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NOEL GROUP REPORTS THIRD QUARTER RESULTS

 NOEL GROUP REPORTS THIRD QUARTER RESULTS
 NEW YORK, Nov. 13 /PRNewswire/ -- Noel Group, Inc., (NASDAQ: NOEL)


today announced revenues and earnings for the third quarter ended Sept. 30. Revenues of $15.9 million compared with $7.7 million in the same period a year ago and a net loss of $660,000, or $.03 per share, compared with a $7.3 million loss, or $.69, in 1991.
 For the nine months, revenues were $24.5 million against $7.7 million in 1991, and the net loss was $557,000, or $.03 per share, against a loss of $9.2 million, or $.87 per share.
 Noel Group raised $110 million in an initial public offering in January and approximately doubled the number of shares outstanding to 20.2 million.
 Noel Group's holdings include three private and two public operating companies in the fields of industrial hardware distribution, snack and confectionery foods, mushroom spawn and mushroom production, optical sporting goods, and health information and diet services. The earnings report for the quarter reflects the consolidation of the results of two companies acquired during the quarter, Curtis Industries, Inc., and Lincoln Foods Inc.
 In addition to Curtis and Lincoln, Noel's holdings are Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and Simmons Outdoor Corporation.
 Other third quarter activity included the distribution to its shareholders of most of the company's ownership in three public companies: Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corporation (NASDAQ: GARN) and VISX, Incorporated (AMEX: VSX). The aggregate fair market value of the distributed stocks was $2.63 per Noel share.
 NOEL GROUP, INC. AND SUBSIDIARIES
 Selected Financial Results
 (Unaudited, in thousands except per share data)
 Period ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Sales $15,929 $7,687 $24,452 $7,687
 Operating income (loss) (1,554) 366 (5,145) (1,507)
 Net loss (660) (7,319) (557) (9,209)
 Net loss per common and
 common equivalent share (0.03) (0.69) (0.03) (0.87)
 Weighted average
 common and common
 equivalent share 20,192,233 10,635,354 19,097,342 10,635,354
 SUMMARIZED BALANCE SHEETS
 (In thousands)
 Period ended Sept. 30, 1992 Dec. 31, 1991
 Current assets 132,846 24,194
 Investments 21,710 43,895
 Other assets 47,194 5,241
 Total current assets 201,750 73,330
 Current liabilities 31,843 12,715
 Long-term debt 29,376 22
 Minority interest and
 other liabilities 2,196 --
 Stockholders' equity 138,335 60,593
 Total current liabilities 201,750 73,330
 -0- 11/13/92
 /CONTACT: Donald R. Dwight of Noel Group, Inc., 203-661-8480/
 (NOEL) CO: Noel Group, Inc. ST: New York IN: SU: ERN


LD-KW -- NY004 -- 0546 11/13/92 09:05 EST
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Date:Nov 13, 1992
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