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HOLSON BURNES GROUP REPORTS RECORD THIRD QUARTER AND NINE MONTH REVENUES AND EARNINGS

 HOLSON BURNES GROUP REPORTS RECORD THIRD QUARTER
 AND NINE MONTH REVENUES AND EARNINGS
 NORTH SMITHFIELD, R.I., Oct. 23 /PRNewswire/ -- The Holson Burnes Group, Inc. (NASDAQ: HBGI) today announced record revenues and earnings for the third quarter and nine months ended Sept. 30, 1992.
 Revenues for the third quarter ended Sept. 30, 1992 increased 30 percent to $36.2 million from the $27.9 million reported for last year's third quarter. Operating income rose 60 percent to $3,144,000 for the third quarter compared to the $1,961,000 earned in the year ago period. Income from continuing operations for the third quarter was $2,452,000, or $0.39 per share, compared with income from continuing operations of $664,000, or $0.17 per share, reported for the third quarter last year.
 Revenues for the nine months ended Sept. 30, 1992 increased 24 percent to $89.2 million from the $72.0 million reported last year. Operating income increased 154 percent to $4,553,000 from the $1,792,000 reported for last year's nine month period. Income from continuing operations for the nine month period ended Sept. 30, 1992 was $1,559,000, or $0.33 per share, compared with a loss of $635,000, or $0.17 loss per share, reported last year.
 No provision for income taxes was provided during the period ended Sept. 30, 1992 as the company had sufficient net operating loss carryforwards to offset pretax income. Had the company not been able to realize the benefits of the net operating loss carryforwards, net income would have been $1,562,000, or $0.25 per share, for the quarter and $998,000, or $0.21 per share, for the nine month period.
 Thomas E. Hoffmeister, president and chief operating officer, noted, "We continue to be encouraged by the company's growth and profit gains. Revenues from our core album and frame business increased 15 percent during the quarter, and initial results of our Showbox product launch have been positive."
 The Holson Burnes Group, Inc. is the largest designer, manufacturer and distributor of photo albums and the second largest designer and distributor of photo frames in the United States. The company is the only supplier in the United States with a substantial market presence in both albums and frames and which serves all major retail distribution channels.
 THE HOLSON BURNES GROUP, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (dollars in 000's except per share data -- unaudited)
 Periods ended Three months Nine months
 Sept. 30, 1992 1991 1992 1991
 Net Sales $36,236 $27,853 $89,232 $72,000
 Costs and Expenses:
 Cost of Sales 24,595 18,954 61,828 50,334
 Variable Selling 3,538 2,711 8,857 7,034
 G,A and other
 selling 4,959 4,227 13,994 12,840
 Operating Income 3,144 1,961 4,553 1,792
 Interest Expense 692 1,039 2,003 2,675
 Int. Expense On Notes
 Payable to Shareholders
 and Officers - - 991 -
 692 1,039 2,994 2,675
 Income (Loss) From
 Continuing Operations
 Before Provision (Credit)
 For Income Taxes 2,452 922 1,559 (883)
 Provision (Credit) For
 Income Taxes - 258 - (248)
 Income (Loss) From
 Cont. Operations 2,452 664 1,559 (635)
 Inc. (Loss) From
 Discont. Opers.
 (Net of Income Tax
 Benefit) - 70 - (463)
 Extraordinary Loss - - (3,758) -
 Net Income (Loss) $ 2,452 $ 734 $(2,199) $(1,098)
 Income (Loss) Per Share
 From Cont. Opers. $ 0.39 $ 0.17 $ 0.33 $ (0.17)
 Net Income (Loss) Per
 Share (A) $ 0.39 $ 0.19 $ (0.46) $ (0.29)
 Weighted Average Shares
 Outstanding 6,279,632 3,938,284 4,775,094 3,741,279
 (A) The net loss per share for the nine months ended Sept. 30, 1992 reflects the extraordinary loss of $0.79 per share related to the early extinguishment of debt. The net income (loss) per share for the three and nine months ended Sept. 30, 1991 includes a $0.02 per share and $(0.12) loss per share, respectively, from discontinued operations.
 CONDENSED BALANCE SHEET
 (dollars in 000's -- unaudited)
 As of Sept. 30,
 1992 1991
 Assets:
 Current Assets $77,577 $54,490
 Property and Equipment, Net 14,688 11,359
 Other Assets 2,038 1,496
 $94,303 $67,345
 Liabilities and Shareholders' Equity:
 Current Liabilities $ 7,755 $12,372
 Long-Term Debt 48,665 43,887
 Deferred Credit 3,778 4,604
 Shareholders' Equity 34,105 6,482
 $94,303 $67,345
 -0- 10/23/92
 /CONTACT: Lynn Morgen, Amy Ludwig, Brad Miller of Morgen-Walke Associates, 212-986-5900, for The Holson Burnes Group, Inc./
 (HBGI) CO: The Holson Burnes Group, Inc. ST: Rhode Island IN: SU: ERN


SH -- NY011 -- 4040 10/23/92 09:55 EDT
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Date:Oct 23, 1992
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