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NOEL GROUP REPORTS SECOND QUARTER REVENUES AND EARNINGS

 NOEL GROUP REPORTS SECOND QUARTER REVENUES AND EARNINGS
 NEW YORK, Aug. 12 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL)


today announced revenues of $5.0 million and net income of $867,000 for the second quarter ended June 30.
 These figures compare with no recorded revenues and a net loss of $1.3 million in the same period a year ago when Noel was a private company. Per share earnings were $.04 versus a loss of $.12 in 1991.
 For the first six months of 1992, the company's revenues and net income were $8.5 million and $103,000 ($.01 per share), respectively, against no revenues and a loss of $1.9 million (negative $.18 per share) during the same six months last year.
 Noel, which conducts its operations through small and medium-sized operating companies, raised $110 million in its Initial Public Offering in January and has announced two acquisition agreements this month: a tentative agreement to purchase a controlling interest in Curtis Industries, Inc., a $90 million distributor of fasteners, tools and automotive replacement parts; and an agreement for a Noel subsidiary to purchase certain assets of the Lincoln Snack Consumer Company division of Sandoz Nutrition Corporation. Lincoln Snack, which had sales of about $30 million in 1991, is a leading manufacturer and marketer of pre-popped candied popcorn in the United States and Canada under the brand names of Poppycock, Fiddle-Faddle and Screaming Yellow Zonkers.
 The company also announced last month its intention to distribute to its shareholders substantially all of its interests in three public companies, Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corp. (NASDAQ: GARN) and VISX, Inc., (AMEX: VSX). The record and distribution dates for the distributions as well as the exact number of shares to be distributed will be determined later this summer.
 In addition to the three companies whose stock will be distributed, Noel's principal holdings are Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and a wholly-owned subsidiary, Simmons Outdoor Corporation.
 NOEL GROUP, INC.
 Selected Financial Results
 (Unaudited)
 (in thousands except per share data)
 Three months ended Six months ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Sales 5,004 -- 8,523 --
 Operating loss (1,970) (771) (3,591) (1,873)
 Other income, net 2,260 431 2,685 927
 Income (loss) from
 investments (A) 555 (974) 1,009 (944)
 Net income (loss) 867 (1,314) 103 (1,890)
 Net income (loss) per
 common and common
 equivalent share 0.04 (0.12) 0.01 (0.18)
 Weighted average common
 and common equivalent
 shares 20,307,454 10,634,858 18,817,855 10,634,858
 (A) Includes both equity income and losses, realized capital gains and losses.
 Summarized Balance Sheets
 (In thousands)
 June 30, 1992 Dec. 31, 1991
 Current sales 126,882 24,194
 Investments 46,298 43,895
 Other assets 5,322 5,241
 Total 178,502 73,330
 Current liabilities 14,821 12,715
 Long-term debt 38 22
 Stockholders' equity 163,643 60,593
 Total 178,502 73,330
 -0- 8/12/92
 /CONTACT: Donald R. Dwight of Dwight Partners, 203-661-8480, for Noel/
 (NOEL) CO: Noel Group, Inc. ST: New York IN: FIN SU: ERN


KD-KW -- NY088 -- 9363 08/12/92 17:37 EDT
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Date:Aug 12, 1992
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