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GENERAL MAGNAPLATE REPORTS RESULTS

 LINDEN, N.J., Feb. 17 /PRNewswire/ -- The first six months of the fiscal year show indications of national economic recovery. Gross revenue increased 18.6 percent, reflecting a 19.0 percent increase in sales over last year at this time. Net income increased 369.8 percent and earnings per share were $0.17, a 325 percent increase from $0.04 for this period of 1991.
 We attribute this upward trend to ever-increasing acceptance and need for General Magnaplate surface enhancements. Added to this, our new facilities in Wisconsin and Canada are gaining marketshare in their respective territories. Streamlining and cost-cutting policies initiated last year are still in place and only minor additions in sales and R&D personnel are anticipated over the course of this year.
 The board of directors unanimously voted against payment of a dividend for this period because President Clinton's anticipated economic policy could throw the country into further recession. Therefore, we will continue to be conservative with cash.
 GENERAL MAGNAPLATE CORPORATION
 Condensed Statement of Income
 Six months ending Dec. 31 1992 1991
 Gross revenue 5,060,609 4,265,797
 Income before taxes 855,888 181,658
 Net income 523,888 111,514
 Earnings per share 0.17 0.04
 Average shares outstanding 3,051,694 3,091,511
 Three months ending Dec. 31 1992 1991
 Gross revenue 2,722,962 2,195,677
 Income before taxes 486,168 112,741
 Net income 302,168 70,406
 Earnings per share 0.10 0.02
 Average shares outstanding 3,051,694 3,091,494
 -0- 2/17/93
 /CONTACT: Candida C. Aversenti of Magnaplate, 908-862-6200/
 (GMCC)


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

AH-KW -- NY102 -- 7480 02/17/93 16:02 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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