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THE ALPINE GROUP REPORTS THIRD QUARTER RESULTS

 NEW YORK, March 15 /PRNewswire/ -- The Alpine Group, Inc. (AMEX: AGI) today reported financial results for the third quarter and nine month periods ended Jan. 31, 1993.
 For the quarter ended Jan. 31, 1993, the Company reported a net loss before extraordinary item of $4,605,000 or $0.57 per share on sales of $6,826,000, compared with a net loss before extraordinary item of $2,165,000 or $0.29 per share on sales of $1,207,000 for the quarter ended Jan. 31, 1992. For the nine months ended Jan. 31, 1993, the net loss before extraordinary item was $7,692,000, or $0.94 per share on sales of $23,935,000, compared with a net loss before extraordinary item of $5,564,000, or $0.72 per share on sales of $4,257,000 for the nine month period a year ago. The sales increases for the quarter and nine months of $5,619,000 and $19,678,000, respectively, resulted primarily from the inclusion of Dataproducts New England, Inc., which was acquired in February 1992.
 For the quarter ended Jan. 31, 1993, non-cash charges were $3,585,000 or 77.9 percent of the net loss from operations. Non-cash charges include accretion of bond discount, depreciation and amortization, stock option expense and a research and development accounting charge of $2,847,000 in connection with the Company's purchase of the assets and know-how of a research and development partnership between Alpine PolyVision, Inc. and A/S Modulex. The average number of shares of common stock outstanding during the quarter ended Jan. 31, 1993 was 8,567,622, compared to 7,815,369 for the third quarter a year ago.
 Steven S. Elbaum, Chairman and Chief Executive Officer, said, "Despite increased R&D and capital spending, we are pleased to note that operating cash flows were positive for the third quarter, as they were for the second quarter, largely as a result of Dataproducts New England's contribution. The transfer of the PolyVision pilot plant equipment from France to Connecticut during December 1992 and the completion of Alpine PolyVision's new manufacturing facility in early March has positioned PolyVision for near-term commercial start-up. Alpine PolyVision's Wallingford, Connecticut manufacturing facility will be operational prior to the end of Alpine's fiscal year in April, following which display samples will be available to prospective customers."
 Mr. Elbaum further stated, "As a result of negotiated exchanges and conversions of the Company's Convertible Notes and Debentures during the last few months, the Company will have converted $8,807,000 of debt into equity, resulting in a permanent reduction in annual cash interest requirements in excess of $1 million. The amount above includes $7,157,000 of conversions and exchanges that will be recorded in the Company's fourth quarter ending April 30, 1993. The Note and Debenture conversions, along with the placement of $2,500,000 of preferred stock with economic development agencies of the State of Connecticut, has resulted in a significantly improved balance sheet with equity in excess of $10 million. We are pleased with the success of our conversion program and the increased recognition in the financial community of our improved financial position and operational outlook."
 The Alpine Group, Inc. is a holding company with continuing operations in information display and defense electronics and datacommunications businesses. Through its Alpine PolyVision, Inc. subsidiary, Alpine is developing PolyVision, a proprietary flat panel display technology, for commercial applications in a wide variety of markets. A recently acquired subsidiary, Dataproducts New England, Inc., specializes in the advanced design, development, engineering and manufacture of electronic and avionic components and systems. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets.
 THE ALPINE GROUP, INC.
 SUMMARY INCOME STATEMENT
 (Dollars in Thousands, Except Per Share)
 Nine Months Ended Three Months Ended
 Periods ended Jan. 31, 1993 1992 1993 1992
 Net sales from continuing
 operations $23,935 $ 4,257 $ 6,826 $ 1,207
 (Loss) from operations ($7,692) ($5,564) ($4,605) ($2,165)
 Extraordinary item:
 Net gain (loss) on
 extinguishment of debt (50) 654 (50) -
 Net (loss) ($7,742) ($4,910) ($4,655) ($2,165)
 Earnings (loss) per share
 of common stock:
 Continuing operations($ 0.94) ($ 0.77) ($ 0.57) ($ 0.29)
 Gain (loss) on
 extinguishment of
 debt ( 0.01) 0.08 ( 0.01) -
 Net (loss) ($ 0.95) ($ 0.64) ($ 0.58) ($0.29)
 Average shares
 outstanding 8,567,622 7,815,369 8,567,622 7,815,369
 SUMMARY BALANCE SHEET
 January 31, April 30,
 1993 1992
 Current assets $15,150 $20,143
 Total assets $32,188 $36,707
 Current liabilities $ 7,018 $10,976
 Long-term debt,
 less current portion $18,653 $19,396
 Stockholders' equity $ 6,049 $ 5,867
 -0- 3/15/93
 /CONTACT: June Filingeri or Bernie Kilkelly, both of Morgen-Walke Associates, 212-986-5900, for the Alpine Group/
 (AGI)


CO: The Alpine Group, Inc. ST: New York IN: CPR SU: ERN

LR -- NY006 -- 5872 03/15/93 08:36 EST
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Date:Mar 15, 1993
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