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THE COLONIAL GROUP, INC. RELEASES EARNINGS

 BOSTON, July 15 /PRNewswire/ -- The Colonial Group, Inc. (NASDAQ: COGRA) announced today earnings and revenues for the second quarter of 1993.


Second Quarter Results
 Net income: For the three months ended June 30, 1993, net income totalled $4.8 million. This represents an increase of $1.3 million or 37 percent compared to $3.5 million earned for the same period last year.
 Revenues: Revenues were $36.1 million for the second quarter of 1993. This represents an increase of $11.3 million or 46 percent compared to revenues of $24.8 million for the same period last year.
 Net income per share: Net income per share was 64 cents for the second quarter this year versus 46 cents for the same period last year, an increase of 39 percent.
 Chairman and Chief Executive Officer, John A. McNeice, Jr. made these comments:
 The strong sales momentum which began a year ago continues unabated.
 THE COLONIAL GROUP, INC.
 SUMMARY OF RESULTS OF OPERATIONS
 (in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $36,112 $24,819 $68,749 $49,152
 Operating expenses 26,979 19,322 51,583 38,391
 Operating income 9,133 5,497 17,166 10,761
 Net interest income
 (expense) (1,141) 336 (1,527) 761
 Income before provision
 for income taxes and
 cumulative effect of
 an accounting change 7,992 5,833 15,639 11,522
 Provision for income
 taxes 3,202 2,333 6,274 4,575
 Income before
 cumulative effect of
 an accounting change 4,790 3,500 9,365 6,947
 Cumulative effect of a
 change in accounting
 principle for income
 taxes --- --- 72 ---
 Net income $4,790 $3,500 $9,437 $6,947
 Net income per
 share 64 cents 46 cents $1.26 91 cents
 -0- 7/15/93
 /CONTACT: Davey S. Scoon of The Colonial Group, Inc., 617-426-3750/
 (COGRA)


CO: Colonial Group, Inc. ST: Massachusetts IN: FIN SU: ERN

SJ -- NE007 -- 1993 07/15/93 13:01 EDT
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Date:Jul 15, 1993
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