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 NEW YORK, Nov. 12 /PRNewswire/ -- Noel Group, Inc. (NASDAQ-NMS: NOEL), today announced revenues and earnings for the third quarter and first nine months of 1993 ended Sept. 30.
 Revenues for the quarter were $39.7 million compared to $15.9 million in the third quarter of 1992. For the nine months, revenues were $105.5 million, against $24.5 million in the same period a year ago. Sales from Curtis Industries, Inc., and Lincoln Snacks Company (formerly Lincoln Foods Inc.), both acquired in August of last year, are included in quarter and nine-month periods this year, but were only partially included in the 1992 comparisons.
 The investment in Belding Heminway Company, Inc., is carried on the balance sheet as a $41.5 million investment and the company's financial performance will not be consolidated with Noel's until completion of preliminary purchase accounting. The acquisition of Belding Heminway was completed on Oct. 29.
 The net loss for the quarter was $1.4 million vs. a loss of $660,000 a year ago. The per share loss was $0.07 compared to a loss of $0.03 in the third quarter of 1992. The net loss for the nine-month period, after the cumulative effect of change in accounting principle (FAS 106), was $8.5 million, compared to a loss of $557,000 in 1992. The per share loss for the nine months was $0.42, with the change in accounting principle accounting for $0.12 of the loss, compared to a loss of $0.03 per share a year ago. The entire amount of the accounting rule change, $2.5 million, was recognized in the first quarter and stemmed from Noel's 25 percent ownership in Sylvan Foods Holdings, Inc. (NASDAQ-NMS: SYLN).
 Revenues of three majority owned companies, Curtis Industries, Lincoln Snacks and Simmons, are affected by seasonality, with the second half of the year accounting for stronger sales. Simmons reported a larger than usual 63 percent increase in sales for the nine months, due primarily to a strong marketing effort and, to a lesser degree, inclusion of sales of a new product line acquired last year. The 1992 period was also adversely affected by Hurricane Andrew which occurred in late August 1992.
 During the quarter Simmons completed an initial public offering, raising approximately $6 million on the sale of 1,265,000 shares of common stock. Simmons, which now trades on the National Market System under the SIMM symbol, used the proceeds of the offering to pay cumulative dividends and redeem a portion of preferred stock owned by Noel and to pay down indebtedness under its credit facility. Noel converted the bulk of its preferred holding into Simmons common stock.
 Lincoln Snacks filed a registration statement with the Securities and Exchange Commission on Nov. 10 for an initial public offering. The company seeks to raise approximately $13-17 million in equity capital to support growth and acquisitions.
 Noel Group conducts its operations through small and medium-sized operating companies, and its holdings include three private and three public operating companies in the fields of high technology threads and specialty fabrics (Belding Heminway), industrial hardware distribution (Curtis), snack and confectionery foods (Lincoln), optical sporting goods (Simmons), mushroom spawn and mushroom production (Sylvan Foods) and diversified services (TDX Corporation (NASDAQ: TDXC)).
 Selected Financial Results
 (Unaudited, in thousands except per share data)
 For the periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Sales $39,652 $15,929 $105,498 $24,452
 Operating loss (481) (1,554) (4,669) (5,145)
 Loss before cumulative
 effect of change in
 accounting principle (1,359) (660) (5,997) (557)
 Net loss (1,359) (660) (8,480) (557)
 Loss per common and
 common equivalent share
 before cumulative effect
 of change in accounting
 principle (0.07) (0.03) (0.30) (0.03)
 Net loss per common and
 common equivalent share (0.07) (0.03) (0.42) (0.03)
 Weighted average common
 and common equivalent
 shares 20,192,233 20,192,233 20,192,233 19,097,342
 Summarized Balance Sheets
 (In thousands)
 Sept. 30, Dec. 31,
 1993 1992
 Current assets $91,228 $130,751
 Investment in
 Belding Heminway 41,500 --
 Other investments 16,051 18,896
 Other assets 49,197 48,938
 Total $197,976 $198,585
 Current liabilities $30,883 $31,927
 Long-term debt 31,318 28,567
 Minority interest and
 other liabilities 9,115 3,149
 Stockholders' equity 126,660 134,942
 Total $197,976 $198,585
 -0- 11/12/93
 /CONTACT: Donald R. Dwight of Noel Group, 603-795-2800/

CO: Noel Group, Inc. ST: New York IN: SU: ERN

SH-TW -- NY046 -- 3801 11/12/93 15:29 EST
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Publication:PR Newswire
Date:Nov 12, 1993

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