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PAGEAMERICA GROUP REPORTS THIRD QUARTER RESULTS

 PAGEAMERICA GROUP REPORTS THIRD QUARTER RESULTS
 HACKENSACK, N.J., Feb. 26 /PRNewswire/ -- PageAmerica Group, Inc.


announced the results for its third quarter which ended Dec. 31, 1991.
 Revenues increased 18 percent over the same period a year ago to $8,559,000 from $7,263,200. Operating cash flow (operating profit before depreciation and amortization) increased by 9 percent, $2,699,000 compared with $2,479,900 in the prior year. The net loss increased to $1,974,300 or $.68 per common share from $633,000 or $.33 per common share.
 For the nine months ended Dec. 31, 1991, revenues totaled $25,209,100, an increase of 41 percent over the previous year's $17,815,700. Operating cash flow increased by 37 percent, $7,963,700 compared with $5,805,400 for the prior year. Net loss for the nine months was $4,106,600 or $1.54 per share, compared to a net loss of $2,641,700 or $1.08 per share reported in the corresponding period last year. The net loss for the nine-month period, which was anticipated, is due primarily to the interest costs and non-cash charges for depreciation and amortization associated with the acquisition of NYNEX Paging Company in July of 1990.
 Beginning in September 1991, the company lacked sufficient capital to finance its continued growth as it had reached the borrowing limit of its banking credit facility. As a result, PageAmerica sought additional funding and by Feb. 14, 1992, had received $4.85 million from sales of preferred stock. With the proceeds from these transaction and the cash generated by operations, PageAmerica is once again in position to grow.
 PageAmerica Group, Inc. provides radio paging services over its own networks in the New York and Chicago metropolitan markets. The company is the third largest provider of paging services in the New York market and the second in the Chicago market. It is the eighth largest provider in the United States. As of Dec. 31, 1991, the company had a subscriber base of over 223,000. Among the various wireless communications services, paging is recognized as offering the lowest cost and the greatest portability while being the most unobtrusive.
 PAGEAMERICA GROUP, INC. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (Unaudited)
 Periods ended Three months Nine months
 Dec. 31 1991 1990 1991 1990
 Operating revenue $8,559,000 $7,263,200 $25,209,100 $17,815,700
 Operating expense 5,860,000 4,783,300 17,245,000 12,010,300
 Operating cash
 flow(A) 2,699,000 2,479,900 7,963,700 5,805,400
 Depreciation and
 amortization 2,546,300 1,484,900 6,065,400 4,014,400
 Operating profit 152,700 995,000 1,898,300 1,791,000
 Other expense, net (2,127,000) (1,628,000) (6,004,900) (4,432,700)
 Net loss (1,974,300) (633,000) (4,106,600) (2,641,700)
 Undeclared or accrued
 dividends on preferred
 stock (499,100) (438,900) (1,449,600) (868,300)
 Net loss applicable to
 common stock (2,473,400) (1,071,900) (5,556,200) (3,510,000)
 Loss per common share $(0.68) $(0.33) $(1.54) $(1.08)
 Average number of
 shares outstanding 3,653,874 3,281,168 3,608,774 3,247,953
 Consolidated Balance Sheet
 (Unaudited)
 12/31/91 3/31/91(A)
 Current assets $5,018,400 $4,297,000
 Equipment, net 18,412,100 17,500,900
 Other assets 44,192,800 43,984,300
 Total assets 67,623,300 65,782,200
 Current liabilities 15,013,900 11,589,300
 Long-term debt 58,498,800 55,496,400
 Series A preferred stock,
 including deferred dividends 10,798,900 10,325,400
 Stockholders' equity (deficit) (16,688,300) (11,628,900)
 Total liabilities and stockholders'
 equity (deficit) 67,623,300 65,782,200
 (A) -- Operating profit before depreciation and amortization.
 (B) -- The balance sheet at March 31, 1991, has been derived from the audited financial statements at that date.
 -0- 2/26/92
 /CONTACT: Steven L. Sinn, president of PageAmerica Group, 201-342-6676/
 (PGG) CO: PageAmerica Group, Inc. ST: New Jersey IN: TLS SU: ERN


CK-OS -- NY040 -- 2782 02/26/92 12:03 EST
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