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ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS

 ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS
 CLEVELAND, Oct. 29 /PRNewswire/ -- The Allen Group Inc. (NYSE: ALN)


reported earnings from continuing operations of $.47 per common share for the quarter ended Sept. 30, 1992 compared to earnings from continuing operations of $.41 per common share for the same period last year.
 Sales for the third quarter of 1992 were $74.3 million as compared to sales of $61.6 million for the third quarter of 1991. This sales increase was primarily due to the acquisition, on July 30, 1992, of Alliance Telecommunications Corporation together with continuing growth in the balance of the mobile communications segment and the truck products segment, offset, in part, by continued disappointing sales of automotive diagnostic and emissions testing equipment.
 Commenting on results for the third quarter, Robert G. Paul, president and chief executive officer, stated, "Sales and income in our mobile communications segment continue to reflect strong growth in both domestic and international markets, and is coupled with a recovery in our truck products segment. We continue to expect that 1992 earnings per common share from continuing operations will be a record for Allen.
 "The acquisition of Alliance Telecommunications Corporation presents an additional base for continuing growth and exciting prospects for our Mobile Communications segment. The assimilation of these businesses into The Allen Group is well under way with additional opportunities for cooperation, synergies and new product development being continuously identified. Sales in the Mobile Communications segment comprised over 50 percent of total Allen Group sales in the third quarter."
 The Allen Group Inc. (NYSE symbol - ALN) 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)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (unaudited)
 MANUFACTURING
 Sales $74,335 $61,649 $197,379 $184,379
 Costs and expenses:
 Cost of sales (48,282) (38,289) (125,087) (115,345)
 Selling, general and
 administrative
 expenses (20,858) (19,850) (58,769) (57,968)
 Equity in income (loss)
 of joint ventures 30 769 (1,672) (187)
 Interest and financing
 expenses (750) (452) (1,262) (1,843)
 Income before taxes -
 manufacturing 4,475 3,827 10,589 9,036
 LEASE FINANCING
 Lease finance revenue 4,135 3,884 12,372 11,169
 Costs and expenses:
 Interest expense (1,005) (1,346) (3,332) (3,866)
 Selling, general and
 administrative expenses (644) (727) (1,997) (2,278)
 Provision for credit losses (540) (450) (1,560) (1,300)
 Income before taxes -
 lease financing 1,946 1,361 5,483 3,725
 INCOME BEFORE INCOME TAXES 6,421 5,188 16,072 12,761
 Provision for income taxes (780) (395) (2,050) (1,245)
 INCOME FROM CONTINUING
 OPERATIONS 5,641 4,793 14,022 11,516
 Income (loss) from
 discontinued operations -- 251 -- (12)
 NET INCOME $ 5,641 $ 5,044 $ 14,022 $ 11,504
 Net income applicable to
 common stock $ 4,635 $ 4,038 $ 11,003 $ 8,486
 INCOME PER COMMON SHARE
 (Primary and fully diluted):
 From continuing operations $.47 $.41 $1.13 $.92
 Income from discontinued
 operations -- .03 -- --
 Net income $.47 $.44 $1.13 $.92
 -0- 10/29/92 R
 /CONTACT: Robert A. Youdelman of The Allen Group, 216-765-5820/
 (ALN) CO: The Allen Group ST: Ohio IN: TLS SU: ERN


KK -- CL005 -- 6526 10/29/92 11:17 EST
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Date:Oct 29, 1992
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