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GREAT AMERICAN ANNOUNCES RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JAN. 31, 1993 AND 1992

 CHICAGO, March 17 /PRNewswire/ -- Great American Management and Investment, Inc., (NASDAQ: GAMI) reported the unaudited results of its operations for the three and six months of its current fiscal year as compared to last year as follows (amounts in thousands) except per share amounts:
 For the Three Months For the Six Months
 Ended Jan. 31, Ended Jan. 31,
 1993 1992 1993 1992
 (Restated) (Restated)
 Net sales and revenues $ 7,634 $ 7,154 $ 16,905 $ 16,934
 Operating expenses 15,915 10,433 23,212 18,428
 Operating income (loss) (8,281) (3,279) (6,307) (1,494)
 Equity in net earnings of
 Vigoro 2,616 3,018 2,955 2,808
 Equity in net earnings of
 Commodore 1,339 613 2,246 1,278
 Income (loss) from continuing
 operations before interest
 expense and income taxes (4,326) 352 (1,106) 2,592
 Interest expense, net 1,394 1,749 3,131 3,654
 Income (loss) from continuing
 operations before income
 taxes (5,720) (1,397) (4,237) (1,062)
 Income tax provision (benefit)
 on continuing operations (305) 82 (226) 205
 Income (loss) from
 continuing operations (5,415) (1,479) (4,011) (1,267)
 Income (loss) from
 discontinued operations,
 net of tax (13,555) (2,885) (13,149) 15,849
 Net income (loss) (18,970) (4,364) (17,160) 14,582
 Dividends on subsidiary
 preferred stock 688 616 1,360 1,253
 Net income (loss) to
 common shareholders $(19,658) $ (4,980) $(18,520) $ 13,329
 Weighted average common
 and common equivalent
 shares outstanding 11,056 11,077 11,067 11,081
 Earnings (loss) per common share:
 Continuing operations $ (.55) $ (.19) $ (.49) $ (.23)
 Discontinued operations (1.22) (.26) (1.18) 1.43
 Total $ (1.77) $ (.45) $ (1.67) $ 1.20
 Prior year results have been restated to reflect the operations of Eagle Industries, Inc. as discontinued operations due to the company's planned distribution of the common stock of Eagle to the company's shareholders.
 -0- 03/17/93
 /CONTACT: Susan Obuchowski, 312-466-4010, for Great American Management and Investment, Inc./
 (GAMI)


CO: Great American Management and Investment, Inc.' ST: Illinois IN: CNO SU: ERN

AH -- NY054 -- 7047 03/17/93 12:28 EST
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Date:Mar 17, 1993
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