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MAXIM GROUP CORRECTS PRIOR PERIOD RESULTS

 MARIETTA, Ga., Nov. 12 /PRNewswire/ -- The Maxim Group Inc. (NASDAQ-NMS: MAXM, MAXMW) today announced that the revenues and earnings for the three-month and six-month periods ended Sept. 30, 1992, as previously reported by the company on Nov. 8, 1993, have been adjusted by the company to record the effects in those periods of adjustments subsequently made to the company's financial statements prior to its going public. These adjustments had no effect on the company's fiscal 1994 results -- as previously announced, the company had record revenues of $1,910,242 and earnings of $410,566, or $.13 per share, for the three months ended Sept. 30, 1993. Six months results for the period ended Sept. 30, 1993, also remained unchanged. As previously reported, the company earned a record $767,224, or $.25 per share, on revenues of $3,622,676.
 As a consequence, previously reported revenues of $749,545 for the three months ended Sept. 30, 1992, have been restated to $857,930. Revenues for the three months ended Sept. 30, 1993, represented an increase of 123 percent over the restated prior year revenues. Previously reported earnings for the three months ended Sept. 30, 1992, of $144,715 have been restated to $241,065, or $.08 per share, rather than $.04 per share as previously reported. Earnings for the three months ended Sept. 30, 1993, represented an increase of 70 percent over the restated prior year earnings.
 For the six months ended Sept. 30, 1992, previously reported revenues of $1,677,863 have been restated to $1,582,156. Revenues for the six months ended Sept. 30, 1993, represented an increase of 129 percent from the restated prior year revenues. Previously reported earnings for the six months ended Sept. 30, 1992, of $342,783 have been restated to $455,541, or $.14 per share, rather than $.11 per share as previously reported. Earnings for the six months ended Sept. 30, 1993, represented an increase of 68 percent over the restated prior year earnings.
 Based in Marietta, The Maxim Group Inc. is a publicly traded full- service franchisor for retail floor coverings in North America. The company supplies specialty floor covering products directly from the manufacturer, merchandising programs including advertising/marketing, and consultation in general administration and human resource development to its members.
 -0- 11/12/93
 /CONTACT: Wayne Brown of Carl Thompson Associates Inc., 303-494-5472/
 (MAXM MAXMW)


CO: The Maxim Group Inc. ST: Georgia IN: HOU SU: ERN

JB-MF -- LA021 -- 3757 11/12/93 14:13 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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