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THE COLONIAL GROUP, INC. RELEASES EARNINGS

 THE COLONIAL GROUP, INC. RELEASES EARNINGS
 BOSTON, Jan. 28 /PRNewswire/ -- The Colonial Group, Inc.


(NASDAQ: COGRA) announced today earnings and revenues for the fourth quarter and total year of 1991. Fourth Quarter Results:
 Earnings -- For the three months ended Dec. 31, 1991, earnings totaled $3.2 million compared to $2.6 million earned for the same period last year.
 Revenues -- Revenues were $23.7 million for the fourth quarter of 1991. This represents an increase of $3.9 million or 20 percent compared to revenues of $19.8 million for the same period last year.
 Earnings per share -- Earnings per share were 42 cents for the fourth quarter this year vs. 33 cents last year. Total Year Results:
 Earnings -- For the year ended Dec. 31, 1991, earnings totaled $12.3 million. This represents an increase of $0.7 million or 6 percent compared to $11.6 million earned in 1990.
 Revenues -- Revenues were $89.0 million for 1991. This represents an increase of $11.2 million or 14 percent compared to revenues of $77.8 million for 1990.
 Earnings per share -- Earnings per share were $1.58 for 1991 vs. $1.45 for 1990.
 Chairman and Chief Executive Officer John McNeice, Jr. made these comments, "While it continued to be a difficult year for the economy, the securities markets improved during 1991 due to significant reductions in interest rates and investor expectations of improved economic conditions for 1992. Net income was moderately above 1990 due principally to higher assets under management.
 "Sales of Colonial funds were $1.8 billion in 1991 compared to fund sales of $1.1 billion in 1990. Fund redemptions were $1.1 billion in 1991 compared to $1.2 billion in 1990.
 "Assets under management increased in 1991 due to higher bond and stock markets and net fund sales of $0.7 billion. At year end, assets under management were $9.3 billion compared to $7.8 billion at the end of 1990.
 "During the third quarter of 1991, the quarterly dividend was increased to 15 cents per share. Dividends of 50 cents per share were paid in 1991 compared to 40 cents per share paid in 1990.
 "Our financial condition remains strong, with equity of $57.6 million and debt of $2.4 million at year end. Cash and investments were $37.2 million at Dec. 31, 1991."
 THE COLONIAL GROUP, INC.
 Summary of Results of Operations
 (In thousands, except per share data)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues $23,749 $19,817 $89,048 $77,818
 Operating expenses 18,953 16,580 70,731 61,690
 Operating income 4,796 3,237 18,317 16,128
 Net interest income 606 771 2,045 2,527
 Income before provision
 for income taxes 5,402 4,008 20,362 18,655
 Provision for income taxes 2,209 1,362 8,104 7,105
 Net income $3,193 $2,646 $12,258 $11,550
 Net income per share 42 cents 33 cents $1.58 $1.45
 -0- 1/28/92
 /CONTACT: Davey S. Scoon of The Colonial Group, 617-426-3750/
 (COGRA) CO: The Colonial Group, Inc. ST: Massachusetts IN: FIN SU: ERN


TM -- NE010 -- 4214 01/28/92 11:43 EST
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Date:Jan 28, 1992
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THE COLONIAL GROUP RELEASES EARNINGS
THE COLONIAL GROUP, INC. RELEASES EARNINGS

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