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ANDAL REPORTS FISCAL 1992 RESULTS

 NEW YORK, Dec. 21 /PRNewswire/ -- Andal Corp. (OTC) today reported a loss from continuing operations of $1,074,000 or $.16 per share, for the fourth quarter of its fiscal year ended Sept. 30, 1992, compared with a loss of $18,423,000, or $2.80 per share, in the fourth quarter of last year. The loss from continuing operations in 1991 included a one time charge of $16,781,000 to record the write-off of goodwill related to the company's investment in its Multi-Arc Scientific Coatings Division (Multi-Arc). For the fiscal year ended Sept. 30, 1992, Andal reported a loss from continuing operations of $2,733,000, or $.42 per share, compared to a loss of $21,865,000 or $3.32 per share, in the prior year. Andal also provided for losses from its discontinued operations of $2,067,000 or $.31 per share in fiscal 1992 and $2,000,000 or $.30 per share, in fiscal 1991. The net loss for fiscal 1992 was $4,800,000 or $.73 per share, compared to a net loss of $23,865,000, or $3.62 per share, in the prior year.
 Andal's fourth quarter and fiscal 1992 revenues were $5,263,000 and $20,834,000, respectively, compared to $4,789,000 and $41,892,000, respectively, in the prior year. The decline in full year revenues resulted from the sale in June 1991 of Andal's business of manufacturing stainless steel and high nickel alloy tubing. After elimination of the business that was sold, pro forma revenues, net loss, and net loss per share would have been $22,179,000, $23,666,000 and $3.59, respectively, for 1991.
 Andal's results of operations have been determined on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. Andal had a working capital deficiency of $806,000 at Sept. 30, 1992. Andal's results of operations do not include any adjustments relating to the possible effects on the recoverability of assets or the amount of liabilities that may be necessary should the company be unable to continue as a going concern.
 Andal Corp., through its Multi-Arc division, is engaged in surface enhancement as a leading provider of thin-film metal coating services and systems.
 Andal owns a 21 percent interest in Steve's Homemade Ice Cream, Inc., a seller, franchiser, and distributor of premium and super-premium ice cream and frozen yogurt.
 ANDAL CORP. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands of dollars, except per share amounts)
 Periods ended Three months Fiscal year
 Sept. 30 1992 1991 1992 1991
 Operating revenues:
 Trade sales $5,179 $4,558 $19,873 $41,180
 Royalties and commissions 171 205 1,048 777
 Equity in net income (loss)
 of foreign joint ventures (87) 26 (87) (65)
 Total 5,263 4,789 20,834 41,892
 Operating costs and expenses:
 Cost of revenues 2,622 2,623 10,104 28,961
 Depreciation expense 596 655 2,384 3,060
 Selling, general and
 administration expenses 2,694 2,668 9,394 11,797
 Total 5,912 5,946 21,882 43,818
 Income (loss) from operations (649) (1,157) (1,048) (1,926)
 Other income (expense):
 Investment and other
 income, net 21 114 158 401
 Interest expense (565) (571) (2,170) (3,172)
 Amortization and write-off
 of goodwill -- (16,904) -- (17,273)
 Total (544) (17,361) (2,012) (20,044)
 Equity in net income of Steve's
 Homemade Ice Cream, Inc. 69 135 292 145
 Income (loss) from
 continuing operations
 before income taxes (1,124) (18,383) (2,768) (21,825)
 (Provision) credit for
 income taxes 50 (40) 35 (40)
 Income (loss) from
 continuing operations (1,074) (18,423) (2,733) (21,865)
 Loss from discontinued
 operations (69) (2,000) (2,067) (2,000)
 Net income (loss) (1,143) (20,423) (4,800) (23,865)
 Net income (loss) per common share:
 Income from cont. opers. ($0.16) ($2.80) ($0.42) ($3.32)
 Income (loss) from discont.
 operations (0.01) (0.30) (0.31) (0.30)
 Net income (loss) (0.17) (3.10) (0.73) (3.62)
 Average number of
 common shares
 outstanding (000) 6,586 6,586 6,586 6,586
 -0- 12/21/92
 /CONTACT: Michael S. Huber of Andal, 212-688-4440/


CO: Andal Corp. ST: New York IN: SU: ERN

SB-TM -- NY050 -- 0135 12/21/92 12:32 PST
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Date:Dec 21, 1992
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