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ALLEN GROUP ANNOUNCES SECOND QUARTER EARNINGS

 ALLEN GROUP ANNOUNCES SECOND QUARTER EARNINGS
 MELVILLE, N.Y., July 23 /PRNewswire/ -- The Allen Group Inc.


(NYSE: ALN) today reported earnings from continuing operations of $.39 per common share for the quarter ended June 30, 1992, compared to earnings from continuing operations of $.30 per common share for the same period last year, an increase of 30 percent.
 Sales for the second quarter of 1992 were $64.0 million as compared to sales of $61.9 million for the second quarter of 1991. This increase was due to continuing growth in the mobile communications segment together with improvement in the truck products segment, offset, in part, by lower than expected sales of automotive diagnostic and emissions testing equipment.
 Commenting on the results for the second quarter, Robert G. Paul, president and chief executive officer, stated: "Our earnings growth is being generated by strong performance in our mobile communications segment, where sales, backlog and income continue to grow, together with the beginnings of a recovery for some product lines in our truck products segment resulting in improved sales and operating income for this segment.
 "The mobile communications segment represents an increasing proportion of Allen's results and will take on even greater significance with the pending acquisition of Alliance Telecommunications Corporation, which is expected to close late next week. Allen expects that the acquisition of Alliance will not be dilutive to earnings per common share in the second half of 1992 and will add to earnings per common share thereafter."
 The Allen Group Inc. manufactures and markets electronic and other products, principally for the telecommunications and automotive industries, including mobile communications equipment, automotive test equipment and truck components.
 THE ALLEN GROUP INC.
 Consolidated Statements of Income
 (Amounts in thousands -- Unaudited)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Manufacturing:
 Sales $63,986 $61,944 $123,044 $122,730
 Cost of sales 39,306 38,094 76,805 77,056
 S,G&A expenses 19,872 19,800 37,911 38,118
 Equity in loss of
 joint ventures 964 345 1,702 956
 Interest and financing
 expense 273 644 512 1,391
 Income before taxes -
 manufacturing 3,571 3,061 6,114 5,209
 Lease financing:
 Lease finance revenue 4,194 3,623 8,237 7,285
 Costs and expenses
 Interest expense 1,064 1,224 2,327 2,520
 S,G&A expenses 657 778 1,353 1,551
 Provision for
 credit losses 540 430 1,020 850
 Income before taxes -
 lease financing 1,933 1,191 3,537 2,364
 Income before
 income taxes 5,504 4,252 9,651 7,573
 Provision for
 income taxes 700 475 1,270 850
 Income from cont.
 operations 4,804 3,777 8,381 6,723
 Income (loss) from
 discont. operations -- 188 -- (264)
 Net income 4,804 3,965 8,381 6,459
 Net income applicable
 to common stock $ 3,798 $ 2,959 $ 6,369 $ 4,447
 Earnings per common
 share (primary and
 fully diluted):
 From cont. opers. $0.39 $0.30 $0.66 $0.51
 Income (loss) from
 discont. opers. -- .02 -- (.03)
 Total $0.39 $0.32 $0.66 $0.48
 -0- 7/23/92
 /CONTACT: Robert A. Youdelman of The Allen Group, 516-293-5500/
 (ALN) CO: The Allen Group Inc. ST: New York IN: SU: ERN


GK-KS -- NY077 -- 2584 07/23/92 13:41 EDT
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Date:Jul 23, 1992
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