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CHRISTIAN PURCHASING NETWORK, INC. ANNOUNCES YEAR END RESULTS

 SARASOTA, Fla., April 1 /PRNewswire/ -- Christian Purchasing Network, Inc. (NASDAQ: CPNI) today announced its results for the year ended Dec. 31, 1992.
 The company incurred a net loss from continuing operations of $1,085,470 ($.10 per share) for the year ended Dec. 31, 1992 vs. pretax net income from continuing operations of $898,493 ($.12 per share) for the prior year. The net loss is attributable to higher selling, general and administrative expenses associated with additional personnel hired for various new business ventures, certain of which have been discontinued, and a decrease in performance based management fees in 1992 because the portfolio value of the company's performance based managed accounts did not increase in value during 1992.
 The company incurred a total net loss of $2,066,189, which includes the net loss from continuing operations, for the year ended Dec. 31, 1992 vs. pretax net income of $751,361 for the prior year. In addition to the reasons discussed above, the loss also includes a one time write off of $980,719 for losses from certain discontinued business segments. Effective Sept. 30, 1992, the management instituted a cost cutting program and discontinued certain unsuccessful business ventures including the securities broker-dealer ("Integrity") which was formed for the primary purpose of raising funds for the mutual fund which the company provided funds for, the company's insurance underwriting activities and its new church construction program. Subsequently, the board of directors of the Integrity Portfolios, the mutual fund, voted to liquidate the fund in December 1992. The company had incurred substantial costs related to the mutual fund due to Integrity's insufficiency in raising funds for the mutual fund.
 Revenues from operations increased to $2,463,743 for the year ended Dec. 31. 1992 vs. $2,347,852 for the prior year. Church products sales and finders fees which were $952,938 for the year ended Dec. 31, 1992 comprised a greater percentage of revenues vs. prior year sales and fees which were $294,576. Investment advisory fees decreased to $985,412 for the year ended Dec. 31, 1992 vs. $1,553,665 for the prior year, which decrease is attributable to the decrease in performance based management fees.
 Thomas J. McElheny, the company's president, commented: "In 1992, we consolidated operations and streamlined businesses and elected to compete in those markets where our competitive advantages were most compelling. After two years as a public company, the company has a strong balance sheet resulting from a recent $3 million private placement, revitalized operations, and is positioned for long-term growth.
 CHRISTIAN PURCHASING NETWORK, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Year Ended Dec. 31,
 1992 1991
 Total revenues $2,426,743 $2,347,852
 Net (loss) income from
 continuing operations (1,085,470) 878,493
 Net (loss) income from
 continuing operations (.10) .12
 Net (loss) income (2,066,189) 751,361
 Weighted average
 shares outstanding 10,922,000 7,382,000
 -0- 4/1/93
 /CONTACT: Thomas J. McElheny, president and chief executive officer of Christian Purchasing Network, Inc., 813-835-1160/
 (CPNI)


CO: Christian Purchasing Network, Inc. ST: Florida IN: FIN SU: ERN

JB-AW -- FL013 -- 2242 04/01/93 17:01 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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