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GROW GROUP ANNOUNCES INCREASED OPERATING PROFIT FOR SECOND QUARTER AND SIX MONTHS

 NEW YORK, Jan. 20 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that operating profit before unusual and extraordinary items was $877,000 for the second fiscal quarter ended Dec. 31, 1992 as compared to $242,000 for the same period of the prior year. Revenues for the quarter were $84.9 million, which is slightly higher than last year's quarterly revenues of $84.2 million (after an adjustment of $4.6 million in sales from disposed operations).
 Net income for the second quarter, historically a seasonally low period, was $429,000 or $.03 per share after an extraordinary charge of $97,000 on 14,000,000 shares outstanding as compared to net income of $1,033,000 or $.09 per share (which included an unusual gain of $840,000 or $.07 per share) on the 11,751,000 shares outstanding for the prior year's quarter.
 For the first half of the 1993 fiscal year, operating profit before unusual and extraordinary items increased to $6.1 million from $4.6 million in the prior year. Net income was $3,375,000 or $.25 per share (after an unusual gain of $150,000 and an extraordinary charge of $446,000) on 13,529,000 shares compared to net income of $3,451,000 or $.29 per share (which included the unusual gain of $840,000 or $.07 per share) on the 11,749,000 shares then outstanding. Revenues for the six months were $190.3 million compared to $190.0 million in the prior year (after an adjustment of $12.4 million in sales from disposed operations).
 Russell Banks, president of Grow Group, commented, "We are pleased with the results of the first half of the fiscal year. Despite lower sales and profits from high performance coatings due to substantial reductions in drydockings and other maintenance by the U.S. Navy and major oil and shipping companies, we were able to improve our operating income."
 Mr. Banks continued, "Our outlook for the second fiscal half is positive based on the improving economy's impact on the continuing fine results of our architectural coatings operations, an expected modest upturn in our high performance coatings operations and the outstanding performance of our Consumer and Professional Products Group (which recently introduced Disposol(TM)', a unique new patent pending product for use in kitchen disposals)."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 GROW GROUP, INC.
 Summary of Results of Operations
 (in thousands)
 Quarter Six months
 Periods ended Dec. 31 1992 1991 1992 1991
 Revenues $84,873 $88,784(A) $190,318 $202,361(A)
 Income (loss) before
 extraordinary item 526 1,033(C) 3,821(B) 3,451(C)
 Extraordinary item (97) --- (446) --
 Net income 429 1,033 3,375 3,451
 Per share (primary and fully diluted):
 Income (loss) before
 extraordinary item 0.04 0.09 0.28 0.29
 Extraordinary item (0.01) -- (0.03) --
 Net income 0.03 0.09 0.25 0.29
 Average shares outstanding
 (primary) 14,000,000 11,751,000 13,529,000 11,749,000
 (A) Includes $4,950,000 (three months) and $12,401,000 (six months) revenues related to product lines disposed of.
 (B) Includes unusual items (after tax) gain of $150,000 ($.01 per share.
 (C) Includes unusual item (after tax) gain of $840,000 ($.07 per share).
 -0- 1/20/93
 /CONTACT: Jennifer R. Wall or Peter C. Harkins of D. F. King & Co., Inc., 212-269-5550, for Grow Group./
 (GRO)


CO: Grow Group, Inc. ST: New York IN: CHM SU: ERN

KD-LR -- NY022 -- 6818 01/20/93 10:56 EST
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Date:Jan 20, 1993
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