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AGP & COMPANY INC. ANNOUNCES RECORD SIX MONTHS $.22 PER SHARE PROFIT AND COMPLETION OF $700,000 PRIVATE FINANCING

 NEW YORK, Aug. 18 /PRNewswire/ -- AGP & Co. Inc. (NASDAQ: AGPC) today announced revenues of $4,856,859 and net income of $395,347 or $.22 per share for the six months ended June 30, 1993. These figures can be compared to the corresponding figures for 1992 of $5,469,163, $234,741 and $.13 per share. In addition the company announced that it has completed a $700,000 private equity financing in the form of $1.50 units consisting of one common share and one three-year warrant exercising at $3.00 per share. The proceeds of this financing are to be used as working capital for the company's future acquisition plans.
 Steven W. Bingaman, president and chief executive officer, stated, "Our pretax net income of $.28 per share is slightly lower than our April projection of $.32 per share which did not account for our having to report income tax expense on our financial statements in conformance with FASB 109. If present trends continue and current order backlogs are sustained in both the investment banking and consumer products business the company should achieve at least similar sales and net income for the remainder of 1993."
 AGP & COMPANY INC.
 Consolidated Statement of Operations
 Six months ended June 30, 1993 1992
 Fee income $1,954,463 $1,152,874
 Product income 2,902,396 4,316,289
 Total revenues 4,856,859 5,469,163
 Cost of goods sold 2,134,554 2,774,241
 Operating expenses:
 Fee 776,720 715,403
 Product 1,033,762 1,302,896
 Depreciation & amort., net of amounts
 allocated to cost of goods sold 110,248 85,636
 Operating income 801,575 590,987
 Interest expense 311,750 221,906
 Other income 37,332 12,171
 Inc. bef. provisions for inc. taxes 527,147 381,252
 Provision for inc. taxes 131,800 146,511
 Net income 395,347 234,741
 Net income per common & common
 equivalent share $.22 $.13
 Weighted average common and common
 equivalent shares outstanding 1,918,696 1,860,186
 -0- 8/18/93
 /CONTACT: Steven M. Frenkel of Steven M. Frenkel Associates, Inc., 800-827-4763, or FAX 201-947-1845/
 (AGPC)


CO: AGP & Co. Inc. ST: New York IN: SU: ERN

DH-SH -- NY007 -- 3787 08/18/93 09:16 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
Words:375
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