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THE GNI GROUP REPORTS HISTORICALLY HIGH REVENUES AND NET INCOME

 THE GNI GROUP REPORTS HISTORICALLY HIGH REVENUES AND NET INCOME
 HOUSTON, April 21 /PRNewswire/ -- The GNI Group, Inc. (NASDAQ: GNUC), an integrated environmental services and chemical processing company, announced that revenues, net income and earnings per share reached historic highs in the third quarter ended March 31, 1992. Revenues were up 17 percent and net income was up 60 percent over the comparable quarter of 1991.
 For the three months ended March 31, 1992, revenues were $6,045,022 and net income was $332,401 or $0.07 per share compared to revenues of $5,150,662 and net income of $208,399 or $0.05 per share for the quarter the previous year. Earnings per share for the period this year were somewhat impacted by additional weighted average shares, which partially reflect the private placement of 600,000 shares of common stock on March 4, 1992.
 For the nine months ended March 31, 1992, revenues were $14,585,889 and net income was $424,405 or $0.09 per share versus revenues of $14,578,095 and net income of $224,556 or $0.05 per share for the comparable nine months of 1991.
 The company attributes the improved results to a substantial increase in deep well disposal volumes, the area of GNI's business that had been the most severely impacted by a soft economy. An improved and realigned marketing program was established to offset the softness of the market. The program has proved successful in adding new customers in a broader geographical market and in securing contracts for ongoing customer waste streams that have higher margins.
 Revenues during the third quarter this year also benefited from the sale of a significant volume of chemical products produced for GNI's own account. These products had been withheld from the market until a level of inventory was produced that could support ongoing sales contracts.
 The company expects its chemical processing facility's productivity to improve as the result of the installation of a second distillation column. The new column has enhanced GNI's capacity and ability to process more varied customer streams and additional chemicals for the company's own account. Since it became operational late in the third quarter, the column had no material effect on revenues, but its financial benefits should become evident in coming quarters.
 Carl V. Rush, Jr., president and chief executive officer, said: "We are pleased with the financial results achieved in the third quarter, hitting historic highs in a time of generally soft business conditions. We believe that our ongoing diligence in controlling costs and increasing productivity while capturing a larger share of the available market for each of GNI's businesses will result in continued improvements in the company's performance."
 THE GNI GROUP INCORPORATED
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended March 31: 1992 1991
 Net revenues $6,045,022 $5,150,662
 Operating income 777,020 599,707
 Income before tax 548,715 400,768
 Net income 332,401 208,399
 Net income per share $ .07 $ .05
 Weighted average shares 4,726,093 4,503,602
 Nine Months Ended March 31: 1992 1991
 Net revenues $14,585,889 $14,578,095
 Operating income 1,425,998 1,256,023
 Income before tax 707,342 431,839
 Net income 424,405 229,556
 Net income per share $ .09 $ .05
 Weighted average shares 4,530,723 4,542,885
 -0- 4/21/92
 /CONTACT: Titus H. Harris,III, executive vice president and CFO of GNI Group, 713-930-0350, or Pat L. Hoyt of Hoyt & Assoc., 713-665-2549, for GNI Group/
 (GNUC) CO: GNI Group Inc. ST: Texas IN: SU: ERN


TQ -- NY028 -- 0509 04/21/92 10:25 EDT
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Date:Apr 21, 1992
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