or Peter C. Harkins of D.F. King & Co., 212-269-5550/
 (GRO)


CO: Grow Group, Inc. ST: New York IN: CHM SU: ERN

PS-SH -- NY013 -- 5598 10/22/93 09:06 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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