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ADAGE REPORTS RECORD SALES FOR SECOND QUARTER AND SIX MONTHS

ADAGE REPORTS RECORD SALES FOR SECOND QUARTER AND SIX MONTHS
 WEST CHESTER, Pa., Aug. 11 /PRNewswire/ -- Adage, Inc. (NASDAQ: ADGE), a diversified niche manufacturing company with operations in recycled paperboard, cold drawn steel and electronic equipment and systems, has reported record second quarter and six month sales and record first half profits keeping the company on track toward reaching its previously forecast goal of record full year profits, Robert H. Cahill, president and chief executive officer, announced today.
 For the second quarter ended June 30, 1992, sales increased 42 percent to $25,237,000 from $17,770,000 in the second quarter of 1991. Net income for the quarter was $506,000, or $.10 per share, on a weighted average of 5,258,290 shares outstanding. This compares with a net loss of $435,000, or $.13 per share, on a weighted average of 3,380,258 shares outstanding in the comparable 1991 three month period. Included in 1991's second quarter is a loss from discontinued operations of $356,000, or $.11 per share.
 Sales for the six months ended June 30, 1992 increased 29 percent to $48,822,000 compared with $37,814,000 in the first half of 1991. Net income for the first half of 1992 was a record $1,011,000, or $.20 per share, on weighted average shares outstanding of 5,028,140. This compares with net income of $141,000, or $.04 per share, on 3,410,198 weighted average shares outstanding in the first six months of 1991. Included in 1991's first half is a net loss from discontinued operations of $249,000, or $.07 per share.
 Cahill attributed the increase in sales in both the second quarter and six months primarily to the acquisition of RELM Communications, Inc. in January 1992.
 Cahill noted that "after a four month delay, the $60 million co- generation power plant which was built on our Fort Orange Paper Company subsidiary at zero cost to Adage, is now delivering low-cost steam to the Fort Orange paper mill. The $1 million annual savings in steam costs to Fort Orange will now begin to favorably impact our bottom line."
 ADAGE, INC.
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except per share data, unaudited)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 Sales $25,237 $17,770 $48,822 $37,814
 Income from cont. opers. 506 (79) 1,011 390
 Discontinued operations -- (356) -- (249)
 Net income (loss) 506 (435) 1,011 141
 Earnings (loss)
 Per common share:
 Continuing operations .10 (.02) .20 .11
 Discontinued operations -- (.11) -- (.07)
 Net earnings (loss)
 Per share .10 (.13) .20 .04
 Weighted average common
 shares outstanding 5,258,290 3,380,258 5,028,140 3,410,198
 -0- 8/11/92
 /CONTACT: Robert H. Cahill, president, or Robert T. Holland, CFO of Adage, 215-430-3900/
 (ADGE) CO: Adage, Inc. ST: Pennsylvania IN: SU: ERN


TS-LR -- NY024 -- 8879 08/11/92 10:26 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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