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LVI GROUP REPORTS RESULTS FOR YEAR ENDED DEC. 31, 1991

 LVI GROUP REPORTS RESULTS FOR YEAR ENDED DEC. 31, 1991
 NEW YORK, March 31 /PRNewswire/ -- The LVI Group Inc. (NYSE: LVI)


today reported a net loss applicable to common stock of $39,002,000, or $4.44 per share, for calendar year 1991, as compared to a net loss applicable to common stock of $34,884,000, or $56.44 in 1990.
 Per-share information reflects a 35-for-1 reverse split of the company's common stock which occurred in December 1991. Included in the calendar year 1991 results is a loss of $46,150,000 from discontinued operations and a gain of $13,293,000 on early extinguishment of debt. Revenues earned for 1991 were $41,778,000, a decrease of $9,033,000 from the year ended Dec. 31, 1990. For the years ended Dec. 31, 1991 and 1990, there were 8,782,000 and 618,000 weighted average number of shares outstanding, respectively.
 For the fourth quarter ended Dec. 31, 1991, revenues decreased to $11,455,000, compared to $14,256,000 for the fourth quarter 1990. Net income applicable to common stock for the quarter was $1,181,000 (which included a gain of $1,871,000 from discontinued operations), or $.11 per share, compared to a loss applicable to common stock of $10,954,000, or $17.22, for the fourth quarter 1990.
 Results for the year 1991 reflect significant events for the company. The company consummated a restructuring in which its debtholders became owners of 90 percent of the company's common stock; the company reduced its long-term debt by $70.6 million; discontinued its interior construction business resulting in a loss of $38.6 million; wrote-off the remaining carrying value in its energy recovery facility of $6.7 million; disposed of the ownership of its discontinued operations; and effected a 35-for-1 reverse stock split.
 The company's two remaining business segments provide asbestos abatement and related services nationwide and distribution of electrical supplies for the construction industry, both domestically (primarily in the New York Metropolitan area) and for export. In 1992, the company will propose an exchange of equity securities for its remaining debt which is currently in default and will concentrate its management efforts on its two continuing business segments.
 THE LVI GROUP INC. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (Unaudited)
 Periods ended Year Quarter
 Dec. 31 1991 1990 1991 1990
 Revenues earned $41,778,000 $50,811,000 $11,455,000 $14,256,000
 Operating loss (2,449,000) (3,650,000) (236,000) (1,049,000)
 Loss from cont.
 opers. before
 extraord. item (6,145,000) (17,888,000) (690,000) (4,881,000)
 Income (loss) from
 discont. opers. (46,150,000) (17,448,000) 1,871,000 (6,144,000)
 Income (loss) before
 extraord. item (52,295,000) (35,336,000) 1,181,000 (11,025,000)
 Gain on early
 extinguishment
 of debt 13,293,000 1,724,000 -- --
 Net income (loss)(39,002,000) 33,612,000 1,181,000 (11,025,000)
 Less dividend undeclared
 and unpaid on
 preferred stock -- 1,272,000 -- (71,000)
 Net income (loss)
 applicable to
 common stock (39,002,000) (34,884,000) 1,181,000 (10,954,000)
 Net income (loss)
 per common share:
 From cont. opers.
 bef. extraord. item $(.70) $(31.00) $(.06) $(7.56)
 From discont. opers. (5.25) (28.23) .17 (9.66)
 From early extinguishment
 of debt 1.51 2.79 -- --
 Total (4.44) (56.44) .11 (17.22)
 Weighted average
 number of common
 shares outstg. 8,782,000 618,000 10,955,000 636,000
 Net income (loss) per common share is calculated by dividing net income (loss) applicable to common stock (after deduction for the dividend requirement on preferred stock, whether paid or not) by the weighted average number of common shares outstanding during the periods. For all periods presented, the weighted average number of common shares outstanding have been adjusted to reflect a 35-for-1 reverse stock split which occurred in December 1991. Fully diluted earnings per share is not shown since the effect would be insignificant for each of the periods.
 -0- 3/31/92
 /CONTACT: Burton T. Fried, president of LVI Group, 212-951-3660/
 (LVI) CO: LVI Group Inc. ST: New York IN: SU: ERN


CK-OS -- NY038 -- 3335 03/31/92 10:43 EST
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