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ANDAL REPORTS THIRD QUARTER RESULTS

 ANDAL REPORTS THIRD QUARTER RESULTS
 NEW YORK, Aug. 17 /PRNewswire/ -- Andal Corp. (AMEX: ADL) today


reported a net loss of $2,169,000 or $.33 per share, including a one time charge of $1,783,000 to write down the carrying value of the company's investment in the Olsher Metals Corporation, for its 1992 fiscal third quarter which ended June 30, 1992. Before the one-time charge the loss for the fiscal 1992 third quarter was $386,000 or $.06 per share, compared with a net loss of $822,000, or $.12 per share, in the comparable quarter ended June 30, 1991. Revenues were $5,270,000 in the current quarter compared with $12,078,000 last year.
 For the nine months ended June 30, 1992, Andal reported a net loss of $3,657,000 or $.56 per share, after the one time charge. The loss for the nine months ended June 30, 1992, before the one time charge was $1,874,000, or $.28 per share, compared with a net loss of $3,442,000, or $.52 per share, for the nine months ended June 30, 1991. Revenues were $15,571,000 for the nine months ended June 30, 1992, compared to $37,103,000 for the nine months ended June 30, 1991.
 The decline in revenues resulted principally 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 and net loss for the nine months ended June 30, 1991 would have been $17,390,000 and $3,346,000, respectively.
 Andal, through its Multi-Arc Scientific Coatings Division (Multi- Arc), is engaged in surface enhancement as a leading provider of thin- film metal coating services and systems. Operating income of Multi-Arc for the three months and nine months of fiscal 1992 improved over the prior year.
 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
 (Unaudited, dollars in thousands, except per share amounts)
 Period ended Three months Nine months
 June 30 1992 1991 1992 1991
 Operating revenues $5,270 $12,078 $15,571 $37,103
 Operating costs and expenses:
 Cost of revenues 2,560 8,430 7,482 26,338
 Depreciation expense 615 709 1,788 2,405
 S,G&A expenses 2,256 3,165 6,700 9,129
 Total 5,431 12,304 15,970 37,872
 Income (loss) from
 operations (161) (226) (399) (769)
 Other income (expense):
 Investment and other
 income, net 44 71 137 287
 Interest expense (501) (782) (1,605) (2,601)
 Amortization of goodwill -- (123) -- (369)
 Total (457) (834) (1,468) (2,683)
 Equity in net income of Steve's
 Homemade Ice Cream, Inc. 191 210 223 10
 Equity in net income (loss)
 and write-down of investment
 in Olsher Metals Corp. (1,737) -- (1,998) --
 Income (loss) before
 income taxes (2,164) (850) (3,642) (3,442)
 (Provision) credit for
 income taxes (5) 28 (15) --
 Net income (2,169) (822) (3,657) (3,442)
 Net income (loss)
 per common share (0.33) (0.12) (0.56) (0.52)
 Average number of common
 shares outstanding 6,586 6,586 6,586 6,586
 -0- 8/17/92
 /CONTACT: Michael S. Huber of Andal, 212-688-4440/
 (ADL) CO: Andal Corp. ST: New York IN: SU: ERN


TS-PO -- NY043 -- 0509 08/17/92 12:22 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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