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GRAPHIC INDUSTRIES REPORTS SALES AND EARNINGS UP FOR SECOND QUARTER AND FIRST HALF

 ATLANTA, Aug. 25 /PRNewswire/ -- Graphic Industries, Inc. (NASDAQ: GRPH), a leading full-service printing and graphic communications company, today reported higher sales and earnings for both the second quarter and first half of this fiscal year.
 For the three months ended July 31, sales increased 11.6 percent to $83,111,000 compared with $74,484,000 last year. Net income advanced 155 percent to $1,211,000 or $.12 per share of common stock fully diluted compared with $475,000 or $.05 per share for the second quarter last year as restated to reflect the company's adoption of SFAS No. 109, "Accounting for Income Taxes." The company elected to adopt the new standard effective Feb. 1, 1990, and to restate subsequent years.
 First half sales this year rose 8.2 percent to $167,553,000 compared with $154,917,000 last year. Net income for the six months ended July 31 this year increased 119 percent to $2,778,000 vs. the restated earnings of $1,268,000 for the corresponding period last year.
 Earnings per share of common stock fully diluted were $.28 for the first six months of this fiscal year compared with the restated $.13 per share for the first half last year.
 The restatement reflecting the accounting change reduced the FY93 second quarter net income from $555,000 or $.06 per share and the FY93 six-month net income from $1,428,000 or $.15 per share.
 "Graphic's growth for the second quarter and first half are the results of the dedicated efforts of our people, and we are seeing the impact of our program of cost-containment and improved marketing and productivity," said Mark C. Pope III, chairman and chief executive officer. "We are optimistic that the strong growth will continue for the remainder of the year."
 The Graphic operating companies include IPD Printing & Distributing, Inc., Williams Printing Company, Stein Printing Company, Atlanta Blue Print Co., Prizma Photographics, Executive Courier, Inc., and Northside Blueprint, all based in Atlanta; Edwards and Broughton Company, Raleigh, N.C.; Craftsman Printing Co., Charlotte, N.C.; A&E Reprographics, Jacksonville, Fla.; W.E. Andrews Co., Inc., Boston; W.E. Andrews Co. of Connect,? Hartford, Conn.; Central Press of Miami; Wetmore & Company, Houston; Heritage Press, Inc., Dallas; Graphic Direct, Detroit and Chicago; the State Printing Company and Carolina Reprographics, both of Columbia, S.C.; Spartan Blueprinters, Spartanburg, S.C.; Atlantic Reprographics, Myrtle Beach, S.C.; Piedmont Printmakers, Greenville, S.C.; Arco Blueprinters, Asheville, N.C.; Macon Blue Print, Macon, Ga.; Baum Printing, Inc., Philadelphia; Hoechstetter Printing Company, Inc., Pittsburgh; Mercury Printing Company, Inc., Memphis, Tenn.; and Monroe Litho Inc., Rochester, N.Y.
 -0- 8/25/93
 /CONTACT: Donald P. Hunnicutt of Graphic Industries, 404-874-3327/
 (GRPH)


CO: Graphic Industries, Inc. ST: Georgia IN: SU: ERN

BN-RA -- AT002 -- 0296 08/25/93 11:13 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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