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GUARDSMAN PRODUCTS, INC. ANNOUNCES SECOND-QUARTER RESULTS

 GUARDSMAN PRODUCTS, INC. ANNOUNCES SECOND-QUARTER RESULTS
 GRAND RAPIDS, Mich., July 16 /PRNewswire/ -- Guardsman Products, Inc. (NYSE: GPI) today announced net income and sales for the quarter and six months ended June 30, 1992.
 For the second quarter, income from continuing operations amounted to $747,000 or $.10 per share on net sales of $39,446,000. This compares to income from continuing operations of $476,000 or $.06 per share on net sales of $35,771,000 for the second quarter of the prior year. Income from continuing operations for the six months ended June 30, 1992, was $1,089,000 or $.15 per share on net sales of $75,767,000, compared to income from continuing operations of $668,000 or $.09 per share on net sales of $69,667,000 for the first six months of the prior year.
 Consolidated net income for the second quarter of 1991 amounted to $1,791,000 or $.24 per share and $1,916,000 or $.26 per share for the six months ended June 30, 1991. The 1991 results included a gain on the sale and a loss from operations of the company's discontinued operations amounting to an additional $.18 per share in the second quarter and $.17 per share for the six months ended June 30, 1991.
 Charles E. Bennett, president and chief operating officer, stated that, "Our Consumer Products Group continued to show steady improvement in both sales and earnings during the second quarter. While our core coatings business also experienced growth in sales and earnings, the resin portion of the Coatings Group experienced losses which offset this improvement. This quarter's results represent an improvement over both the comparable quarter of 1991 and the first quarter of 1992 and can be attributed to the steady increase in our volumes. We expect that with steady economic growth during the balance of the year, our results will continue to improve."
 GUARDSMAN PRODUCTS, INC.
 Quarter Ended June 30 1992 1991
 Sales - continuing operations $39,446,000 $35,771,000
 Income (Loss)
 Continuing operations $747,000 $476,000
 Discontinued operations --- (298,000)
 Gain on sale of discontinued operations --- 1,613,000
 Net income $747,000 $1,791,000
 Income (Loss) Per Share(a)
 Continuing operations $.10 $.06
 Discontinued operations --- (.04)
 Gain on sale of discontinued operations --- .22
 Net income $.10 $.24
 Six Months Ended June 30
 Sales - continuing operations $75,767,000 $69,667,000
 Income (Loss)
 Continuing operations $1,089,000 $668,000
 Discontinued operations --- (365,000)
 Gain on sale of discontinued operations --- 1,613,000
 Net income $1,089,000 $1,916,000
 Income (Loss) Per Share(a)
 Continuing operations $.15 $.09
 Discontinued operations --- (.05)
 Gain on sale of discontinued operations --- .22
 Net income $.15 $.26
 (a) -- Based on 7,430,164 and 7,421,823 weighted average shares outstanding for the quarter and six months ended June 30, 1992, respectively, and 7,368,764 and 7,358,786 weighted average shares outstanding for the respective 1991 periods.
 Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products.
 -0- 7/16/92
 /CONTACT: Edward D. Corlett of Guardsman Products, 616-957-2600/
 (GPI) CO: Guardsman Products, Inc. ST: Michigan IN: SU: ERN


ML-KR -- DE031 -- 9984 07/16/92 16:57 EDT
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Date:Jul 16, 1992
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