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GROW GROUP ANNOUNCES RECORD FOURTH QUARTER AND YEAR END RESULTS; FISCAL 1992 PRIMARY EARNINGS PER SHARE OF 78 CENTS

 GROW GROUP ANNOUNCES RECORD FOURTH QUARTER AND YEAR END RESULTS;
 FISCAL 1992 PRIMARY EARNINGS PER SHARE OF 78 CENTS
 NEW YORK, Aug. 5 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced final fourth quarter and year end results today following the completion of the first full fiscal year of its restructuring program.
 Fourth quarter net income increased approximately 50 percent from the corresponding period in the prior year to $5,347,000 on revenues of $117,745,000. Fourth quarter net income per share was $0.45 per primary share, or $0.44 per share on a fully diluted basis, as a result of substantial increases in earnings from its Consumer and Professional Products division led by a strong increase in revenues of laundry detergents and a return to profitability of the Aqua Chem Division. Last year's fourth quarter earnings were $3.5 million or $0.30 per primary share on revenues of $124,784,000.
 Earnings for the full fiscal year ended June 30, 1992 are $9,132,000 which is $0.78 per primary share or $0.76 per fully diluted share, on revenues of $416,242,000. This compares to last year's net loss of $13.1 million, which included a one-time after-tax restructuring charge of $11.1 million, on revenues of $412.1 million. Fiscal 1992 and fiscal 1991 revenues included $16 million and $29 million in revenues from operations disposed of as part of the restructuring program.
 Russell Banks, president of Grow Group, commented, "We closed the 1992 fiscal year with strong positive momentum. We reported record earnings for both the year and the fourth quarter. Also, the imminent consummation of our strategic alliance with Corimon C.A., a Venezuelan- based industrial complex in paint, resins, packaging and food products, will provide the infusion of $38,726,000 in equity by the purchase of 2,312,000 newly-issued shares of Grow at $16.75 (16.6 percent of the then outstanding shares). This additional capital will permit Grow to reduce debt and enable the company to continue our Shareholder and Employee Enhancement Program to improve earnings and maximize our inherent value."
 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)
 Periods ended Quarter Fiscal Year
 June 30 1992 1991 1992 1991
 Revenues $117,745 $124,784 $416,242 $412,086
 Income (loss) bef.
 extraord. item 5,347 3,333 9,132(A) (13,388)(B)
 Net income $ 5,347 $ 3,518 $ 9,132(A) $(13,111)(B)
 Net inc. per shr.:
 Primary $0.45 $0.30 $0.78 $(1.16)
 Fully diluted $0.44 $0.30 $0.76 $(1.16)
 Average shares
 outstanding 11,687,000 11,579,000 11,705,000 11,342,000
 (A) -- Includes unusual items (after tax) gain of $840,000 ($.07 per share).
 (B) -- Includes unusual charge related to restructuring of Consumer and Professional Products Group of $11.1 million after tax ($.98 per share).
 -0- 8/5/92
 /CONTACT: Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Grow Group/
 (GRO) CO: Grow Group, Inc. ST: New York IN: CHM SU: ERN


GK-SH -- NY066 -- 7207 08/05/92 15:28 EDT
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Date:Aug 5, 1992
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