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GUARDSMAN PRODUCTS, INC. ANNOUNCES THIRD QUARTER RESULTS

 GUARDSMAN PRODUCTS, INC. ANNOUNCES THIRD QUARTER RESULTS
 GRAND RAPIDS, Mich., Oct. 15 /PRNewswire/ -- Guardsman Products,


Inc. (NYSE: GPI) today announced net income and sales for the quarter and nine months ended Sept. 30, 1992.
 For the third quarter, net income amounted to $739,000 or $0.10 per share on net sales of $39,511,000. This compares to a loss from continuing operations of ($436,000) or ($0.06) per share on net sales of $36,580,000 for the third quarter of the prior year.
 Net income for the nine months ended Sept. 30, 1992, was $1,828,000 or $0.25 per share on net sales of $115,278,000, compared to income from continuing operations of $232,000 or $0.03 per share on net sales of $106,247,000 for the first nine months of the prior year.
 Included in continuing operations for the quarter and nine months ended Sept. 30, 1991, was an after-tax charge of $766,000 or $0.10 per share pertaining to certain environmental matters. The consolidated net loss for the third quarter of 1991 amounted to ($2,930,000) or ($0.40) per share and ($1,014,000) or ($0.14) per share for the nine months ended Sept. 30, 1991. The 1991 results included a loss on the disposal and a loss from operations of the company's discontinued operations aggregating ($0.34) per share in the third quarter and ($0.17) per share for the nine months ended Sept. 30, 1991.
 Charles E. Bennett, president and chief operating officer, stated that, "Both our Coatings and Consumer Products Groups reported improved operating profits over the third quarter of 1991. Our consolidated sales and profitability exceed 1991 levels which maintained the trend of improvement we have experienced for the last three quarters. We are encouraged by our sales growth in both groups, as well as the improved profitability of our Consumer Products Group."
 "We continued, however, to experience strong competitive and ongoing recessionary pressures in our Coatings and Resin Business, which resulted in disappointing profitability for that Group. While we are taking steps to improve productivity and to acquire new business to better utilize our capacities, we do not see conditions in the industries served by our Coatings Group improving significantly in the near future. We are concentrating on market share gains, and believe we are well-positioned to take advantage of the improvements in the economy as they occur."
 Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products.
 GUARDSMAN PRODUCTS, INC.
 Quarter Ended Sept. 30, 1992 1991
 Sales - continuing operations $39,511,000 $36,580,000
 Income (loss)
 Continuing operations $739,000 ($436,000)
 Discontinued operations --- (2,494,000)
 Net income (loss) $739,000 ($2,930,000)
 Income (loss) per share(a)
 Continuing operations $.10 ($.06)
 Discontinued operations --- (.34)
 Net income (loss) $.10 ($.40)
 Nine Months Ended Sept. 30, 1992 1991
 Sales - continuing operations $115,278,000 $106,247,000
 Income (loss)
 Continuing operations $1,828,000 $232,000
 Discontinued operations --- (1,246,000)
 Net income (loss) $1,828,000 ($1,014,000)
 Income (loss) per share(a)
 Continuing operations $.25 $.03
 Discontinued operations --- (.17)
 Net income (loss) $.25 ($.14)
 (a) -- Based on 7,439,938 and 7,427,905 weighted average shares outstanding for the quarter and nine months ended Sept. 30, 1992, respectively, and 7,378,442 and 7,365,409 weighted average shares outstanding for the respective 1991 periods.
 -0- 10/15/92
 /CONTACT: Edward D. Corlett, corproate vice president and chief financial officer, Guardsman Products, Inc., 616-957-2600/
 (GPI) CO: Guardsman Products, Inc. ST: Michigan IN: SU: ERN


KE -- DE021 -- 0564 10/15/92 15:33 EDT
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Date:Oct 15, 1992
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