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GREAT AMERICAN ANNOUNCES UNAUDITED RESULTS OF OPERATIONS FOR FIRST QUARTER OF FISCAL 1993

 CHICAGO, Dec. 15 /PRNewswire/ -- Great American Management and Investment, Inc. (NASDAQ: GAMI) today reported its unaudited results for the first quarter ended Oct. 31, 1992. A summary of those results and the results for the three months ended Oct. 31, 1991 is as follows:
 GREAT AMERICAN MANAGEMENT AND INVESTMENT INC. UNAUDITED RESULTS
 (Amounts in thousands except per share amounts):
 Three months periods
 ended Oct. 31 1992 1991
 (Restated)
 Net sales and revenues $9,271 $9,780
 Operating expenses 7,297 7,995
 Operating income (loss) 1,974 1,785
 Equity in net earning(?losses) of
 The Vigoro Corporation 339 (210)
 Equity in net earnings of
 The Commodore Corporation 907 665
 Income from continuing operations before
 interest expense and income taxes 3,220 2,240
 Net interest expense 1,737 1,905
 Income from continuing operations
 before income taxes 1,483 335
 Income tax provision on continuing operations 79 123
 Income from continuing operations 1,404 212
 Income from discontinued operations, net of tax 406 18,734
 Net income 1,810 18,946
 Dividends on subsidiary preferred stock 672 637
 Net income to common shareholders $1,138 $18,309
 Weighted average common and common equivalent
 shares outstanding 11,077 11,086
 Earnings (loss) per common share
 Continuing operations $ .06 $ (.04)
 Discontinued operations .04 1.69
 $ .10 $ 1.65
 Prior year results have been restated to reflect Eagle Industries, Inc. as a discontinued operation. Included in the prior year's income from discontinued operations, net of tax was a $16.9 million after-tax gain related to the cumulative effect of a change in accounting principle, to adopt the provisions of the new accounting standard for post-retirement benefits other than pensions.
 -0- 12/15/92
 /CONTACT: Susan Obuchowski of Equity Group Investments, 312-466-4010, for Great American Management and Investment, Inc./
 (GAMI)


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

WB -- NY044 -- 7233 12/15/92 13:11 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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