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FIRST CONNECTICUT REPORTS OPERATING RESULTS AND ADJUSTMENTS DUE TO REORGANIZATION FOR MARCH 31, 1992 FISCAL YEAR

 FIRST CONNECTICUT REPORTS OPERATING RESULTS AND ADJUSTMENTS
 DUE TO REORGANIZATION FOR MARCH 31, 1992 FISCAL YEAR
 BRIDGEPORT, Conn., June 2 /PRNewswire/ -- First Connecticut Small Business Investment Company today reported $14,068,887 or $11.99 a share net realized income and increase/decrease in unrealized appreciation of investment for the fiscal year ended March 31, 1992. This gain includes an extraordinary item of $15,895,188 or $13.54 per share after a provision for income taxes of $8,188,000 as a result of debt forgiveness approved Jan. 9, 1992, by the U.S. Bankruptcy Court for the District of Connecticut as part of the company's plan of reorganization.
 The company also said earnings may be difficult to achieve for the next two years as a result of the provisions of the plan which precluded it from making new loans or investments for approximately two years.
 The company noted it had a net realized loss on investments resulting from the sale of foreclosed real estate properties and write- off of existing loans of $9,984,819 for the fiscal year.
 James M. Breiner, chairman, David Engelson, president, said further reserves and write-offs may be necessary for the new fiscal year as the result of the continuing poor economy and real estate market in the company's geographic area.
 FIRST CONNECTICUT SMALL BUSINESS INVESTMENT COMPANY
 Operating Results
 (Audited)
 Fiscal Year Ended March 31 1992 1991
 Actual Per Share Actual Per share
 Inc. bef. reorganization
 items & extraordinary item $ 812,413 $ .69 $ 160,011 $ .14
 Reorganization items:
 Professional services (1,292,216) (1.10) (224,000) (.19)
 Operating loss bef. extraord.
 item (479,803) (.41) (63,989) (.05)
 Net realized loss on
 investments (9,984,819) (8.51) (4,388,043) (3.74)
 Net realized loss before inc.
 tax benefit and extraord.
 item (10,464,622) (8.92) (4,452,032) (3.79)
 Income tax benefit 4,253,818 3.63 -- --
 Net realized loss before
 extraordinary item (6,210,804) (5.29) (4,452,032) (3.79)
 Extraordinary item (net of
 income taxes of $8,188,000) 15,895,188 13.54 -- --
 Net realized income/(loss) 9,684,384 8.25 (4,452,032) (3.79)
 Net (increased)/decrease in
 unrealized depreciation of
 investments 4,384,503 3.74 (7,950,541) (6.78)
 Net realized income/(loss) and
 (increase)/(decrease) in
 unrealized depreciation of
 investments 14,068,887 11.99 (12,402,573)(10.57)
 Net asset value 12,031,395 10.25 (2,037,492) (1.74)
 Shares outstanding 1,173,382 1,173,382
 -0- 6/2/92
 /CONTACT: David Engelson of First Connecticut, 203-366-4726/ CO: First Connecticut Small Business Investment Company ST: Connecticut IN: FIN SU: ERN


SM-PS -- NY051 -- 6320 06/02/92 15:27 EDT
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Date:Jun 2, 1992
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