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GUARDSMAN PRODUCTS, INC. ANNOUNCES FOURTH-QUARTER RESULTS

 GUARDSMAN PRODUCTS, INC. ANNOUNCES FOURTH-QUARTER RESULTS
 GRAND RAPIDS, Mich., Jan. 27 /PRNewswire/ -- Guardsman Products, Inc. (NYSE: GPI) today announced that income from continuing operations amounted to $.10 per share for the quarter ended Dec. 31, 1991, compared to a loss from continuing operations of $.08 per share in the same quarter of 1990. Sales for the fourth quarter were $34,680,000 in 1991 and $32,754,000 in 1990. Consolidated net income amounted to $.10 per share in the fourth quarter of 1991 compared to a net loss of $.16 per share in the prior year.
 For the full year, Guardsman reported income from continuing operations of $.13 per share in 1991 and $.38 per share in 1990. Sales for 1991 were $140,927,000 compared to $139,053,000 in 1990. Guardsman incurred a consolidated net loss of $.04 per share in 1991 compared to net income of $.25 per share in 1990.
 Charles E. Bennett, president and chief operating officer, stated that, "While 1991 was a disappointing year for us, our fourth-quarter results represented an improvement over recent periods and a substantial improvement over the fourth quarter of 1990. Continuing weak demand for our coatings from durable goods manufacturers was offset by strong improvement in our Consumer Products Group. We expect our results to improve in 1992 and as economic conditions rebound, we expect to approach pre-recessionary levels in growth and earnings."
 GUARDSMAN PRODUCTS, INC.
 Quarter ended Dec. 31 1991 1990
 Sales - continuing operations $34,680,000 $32,754,000
 Income (loss)
 Continuing operations $724,000 ($585,000)
 Discontinued operations --- (576,000)
 Net income (loss) $724,000 ($1,161,000)
 Income (loss) per share
 Continuing operations $.10 ($.08)
 Discontinued operations --- (.08)
 Net income (loss) $.10 ($.16)
 Average shares outstanding 7,387,192 7,323,453
 Year ended Dec. 31 1991 1990
 Sales - continuing operations $140,927,000 $139,053,000
 Income (loss)
 Continuing operations $956,000 $2,766,000
 Discontinued operations (805,000) (959,000)
 Provisions for loss on disposal
 of discontinued operations (441,000) ---
 Net income (loss) ($290,000) $1,807,000
 Income (loss) per share
 Continuing operations $.13 $.38
 Discontinued operations (.11) (.13)
 Provisions for loss on disposal
 of discontinued operations (.06) ---
 Net income (loss) ($.04) $.25
 Average shares outstanding 7,370,900 7,301,717
 Guardsman Products, Inc. is a diversified producer of custom industrial coatings and consumer products.
 -0- 1/27/92
 /CONTACT: Edward D. Corlett, vice president/chief financial officer, Guardsman Products, Inc., 616-957-2600/
 (GPI) CO: Guardsman Products, Inc. ST: Michigan IN: SU: ERN


JG-ML -- DE021 -- 3867 01/27/92 15:32 EST
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Date:Jan 27, 1992
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