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ADAGE REPORTS 48 PERCENT INCREASE IN 1991 FOURTH QUARTER

 ADAGE REPORTS 48 PERCENT INCREASE IN 1991 FOURTH QUARTER
 WEST CHESTER, Pa., March 10 /PRNewswire/ -- Adage, Inc. (NASDAQ: ADGE), a producer of recycled paperboard, cold drawn steel and electronic equipment and systems, today reported operating results for its fourth quarter and year ended Dec. 31, 1991.
 "The fourth quarter, with a 48 percent increase in pre-tax income from continuing operations over the prior year's fourth quarter, marks a strong continuation of the turnaround which began in the third quarter of 1991 and enables us to forecast additional improvements in the first quarter and full year of 1992," said Robert H. Cahill, Adage president.
 "Continued overall improvement in 1992 will result from the restructuring and cost reduction programs instituted in the first half of 1991 at major subsidiaries. In addition, the RELM Communications subsidiary, which was merged into Adage on Jan. 24, 1992, turned profitable in its second quarter ended Dec. 31, 1991 and will be contributing its continued earnings to Adage. Adage electronic products will benefit from RELM's state-of-the-art plant in Melbourne, Fla. which will commence the manufacture of certain components for the Allister Access Control subsidiary during the third quarter. Another positive factor this year will be the start-up of the co-generation facility at the Fort Orange paper mill which will cut the mill's steam costs in half," Cahill continued. "Sales declined slightly in the quarter and the year due to the discontinuance of certain unprofitable operations. Current run rate, on an annual basis, is $100 to $110 million compared with $75 million in 1991," Cahill said.
 Sales in the fourth quarter ended Dec. 31, 1991 were $18,664,000 compared with $20,193,000 in the fourth quarter of 1990. Net income from continuing operations was $387,000, or $.11 per share, compared with $367,000, or $.12 per share, in the fourth quarter of 1990. Final net was $328,000, or $.10 per share, compared with $183,000, or $.06 per share.
 For the year, sales in 1991 were $75,044,000 compared with $79,532,000 in 1990. Net income from continuing operations in 1991 was $1,021,000, or $.30 per share, compared with $2,199,000, or $.69 per share, in the prior year. Final net was $622,000, or $.18 per share, compared with $1,700,000, or $.53 per share.
 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 Financial Statement
 (Unaudited, $000s omitted, except per share data)
 Periods ended Three months Year
 Dec. 31: 1991 1990 1991 1990
 Sales $18,664 $20,193 $75,044 $79,532
 Cost of sales 15,213 16,047 60,750 64,491
 Net income before
 taxes from cont. opers. 585 394 1,756 2,350
 Net income from
 cont. opers. 387 367 1,021 2,199
 Net income 328 183 622 1,700
 Earnings per share
 Cont. opers. $.11 $.12 $.30 $.69
 Discont. opers. (.01) (.06) (.12) (.16)
 Net income $.10 $.06 $.18 $.53
 Weighted average
 common shares outstg. 3,384,466 3,152,340 3,379,848 3,208,201
 -0- 3/10/92
 /CONTACT: Robert H. Cahill, president, or Robert T. Holland, chief financial officer of Adage, 407-984-1414/
 (ADGE) CO: Adage, Inc. ST: Pennsylvania IN: SU: ERN


TS-OS -- NY023 -- 6783 03/10/92 10:21 EST
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Date:Mar 10, 1992
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