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MADISON GROUP REPORTS THIRD QUARTER RESULTS FOR THIRD QUARTER ENDED JUNE 30, REPORTS $.09 PER SHARE EARNINGS

 DEERFIELD BEACH, Fla., Aug. 3 /PRNewswire/ -- Madison Group Associates, Inc. (NASDAQ: MADI) announced their third quarter results, representing $479,354, of revenues resulting in earnings of $186,171 or $.09 per share on a fully diluted basis.
 These are the first earnings reported by the company in more than 10 years.
 MADISON GROUP ASSOCIATES
 (formerly Canaveral International)
 Three Months Ended Nine Months Ended
 June 30, 1993 June 30, 1993 June 30, 1992
 Revenues $479,354 $500,426 $198,266
 Expenses 293,183 441,299 626,105
 Net Income 186,171 59,127 (427,839)
 Per Share .09 .03 (.04)
 The company was reorganized in April of 1992 by William Craig, now the chairman of the board and president. Under the direction of Craig, Madison has liquidated most of its real estate holdings, restructured the company and management team and refocused the direction of the company towards such industry groups as telecommunications and media industries which offer the potential of stronger growth and greater return on investment.
 -0- 8/3/93
 /CONTACT: Nicole Nehrke of Madison Group Associates, 305-427-2221/
 (MADI)


CO: Madison Group Associates, Inc. ST: Florida IN: SU: ERN

AW-PC -- FL002 -- 8762 08/03/93 09:22 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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