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THE COLONIAL GROUP, INC. RELEASES EARNINGS

 BOSTON, Oct. 14 /PRNewswire/ -- The Colonial Group, Inc. (NASDAQ: COGRA) announced today earnings and revenues for the third quarter of 1993.
 Third Quarter Results
 Net income. For the three months ended Sept. 30, 1993, net income totaled $5.3 million. This represents an increase of $1.3 million or 32 percent compared to $4.0 million earned for the same period last year.
 Revenues. Revenues were $39.6 million for the third quarter of 1993. This represents an increase of $12.8 million or 48 percent compared to revenues of $26.8 million for the same period last year.
 Net income per share. Net income per share was 69 cents for the third quarter this year vs. 55 cents for the same period last year, an increase of 25 percent.
 Chairman and Chief Executive Officer, John A. McNeice, Jr., made these comments:
 Our earnings growth reflects the continued strong sales momentum.
 THE COLONIAL GROUP, INC.
 SUMMARY OF RESULTS OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $39,632 $26,754 $108,381 $75,903
 Operating expenses 29,629 20,285 81,212 58,679
 Operating income 10,003 6,469 27,169 17,224
 Net interest income
 (expense) (1,358) 240 (2,885) 1,001
 Income before provision
 for income taxes and
 cumulative effect of an
 accounting change 8,645 6,709 24,284 18,225
 Provision for income
 taxes 3,395 2,682 9,669 7,257
 Income before cumulative
 effect of an accounting
 change 5,250 4,027 14,615 10,968
 Cumulative effect of a
 change in accounting
 principle for income
 taxes --- --- 72 ---
 Net income $5,250 $4,027 $14,687 $10,968
 Net income per share 69 cents 55 cents $1.95 $1.45
 -0- 10/14/93
 /CONTACT: Davey S. Scoon of The Colonial Group, 617-426-3750/
 (COGRA)


CO: The Colonial Group, Inc. ST: Massachusetts IN: FIN SU: ERN

DJ-CM -- NE009 -- 2254 10/14/93 12:44 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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