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LVI REPORTS RESULTS FOR SECOND QUARTER 1992

 LVI REPORTS RESULTS FOR SECOND QUARTER 1992
 NEW YORK, Aug. 6 /PRNewswire/ -- The LVI Group Inc. (NYSE: LVI)


today reported net income of $40,000 on revenues of $10,353,000 for the quarter ended June 30, 1992. This compares to a net loss of $3,279,000 on revenues of $10,789,000 for the comparable period in 1991. Included in the results for the second quarter 1992 is a gain from utilization of net operating loss carryforwards of $21,000. Included in the results for the second quarter of 1991 is a loss from discontinued operations of $2,881,000.
 Per share earnings translate to a net income of $.004 per share for the quarter ended June 30, 1992 based on a weighted average number of 10,978,000 common share outstanding as compared to a net loss of $.30 per share for the similar period in 1991 based on a weighted average number of 10,954,000 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 June 30, 1992 include a gain of $.002 per share from utilization of net operating loss carryforwards. Per share earnings for the quarter ended June 30, 1991 include a loss of $.26 per share from discontinued operations.
 The second quarter 1992 financial statements reflect results from the company's nationwide asbestos abatement business and its electrical supply distribution business 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 with several holders of the company's debt securities for an exchange of such securities for equity securities are continuing.
 THE LVI GROUP INC. AND SUBSIDIARIES
 Financial Summary
 Condensed Consolidated Statement of Operations
 (Unaudited)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues earned $10,353,000 $10,789,000 $19,424,000 $19,544,000
 Operating income
 (loss) 229,000 (177,000) 661,000 (1,452,000)
 Income (loss) from
 continuing operations
 before extraord.
 items 19,000 (398,000) 145,000 (4,444,000)
 Loss from discont.
 operations -- (2,881,000) -- (5,925,000)
 Income (loss) before
 extraordinary items 19,000 (3,279,000) 145,000 (10,369,000)
 Extraordinary items:
 Utilization of net
 operating loss
 carryforwards 21,000 -- 75,000 --
 Gain on early
 extinguishment of
 debt -- -- -- 13,293,000
 Net income (loss) 40,000 (3,279,000) 220,000 2,924,000
 Net income (loss) per common share:
 From continuing operations before
 extraordinary items .002 (.04) .013 (.68)
 From discont. opers. -- (.26) -- (.90)
 From extraord. items .002 -- .007 2.02
 Net income (loss)
 per common share .004 (.30) .020 .44
 Weight average number
 of common share
 outstanding 10,978,000 10,954,000 10,978,000 6,573,000
 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 June 30, 1991, 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- 8/6/92
 /CONTACT: Burton T. Fried, president of LVI Group, 212-951-3660/
 (LVI) CO: LVI Group Inc. ST: New York 1 IN: SU: ERN


AH-OS -- NY074 -- 7641 08/06/92 13:41 EDT
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Date:Aug 6, 1992
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