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NOEL GROUP REPORTS YEAR-END RESULTS

 NEW YORK, March 16 /PRNewswire/ -- Noel Group, Inc., today announced revenues and earnings for the fourth quarter ended Dec. 31. Revenues of $38.5 million compared with $6.3 million in the same period a year ago, and a net loss of $4.8 million, or $0.24 per share, compared with a $13.1 million, or $1.23 per share, in 1991.
 For the full year, revenues were $63 million against $13.9 million in 1991, and the net loss was $5.3 million, or $0.27 per share, against a loss of $22.3 million or $2.10 per share.
 Noel Group, which conducts its operations through small and medium- sized operating companies raised $110 million in an initial public offering in January 1992 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, optical sporting goods, mushroom spawn and mushroom production, and health information, diet services and TV infomercials. The earnings report for the quarter reflects the consolidation of the results of two companies acquired during the third quarter, Curtis Industries, Inc., and Lincoln Foods Inc.
 In addition to Curtis and Lincoln, Noel's holdings include Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), TDX Corporation (NASDAQ: TDXC) and Simmons Outdoor Corporation.
 In late February Noel signed an agreement in principle for a subsidiary to acquire Belding Heminway Company, Inc. (NYSE: BHY) for $34.50 per share, conditioned upon satisfactory completion of the due diligence investigation by Noel. Belding Heminway is a manufacturer and marketer of industrial thread, buttons, home furnishing fabrics and a broad line of sewing accessories.
 NOEL GROUP, INC. AND SUBSIDIARIES
 Selected Financial Results
 (In thousands except per share data, unaudited)
 Periods ended Three months Twelve months
 Dec. 31 1992 1991 1992 1991
 Sales $38,510 $ 6,256 $62,962 $19,943
 Operating loss (1,400) (1,396) (6,545) (2,903)
 Net loss (4,788) (13,111) (5,335) (22,320)
 Net loss per common
 and common equivalent
 share (0.24) (1.23) (0.27) (2.10)
 Weighted average common
 and common equivalent
 shares 20,192,233 10,632,438 19,427,233 10,633,120
 SUMMARIZED BALANCE SHEETS
 (In thousands)
 Period ended Dec. 31 1992 1991
 Current assets $130,751 $24,194
 Investments 18,896 43,895
 Other assets 48,938 5,241
 Total 198,585 73,330
 Current liabilities $ 31,927 $12,715
 Long-term debt 28,567 22
 Minority interest and other liabilities 3,149 --
 Stockholders' equity 134,942 60,593
 Total $198,585 $73,330
 -0- 3/16/93
 /CONTACT: Donald R. Dwight of Dwight Partners, Inc., 203-661-8480, for the Noel Group, Inc/
 (NOEL)


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

LR-OS -- NY028 -- 8857 03/16/93 11:20 EST
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Date:Mar 16, 1993
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