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ADAGE REPORTS 45 PERCENT INCREASE IN INCOME FROM CONTINUING OPERATIONS AND 17 PERCENT INCREASE IN SALES IN FIRST QUARTER ENDED MARCH 31, 1992

ADAGE REPORTS 45 PERCENT INCREASE IN INCOME FROM CONTINUING OPERATIONS AND 17 PERCENT INCREASE IN SALES IN FIRST QUARTER ENDED MARCH 31, 1992
 WEST CHESTER, Pa., May 5 /PRNewswire/ -- Adage, Inc. (NASDAQ: ADGE), a producer of recycled paperboard, cold drawn steel and electronic equipment and systems, today reported a 45 percent increase in income from continuing operations on a 17 percent increase in sales in the first quarter ended March 31, 1992.
 Robert H. Cahill, president, said, "We are pleased to see the current year get off to the good start we had previously forecast. This strengthens our conviction that 1992 will produce excellent results for Adage."
 Sales in the first quarter of 1992 were $23,585,000 compared with $20,139,000 in the first quarter of 1991. Income from continuing operations in the current quarter was $505,000, or $0.11 per share on 4,797,990 weighted average shares outstanding, compared with $348,000, or $0.10 per share on 3,440,138 weighted average shares outstanding, in last year's first quarter. After gain on disposal of a discontinued subsidiary, final net in last year's first quarter was $576,000, or $0.17 per share.
 Cahill attributed the increased earnings to "higher sales and to a substantial reduction in expenses following across-the-board restructuring in the second half of last year. Gross margins increased to 22.5 percent in the first quarter compared with 19.8 percent in the same period last year. Selling, general and administrative expense decreased 18 percent before including SG&A from the RELM Communications subsidiary which was merged into Adage on Jan. 24, 1992. Total SG&A expenses were reduced to 15.9 percent from 16.8 percent in 1991. In addition, the results reflect improvement at the Allister electronic access controls subsidiary as well as net income from RELM."
 Adage, Inc., through its operating subsidiaries, produces recycled paperboard and cartons, cold drawn steel and electronic access control products and systems. The RELM Communications subsidiary is a producer of land mobile two-way radios and demand side management systems which enable electric utilities to better manage electricity consumption.
 ADAGE, INC.
 Condensed Consolidated Statements of Income
 (In thousands, omitted except per share and average share figures)
 (Unaudited)
 Three months ended March 31 1992 1991
 Sales $23,585 $20,139
 Income from continuing operations 505 348
 Gain on disposal of discontinued subsidiary -- 228
 Net income $ 505 $ 576
 Earnings per common share:
 Continuing operations $.11 $.10
 Discontinued operations -- .07
 Net earnings per share $.11 $.17
 Weighted average common shares outstanding 4,797,990 3,440,138
 -0- 5/5/92
 /CONTACT: Robert H. Cahill, president, or Robert T. Holland, CFO of Adage, 215-430-3900/
 (ADGE) CO: Adage, Inc. ST: Pennsylvania IN: SU: ERN


GK-OS -- NY028 -- 6461 05/05/92 10:37 EDT
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Publication:PR Newswire
Date:May 5, 1992
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