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GENERAL MAGNAPLATE DOES WELL IN SPITE OF CLINTONONMICS

 LINDEN, N.J., May 12 /PRNewswire/ -- Notwithstanding a very sluggish pre- and post-election economy, General Magnaplate Corporation (NASDAQ-NMS: GMCC) is expanding it's market share in the Surface Enhancements and Coatings field, the company announced today.
 With little hope for rejuvenation of the investment tax credit policy or lower corporate income taxes we have a nation stagnating in all directions. Magnaplate has been able to turn this national problem into an opportunity by promoting and having wide acceptance with the coating systems for rebuilding and refurbishing existing equipment. Magnaplate has become a necessity to keep machinery, in all industries, operating longer and more efficiently.
 Sales increased 15.5 percent and costs were reduced by 1 percent. Earnings per share showed a 300 percent increase and corporate income taxes were up 308 percent over last year at this time.
 The board of directors voted a $.05 per share dividend and an extraordinary one-time dividend of $.03 per share to shareholders of record June 4, 1993, payable June 15, 1993.
 GENERAL MAGNAPLATE CORPORATION
 Condensed Statements of Income
 Nine months ended March 31, 1992 1993
 Gross revenue $6,556,031 $7,550,419
 Income before taxes 342,147 1,397,677
 Net income 208,489 850,477
 Earnings per share $.07 $.28
 Average shares outstanding 3,086,902 3,051,694
 Three months ended March 31, 1992 1993
 Gross revenue $2,290,806 $2,489,810
 Income before taxes 160,484 541,789
 Net income 96,970 326,589
 Earnings per share $.03 $.11
 Average shares outstanding 3,077,582 3,051,694
 -0- 5/12/93
 /CONTACT: Candida C. Aversenti of General Magnaplate, 908-862-6200/
 (GMCC)


CO: General Magnaplate Corporation ST: New Jersey IN: SU: ECO

PS-LR -- NY048 -- 7566 05/12/93 12:09 EDT
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Publication:PR Newswire
Date:May 12, 1993
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