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GREG MANNING AUCTIONS INCOME ADVANCES 79 PERCENT IN FIRST QUARTER OF FISCAL 1994; EXPANSION MOVES DURING PERIOD BROADEN REVENUE BASE

 MONTVILLE, N.J., Nov. 22 /PRNewswire/ -- Greg Manning Auctions, Inc. (NASDAQ: GMAI), one of the world's largest independent auction houses for stamps and a major auctioneer of specialty collectibles, increased its revenues and net income substantially in its fiscal first quarter, Greg Manning, chairman and chief executive officer, reported today.
 For the three months ended September 30, 1993, GMAI net income increased 79 percent to $92,279 or three cents per share, from $51,543, or four cents per share, in the same period of 1992. Shares outstanding increased to 2,795,000 in the latest period from 1,300,000 one year earlier as the result of a public stock offering in May 1993.
 Revenues rose 153% to $568,978 in the latest period from $224,468 last year, and gross sales, or aggregate realizations from auctions and private transactions, were up 142 percent in the 1993 first quarter to $3,566,694 from $1,474,230 in the same period of 1992.
 Commenting on the first quarter results, Mr. Manning said, "Revenue growth exceeded earnings growth reflecting the necessary scaling up of expenses for GMAI to operate efficiently as a publicly owned company, and the costs involved in carrying forward a major new expansion program. We view such costs as an investment in accelerated long-term revenue growth, and we expect profits to show proportionate improvement over time."
 During the first quarter, on September 17, Greg Manning Auctions acquired Ivy, Shreve & Mader Philatelic Auctions, a Dallas, Texas-based auction house for stamps and other collectibles. On August 11, GMAI obtained rights from Harmer Rooke Numismatists, Ltd., New York, N.Y. to sell through its galleries, to obtain collectibles and, under option, to acquire all of Harmer Rooke stock.
 "Our strategy for growth is to continue to expand and diversify our distribution in collectibles markets through acquisition of other profitable auction companies. We also have plans to broaden our market exposure by establishing interactive cable television programs to offer a wide variety of collectibles to clients and the public at large."
 The securities of Greg Manning Auctions, Inc. trade on NASDAQ under the symbols GMAIU, GMAI, and GMAIW and on the Boston Stock Exchange under the symbols GGMU, GGM, and GGMW for the company's units (two shares of common stock and two warrants), common stock and warrants, respectively.
 GREG MANNING AUCTIONS, INC.
 Statements of Income
 (Unaudited)
 Three months ended Sept. 30, 1993 1992
 Aggregate sales $3,566,694 $1,474,230
 Operating revenues 568,978 224,468
 Income before taxes 153,678 88,744
 Income taxes 61,399 37,201
 Net income 92,279 51,543
 Net income per share (A) $0.03 $0.04
 Weighted average number of
 shares outstanding (A) 2,795,000 1,300,000
 (A) In May 1993 the company sold 1,495,000 shares of common stock in an initial public offering, which included 195,000 shares granted to the underwriters pursuant to the exercise of an over-allotment option associated with the offering.
 -0- 11/22/93
 /CONTACT: Michael R. Haynes, president and chief financial officer, 201-316-0048, or William Tully, chief operating officer, 201-299-1800, both of Greg Manning Auctions/
 (GMAI)


CO: Greg Manning Auctions, Inc. ST: New Jersey IN: SU: ERN

TW-WB -- NY044 -- 6825 11/22/93 11:53 EST
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Date:Nov 22, 1993
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