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HARVEY GROUP REPORTS RESULTS

 HARVEY GROUP REPORTS RESULTS
 ROSLYN HEIGHTS, N.Y., Dec. 13 /PRNewswire/ -- The Harvey Group Inc.


(AMEX: HRA) today reported comparative operating results for the 39 and 13 weeks ended Nov. 2, 1991. Revenues and net loss for the 13 weeks ended Nov. 2, 1991 were $10,135,000 and $1,515,000 ($.65 loss per share), respectively as compared to revenues and net loss of $9,563,000 and $334,000 ($.14 loss per share), respectively, for the same quarter in 1990. For the 39 weeks ended Nov. 2, 1991, revenues were $30,864,000 and net loss was $3,381,000 ($1.45 loss per share) as compared to revenues of $29,882,000 and net loss of $487,000 ($.21 loss per share) for the same period in 1990. The company's net loss for the 39 and 13 weeks ended Nov. 2, 1991 includes a provision of $1,465,000 ($.63 loss per share) and $575,000 ($.25 loss per share), charged to expense, relating to the unfavorable outcome of a lawsuit. Additionally, the net loss for the 39 weeks ended Nov. 2, 1991 includes approximately $450,000 ($.19 loss per share), charged to expense, relating to the unfavorable outcome of a lawsuit. In professional fees incurred in connection with the defense of this legal matter, (recorded in the first and second quarters of the year). The net loss for the 39 and 13 weeks ended Oct. 27, 1990, includes interest income of $400,000 relating to certain income tax refunds from fiscal years 1979 through 1985.
 The increase in consolidated revenues for the 39 and 13 weeks ended Nov. 2, 1991, was attributable to a 23 percent and 29 percent increase in sales, respectively, in the Retail Electronics Division, offset by a 9 percent and 12 percent reduction in commission income, respectively, of the Food Division.
 The Harvey Group Inc. is engaged in the food brokerage business and the retail sale and service of consumer electronic equipment.
 THE HARVEY GROUP, INC.
 Consolidated Summary of Operations
 (Unaudited)
 39 weeks ended 13 weeks ended
 11/2/91 10/27/90 11/2/91 10/27/90
 Revenues 30,864,000 29,882,000 10,135,000 9,563,000
 Net (loss) (3,381,000) (487,000) (1,515,000) (334,000)
 (A) (B) (A) (B)
 Net (loss) per common
 and common equivalent
 share:
 Net (loss) (1.45) (.21) (.65) (.14)
 (A) Includes a provision of $1,465,000 ($.63 loss per share) and $575,000 ($.25 loss per share) for the 39 and 13 weeks ended Nov. 2, 1991, respectively, relating to the unfavorable outcome of a lawsuit. Additionally, the net loss for the 39 weeks ended Nov. 2, 1991, includes approximately $450,000 ($.19 loss per share) in professional fees incurred in connection with the defense of this lawsuit.
 (B) Includes interest income of $400,000 relating to certain income tax refunds.
 -0- 12/13/91
 /CONTACT: Dennis Wilson executive vice president & CFO of the Harvey Group Inc., 516-621-3366/
 (HRA) CO: The Harvey Group Inc. ST: New York IN: FOD SU: ERN


KD-KW -- NY064 -- 2568 12/13/91 17:40 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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