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THE LVI GROUP REPORTS RESULTS FOR SECOND QUARTER 1993

    NEW YORK, Aug. 13 /PRNewswire/ -- The LVI Group Inc. (NYSE: LVI) reported net income of $783,000 for the second quarter ended June 30, 1993.  This compares to a net income of $40,000 from the second quarter 1992.  Included in the results for the second quarter of 1993 is a gain from discontinued operations of $170,000 and an extraordinary gain on early extinguishment of debt of $471,000.
    Per share earnings translate to a net income of $.087 per share for the quarter ended June 30, 1993 based on a weighted average number of 8,978,000 common shares outstanding as compared to a net profit of $.004 per share for the similar period in 1992 based on a weighted average number of 10,978,000 common shares outstanding.  Per share earnings for the quarter ended June 30, 1993 includes a gain of $.016 per share from discontinued operations and $.053 from extraordinary item for the three months ended June 30, 1993.  Net income was $416,000 as compared to net income of $220,000 for the six months ended June 30, 1992.  Net income for the six months of 1993 translates to $.041 per share based on a weighted average of 9,978,000 common shares outstanding compared to $.020 per share based on a weighted average of 10,978,000 common shares outstanding for the comparable year 1992.
    A restructuring was consummated on May 5, 1993 whereby participating holders of certain notes ("Noteholders") surrendered their notes together with 3,000,000 shares of the common stock of the company, and, in exchange therefor, acquired through a newly formed corporation ("LVI Holding"), all of the stock of LVI Environmental Services Group, Inc., the subsidiary of the company that conducted its now discontinued asbestos abatement operations.  LVI Holding also acquired a 2-1/2 year warrant to purchase 49 percent of the common stock of Hall-Mark Electrical Supplies Corporation.
    The sole business of the company at this time is Hall-Mark Electrical Supplies Corporation which is engaged in the distribution of electrical supplies for export and import.
                  THE LVI GROUP INC. AND SUBSIDIARIES
             Condensed Consolidated Statement of Operations
                              (Unaudited)
                               Three months             Six months
    Periods ended June 30     1993        1992        1993       1992
    Revenues earned       $3,409,000  $2,427,000  $6,220,000 $5,307,000
    Operating income (loss)  118,000    (304,000)   (193,000)  (577,000)
    Income (loss) from
     continuing operations
     bef. extraord. item     142,000    (415,000)   (295,000)  (798,000)
    Gain from discontinued
     operations              170,000     455,000     240,000  1,018,000
    Income (loss) before
     extraordinary item      312,000      40,000     (55,000)   220,000
    Extraordinary item:
    Gain on early
     extinguishment of debt  471,000          --     471,000         --
    Net income               783,000      40,000     416,000    220,000
    Net income (loss)
     per common share:
    From continuing operations
     before extraord. item      .016       (.038)      (.029)    (.073)
    From discontinued
     operations                 .018        .042        .024      .093
    From extraordinary item     .053          --        .041        --
    Net income (loss)
     per common share           .087        .004        .038      .020
    Weight average number
     of common shares
     outstanding           8,978,000  10,978,000  9,978,000  10,978,000
    Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods.  Fully diluted earnings per share is not shown since the effect would be insignificant for each of the periods.
    -0-             08/13/93
    CONTACT:  Robert A. Bruno, vice president and general counsel of The LVI Group Inc., 212-951-3672
    (LVI) CO:  LVI GROUP INC. SU:  ERN ST:  NY


-- NY054 -- X686 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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