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GREAT AMERICAN ANNOUNCES RESULTS OF OPERATIONS FOR QUARTER ENDED APRIL 30, 1992

 GREAT AMERICAN ANNOUNCES RESULTS OF OPERATIONS
 FOR QUARTER ENDED APRIL 30, 1992
 CHICAGO, June 15 /PRNewswire/ -- Great American Management and Investment, Inc. (NASDAQ: GAMI) reported the unaudited results of its operations for the third quarter and nine months of its current fiscal year as compared to last year as follows:
 GREAT AMERICAN MANAGEMENT
 (Summary of Financial Information)
 (amounts in millions except per share amounts)
 Period ended Three months Nine months
 April 30 1992 1991 1992 1991
 (restated) (restated)
 Net sales and revenues $330.1 $297.3 $955.6 $934.2
 Operating expenses:
 Cost of goods and
 services sold 264.1 238.5 760.9 735.5
 Selling, administrative
 and other 48.8 47.4 146.5 146.6
 Other (income) expense (.6) (1.2) (2.8) .7
 Amortization of goodwill 2.7 2.7 8.1 6.7
 Operating income 15.1 9.9 42.9 44.7
 Equity in net earnings of
 The Vigoro Corp. 2.4 8.5 5.2 11.5
 Income from continuing
 operations before interest
 expense and income taxes 17.5 18.4 48.1 56.2
 Interest expense, net 19.3 20.4 58.0 68.3
 Income from continuing
 operations before
 income taxes (1.8) (2.0) (9.9) (12.1)
 Income tax (benefit) on
 continuing operations (.1) (2.9) (3.3) (8.5)
 Income (loss) from
 continuing operations (1.7) .9 (6.6) (3.6)
 Discontinued operations:
 Income (loss) from dis-
 continued operations,
 net of tax .9 .8 2.2 (3.9)
 Gain on disposal of
 discontinued businesses,
 net of tax of $39.4
 million, respectively -- -- -- 33.8
 Income (loss) before
 cumulative effect of
 change in accounting
 principle (.8) 1.7 (4.4) 26.3
 Cumulative effect of change
 in accounting principle,
 less applicable income tax
 provision of $7.3 million -- -- 16.9 --
 Net income (loss) $ (.8) $1.7 $12.5 $26.3
 Weighted average common and
 common equivalent shares
 outstanding 11.1 11.1 11.1 11.1
 Earnings (loss) per
 common share:
 Continuing operations $(.17) $.08 $ (.61) $(.32)
 Discontinued operations .10 .07 .21 2.69
 Total (.07) .15 1.13 2.37
 Dividends declared
 per share $ -- --- -- $ .84
 The company's prior year results have been restated to reflect the operations of the company's subsidiary, Pulsafeeder, Inc., as discontinued operations. Substantially all of the assets of Pulsafeeder and its subsidiaries were sold on May 2, 1992, to a subsidiary of IDEX Corp.
 The cumulative effect of a change in accounting principles less applicable tax provision recognized in the nine months ended April 30, 1992, is the result of the company adopting the provisions of SFAS No. 106 by adjusting its postretirement benefits liability recognized in the consolidated financial statements as of Aug. 1, 1991, to the discounted present value of expected future benefits attributed to employees' service rendered prior to Aug. 1, 1991.
 -0- 6/15/92
 /CONTACT: Susan Obuchowski for Great American Management and Investment, 312-466-4010/
 (GAMI) CO: Great American Management and Investment, Inc. ST: Illinois IN: FIN SU: ERN


LR -- NY056 -- 0208 06/15/92 13:31 EDT
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Date:Jun 15, 1992
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