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DRS INDUSTRIES FILES FORM 10-Q

 /NOTE TO EDITORS: The following is a revised version of NY026, which moved earlier today. There are changes in wording in the second paragraph./
 DRS INDUSTRIES FILES FORM 10-Q
 NEW YORK, May 28 /PRNewswire/ -- DRS Industries, Inc., formerly known as the Longwood Group Ltd., announced that it had filed its Form 10-Q for the quarter ended March 31, 1992. The first quarter results reflected the acquisition of C-B/Murray Corporation, Inc., a North Carolina-based service merchandiser of health and beauty care, specialty foods and general merchandise products to supermarkets and other stores in the southeastern and mid-Atlantic regions of the U.S.
 For the three months ended March 31, 1992, the company reported net revenues of $18,621,000 and net income of $36,000. This income was net of $87,000 loss incurred by the company's continuing care community business, which is in the process of being phased out.
 For the three months ended March 31, 1991, on a pro forma basis assuming the inclusion of C-B/Murray's operations as of Jan. 1, 1991, the company would have reported net revenues of $17,233,000 and a net (loss) of ($1,006,000). On an historical basis, for the quarter ended March 31, 1991, the company had net revenues of $320,000 and net income of $60,000 generated by its continuing care community business.
 As previously reported, effective with the filing of a charter amendment Tuesday the company changed its name to "DRS Industries, Inc." and effected a one-for-three reverse stock split. The company also adopted several bylaw amendments which, among other things, established a classified board of directors commencing with its next annual meeting of stockholders. As a result of the name change, the company's common stock is now quoted on NASDAQ under the stock symbol "DRSS."
 -0- 5/28/92
 /CONTACT: John A. Selzer or John D. Gioioso of DRS Industries, 212-980-9670/
 (DRSS) CO: DRS Industries, Inc. ST: New York IN: SU:


GK -- NY026A -- 4834 05/28/92 14:45 EDT
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Publication:PR Newswire
Date:May 28, 1992
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