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GROW GROUP ANTICIPATES RECORD FOURTH QUARTER: EXPECTS FISCAL JUNE 30, 1992 PRIMARY PER SHARE EARNINGS OF 77 CENTS

 GROW GROUP ANTICIPATES RECORD FOURTH QUARTER:
 EXPECTS FISCAL JUNE 30, 1992 PRIMARY PER SHARE EARNINGS OF 77 CENTS
 NEW YORK, July 20 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced preliminary fourth quarter and year end results today following the completion of the first full fiscal year of its restructuring program.
 Preliminary fourth quarter results increased approximately 50 percent from the corresponding period in the prior year. Preliminary earnings for the fourth quarter were approximately $5.2 million on approximate revenues of $117.5 million, and preliminary fourth quarter net income per share increased to approximately $0.45 per primary share, or approximately $0.43 per share on a fully diluted basis, as a result of strong increases in earnings from its consumer and professional products division. This compares to last year's fourth quarter earnings of $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, on a preliminary basis, will be approximately $9 million, which is approximately $0.77 per primary share or approximately $0.75 per fully diluted share, on revenues of approximately $416 million. 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 approximately $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 are extremely pleased that our first fiscal year following our restructuring has resulted in such a dramatic turnaround. Furthermore, we believe that our streamlined operations are capable of producing subsequent increases in net income. These strong results along with the reinstatement of the dividend earlier this year are further evidence of the success of Grow Group's restructuring program.
 Grow Group is one of the world's leading producers of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 7/20/92 R
 /CONTACT: Russell Banks of Grow Group, 212-599-4411, or Jennifer R. Wall or Peter C. Harkins of D. F. King & Co., 212-269-5550, for Grow Group/
 (GRO) CO: Grow Group, Inc. ST: New York IN: CHM SU: ERN


GK -- NY055R -- 0846 07/20/92 15:06 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:390
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