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THE GNI GROUP REPORTS 147 PERCENT INCREASE IN NET INCOME ON A 14 PERCENT INCREASE IN REVENUES FOR FISCAL 1993

 HOUSTON, Aug. 17 /PRNewswire/ -- The GNI Group, Inc. (NASDAQ: GNUC) reported historically high revenues and net income for the year ended June 30, 1993. Net income was $2,346,037, or $.42 per share, on revenues of $24,481,294 for the year just ended compared to net income of $949,641, or $.20 per share, on revenues of $21,467,014 for 1992. The company attributed the increases to a combination of factors including an expansion of the chemical processing and recovery plant, growth in higher margin repeat business, and stringent cost controls.
 For the three months ended June 30, 1993, GNI reached new record highs in net income and net income per share for a quarter, reporting $769,638, or $.12 per share, on revenues of $6,301,941. This compares to net income of $525,236, or $.10 per share on revenues of $6,881,125 for the same three months in 1992.
 Earnings per share for both the quarter and the year just ended reflect the additional common shares outstanding which resulted from the company's sale of 1,214,000 common shares in a public offering completed in mid-April 1993. Shares used to calculate earnings per share for the fourth quarter and year ended June 30, 1993 were 6,595,797 and 5,619,059, respectively, compared to 5,219,280 and 4,721,458 in the respective periods of 1992.
 Carl V. Rush, Jr., president and chief executive officer of The GNI Group said, "We are pleased with 1993's financial results, but we are even more excited about the company's future prospects. With the physical and human infrastructure now in place combined with a strong balance sheet, GNI has tremendous opportunities for growth. The third expansion of our chemical processing and recovery plant is currently underway -- the third expansion in as many years -- and additional capacity and capability construction is imminent."
 The GNI Group, Inc., headquartered in Deer Park, Texas, provides specialized chemical recovery and processing services and treats and disposes of hazardous and non-hazardous waste and by-product streams.
 THE GNI GROUP, INC.
 Consolidated Statements Of Operations
 (Unaudited)
 Three Months Ended June 30, 1993 1992
 Revenues $ 6,301,941 $ 6,881,125
 Operating income 1,130,327 1,115,679
 Income before tax 1,228,718 933,616
 Net income 769,638 525,236
 Net income per share $ .12 $ .10
 Shares used to calculate
 earnings per share 6,595,797 5,219,280
 Twelve Months Ended June 30, 1993 1992
 Revenues $24,481,294 $21,467,014
 Operating income 4,046,415 2,541,677
 Income before tax 3,774,917 1,640,959
 Net income 2,346,037 949,641
 Net income per share $ .42 $ .20
 Shares used to calculate
 earnings per share 5,619,059 4,721,458
 -0- 8/17/93
 /CONTACT: Titus H. Harris, III, executive vice president and CFO, of The GNI Group, 713-930-0350, or Pat L. Hoyt of Hoyt & Associates Investor Relations, 713-665-2549/
 (GNUC)


CO: The GNI Group, Inc. ST: Texas IN: ENV SU: ERN

MP -- NY017 -- 3410 08/17/93 09:02 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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