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RADIX VENTURES, INC. REPORTS RESULTS

 NEW YORK, Dec. 15 /PRNewswire/ -- Radix Ventures Inc. today announced the unaudited consolidated results of the company and subsidiaries for the three months ended Oct. 31, 1992.
 The consolidated statement of income for the three months ended Oct. 31, 1991, has been restated as a result of the adoption of the provisions of Financial Accounting Standards Board Opinion No. 109, "Accounting for Income Taxes." Accordingly, net income for the three months ended Oct. 31, 1991, has been increased by $236,212 to reflect the cumulative effect of adopting this pronouncement.
 RADIX VENTURES, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 Three months ended Oct. 31 1992 1991
 Gross billings $105,207,437 $97,237,641
 Less duty, freight and other
 direct costs 97,604,411 90,020,659
 Net fees and commissions 7,603,026 7,216,982
 Operating expenses 7,288,157 6,914,725
 Operating income 314,869 302,257
 Interest expense, net (73,092) (65,226)
 Equity in loss of unconsolidated
 subsidiaries (47,216) (29,079)
 Income before income taxes 194,561 207,952
 Income taxes 94,970 81,301
 Income before cumulative effect
 of accounting change 99,591 126,651
 Cumulative effect of change in
 method of accounting for income taxes -- 236,212
 Net income 99,591 362,863
 Earnings per share (based on 771,500
 shares outstanding):
 Income before cumulative effect of
 accounting change 0.13 0.16
 Cumulative effect of change in method
 of accounting for income taxes -- 0.31
 Net income 0.13 0.47
 -0- 12/15/92
 /CONTACT: Pierre L. Schoenheimer, chairman of Radix Ventures, Inc., 212-697-9141/


CO: Radix Ventures, Inc. ST: New York IN: SU: ERN

LR-OS -- NY068 -- 7360 12/15/92 15:56 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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