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ERLY Industries reports fiscal year 1996 results.

LOS ANGELES--(BUSINESS WIRE)--July 1, 1996--ERLY Industries Inc. (NASDAQ: ERLY) Monday reported a net loss of $1.1 million, or 27 cents per fully diluted share of common stock, on sales of $487 million for its fiscal year ended March 31, 1996, compared with net income of $9.3 million, or $1.74 per fully diluted share of common stock (as adjusted for a 15% stock dividend in September 1995), on sales of $460 million for last year.

Results for the current year include a $7.2 million provision for loss on disposal of property held for sale. Excluding this non-recurring item, the company had income of $2.9 million for the year.

Operating results for the year were down from last year primarily due to losses from the company's rice business and reduced profits by its forest fire retardant business.

ERLY also reported net income for its fourth quarter ended March 31, 1996, of $124,000 (2 cents per fully diluted share of common stock) on sales of $139 million compared with net income of $1.5 million (27 cents per fully diluted share of common stock) on sales of $100 million for the prior year period.

Stockholders' equity at March 31, 1996, was $17.5 million, an increase of $735,000 for the fiscal year.

Douglas A. Murphy, president and chief operating officer, indicated that first quarter results would be lower than last year as a result of increased pressure on margins in the rice business due to lower world market demand.

Murphy was optimistic about the company's long-term future, however, stating: "We expect our recently announced purchase of the olive business from Campbell Soup Co. to provide needed diversification for our rice businesses and to profitably employ the balance of the proceeds from our $100 million mortgage note issued last August. This acquisition is expected to be consummated in July."

ERLY Industries is a food processing company with its principal operations in the milling, marketing and sales of branded rice products, international consulting and the manufacture and sale of forest fire retardant chemicals.

A summary of results for the quarters and fiscal years ended March 31, 1996 and 1995 follows. -0-

 ERLY Industries Inc. and Subsidiaries
 Summary of Financial Results
 for the quarters and fiscal years ended March 31, 1996 and 1995
 (Dollars in thousands except per share data)


 Quarter ended Fiscal year ended
 March 31, March 31,
 1996 1995 1996 1995


Net sales
 Rice $115,574 $82,700 $394,838 $373,050
 Consulting 22,520 17,107 77,754 63,546
 Fire-Trol 618 267 14,034 23,003
 $138,712 $100,074 $486,626 $459,599
Gross profit
 Rice $10,487 $10,556 $39,113 $40,814
 Consulting 5,595 5,142 21,309 18,617
 Fire-Trol 123 (60) 3,770 7,266
 $16,205 $15,648 $64,192 $66,697
Income (loss) before
 minority interest/a ($886) $1,294 ($8,439) $8,653
Minority interest 1,010 191 7,290 622
Net income (loss) $124 $1,485 ($1,149) $9,275
Net income (loss) per share
 of common and common
 stock equivalents/b:
 Primary 3 cents 29 cents (27 cents) $1.85
 Fully diluted 2 cents 27 cents (27 cents) $1.74


Weighted average common and
 common stock equivalents
 outstanding/b:
 Primary 4,895,000 5,187,000 4,280,000 5,020,000
 Fully diluted 5,201,000 5,523,000 4,280,000 5,402,000


a/ Includes a $7.2 million provision for loss on disposal of
 property held for sale in the fiscal year ended March 31, 1996.
b/ Retroactively adjusted to give effect to a 15% stock dividend in
 September 1995.
-0-


CONTACT: ERLY Industries Inc., Los Angeles

Gerald D. Murphy/Thomas A. Whitlock, 213/879-1480
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Date:Jul 1, 1996
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