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NOEL GROUP ISSUES INITIAL EARNINGS REPORT

 NOEL GROUP ISSUES INITIAL EARNINGS REPORT
 NEW YORK, May 13 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL),


which became a public company through its initial public offering on Jan. 29, issued its first quarterly report today for the quarter ended March 31.
 The company reported a net loss of $764,000 or $.05 per share on sales of $3.5 million. The sales are attributable to Simmons Outdoor Corporation, a wholly owned subsidiary acquired in July 1991. The net loss in the same quarter of 1991 was $576,000, also $.05 per share.
 Noel raised $110 million in the offering for the purpose of acquiring controlling or significant equity interests in operating companies, and is currently evaluating acquisition opportunities.
 Noel conducts its operations through small and medium-sized operating companies. Its principal holdings include four public companies -- Global Natural Resources Inc. (NYSE: GNR), Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Garnet Resources Corp. (NASDAQ: GARN), and VISX, Inc. (AMEX: VSX) -- and one private company, Simmons Outdoor Corporation.
 NOEL GROUP, INC.
 Selected Financial Results
 (Unaudited; in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Sales $3,519 --
 Operating loss (1,621) (1,102)
 Net loss (764) (576)
 Net loss per common and
 common equivalent share $(.05) $(.05)
 Weighted average common and
 common equivalent shares 16,895,530 10,636,781
 Summarized Balance Sheets
 (In thousands)
 3/31/92 12/31/91
 Current assets $123,697 $24,194
 Investments 44,966 43,895
 Other assets 5,206 5,241
 Total $173,869 $73,330
 Current liabilities 11,574 12,715
 Long-term debt 21 22
 Stockholders' equity 162,274 60,593
 Total $173,869 $73,330
 -0- 5/13/92
 /CONTACT: Donald R. Dwight of Dwight Partners, 203-661-8480, for Noel Group/
 (NOEL) CO: Noel Group Inc. ST: New York IN: SU: ERN


CK-DB -- NY030 -- 9615 05/13/92 11:10 EDT
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Publication:PR Newswire
Date:May 13, 1992
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