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LVI REPORTS RESULTS FOR FIRST QUARTER 1992

 LVI REPORTS RESULTS FOR FIRST QUARTER 1992
 NEW YORK, April 23 /PRNewswire/ -- The LVI Group Inc. (NYSE: LVI)


today reported net income applicable to common stock of $180,000 on revenues of $9,071,000 for the quarter ended March 31, 1992. This compares to net income applicable to common stock of $6,203,000 on revenues of $8,755,000 for the comparable period of 1991. Included in the results for the first quarter 1992 is a net recovery of $350,000 from a previously reserved accounts receivable of the company and a gain from utilization of a net operating loss carryforward of $54,000. Included in the results for the first quarter of 1991 is a gain on early extinguishment of debt amounting to $13,293,000 and a loss from discontinued operations of $3,044,000.
 Per share earnings translate to a net income of $.02 per share for the quarter ended March 31, 1992 based on a weighted average number of 10,971,000 common shares outstanding as compared to a net income of $2.90 per share for the similar period in 1991 based on a weighted average number of 2,143,000 common shares outstanding, which has been adjusted to reflect a 35 for 1 reverse split which occurred in December 1991. Per share earnings for the quarter ended March 31, 1992 include a gain of $.01 per share from utilization of a net operating loss carryforward. Per share earnings for the first quarter ended March 31, 1991 include a gain of $6.20 per share from early extinguishment of debt and a loss of $1.42 per share from discontinued operations.
 The first quarter 1992 financials reflect results solely from the company's nationwide asbestos abatement business and its electrical supply distribution company since the company disposed of its discontinued business segments in 1991. The company continues to be in default under the applicable terms of its debt securities, all of which are now due as a result of violation of certain covenants. Discussions have commenced with several holders of the company's debt securities for an exchange of such securities for equity securities of the company.
 THE LVI GROUP INC. AND SUBSIDIARIES
 Financial Summary
 Condensed Consolidated Statement of Operations
 (unaudited)
 Quarter ended March 31, 1992 1991
 Revenues earned $9,071,000 $8,755,000
 Operating income (loss) $432,000 $(1,275,000)
 Income (loss) from continuing
 operations before extraordinary items 126,000 (4,046,000)
 Loss from discontinued operations -- (3,044,000)
 Income (loss) before extraordinary items 126,000 (7,090,000)
 Extraordinary items:
 Utilization of net operating loss
 carryforward 54,000 --
 Gain on early extinguishment of debt -- 13,293,000
 Net income (loss) $180,000 $6,203,000
 Net income (loss) per common share:
 From continuing operations before
 extraordinary items $.01 $(1.88)
 From discontinued operations -- (1.42)
 From extraordinary items .01 6.20
 Net income per common share $.02 $2.90
 Weighted average number of common
 shares outstanding 10,971,000 2,143,000
 Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods. For the quarter ended March 31, 1991, the weighted average number of common shares outstanding have been adjusted to reflect a 35 to 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.
 For additional information, call contact listed below.
 -0- 4/23/92
 /CONTACT: Burton T. Fried, president of The LVI Group, 212-951-3660/
 (LVI) CO: LVI Group Inc. ST: New York IN: SU: ERN


SH-HM -- NY105 -- 2056 04/23/92 15:45 EDT
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