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DYANSEN ANNOUNCES THIRD QUARTER RESULTS

                DYANSEN ANNOUNCES THIRD QUARTER RESULTS
    NEW YORK, Nov. 5 /PRNewswire/ -- Dyansen Corporation (NASDAQ: DYAN)


today reported results for the third quarter of fiscal 1991.
    For the third quarter ended Sept. 30, 1991 net sales were $6.8 million, compared to the $9.0 million reported in the same three month period of 1990.  Net loss for the third quarter of 1991 was $777,000 or $0.14 on a primary and fully diluted share basis compared to net income of $5,000 or $0.00 on a primary and fully diluted share basis in the comparable period of 1990.
    For the nine months ended Sept. 30, 1991, net sales were $20.2 million compared to $32.6 million reported in the same period in 1990. Net loss for the nine months ended Sept. 30, 1991 was $1,811,000 or $0.32 per share on a primary and fully diluted basis as compared to net income of $1,255,000 or $0.22 on a primary share and $0.19 on a fully diluted share basis.  Sales and earnings for the nine months ended Sept. 30, 1990 were favorably impacted as a result of the death of Erte.
    Harris Shapiro, chairman and president, stated: "While our nation- wide summer sale boosted sales during the third quarter, the economic recession and soft art market continue to negatively affect our business.  The reduction in gross margin as a result of the sale significantly increased our loss for the quarter."
    We are still hopeful that our new product development and cost reduction measures will enable Dyansen Corporation to return to profitability once the recession ends.
    Dyansen is a publicly owned retailer of fine art with 90 percent of its revenues generated at its 14 retail locations throughout the United States.
                          DYANSEN CORPORATION
          (Amounts in thousands, except per share data, unaudited)
      Three months ended Sept. 30;          1991     1990
    Sales                                  $6,794   $9,003
    Net (loss) income                        (777)       5
    Net (loss) income per share
     Primary                                 (.14)     .00
     Fully diluted                           (.14)     .00
    Weighted average number
     of shares and equivalent
     shares outstanding:
     Primary                                5,618    5,624
     Fully diluted                          5,618    7,374
      Nine months ended Sept. 30;            1991       1990
    Sales                                  $20,245  $32,614
    Net (loss) income                       (1,811)   1,255
    Net (loss) income per share
     Primary                                  (.32)     .22
     Fully diluted                            (.32)     .19
    Weighted average number of
     shares and equivalent
     shares outstanding:
     Primary                                5,618    5,637
     Fully diluted                          5,618    6,980
    -0-           11/5/91
    /CONTACT:  Harris Shapiro, chairman of the board, or Philip Dondiego, Jr., chief financial officer, 212-644-5100, both of Dyansen/
    (DYAN) CO:  Dyansen Corporation ST:  New York IN:  REA SU:  ERN FC-OS -- NY036 -- 1243 11/05/91 12:31 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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