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TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. REPORTS RESULTS

 BREWSTER, N.Y., Sept. 17 /PRNewswire/ -- Touchstone Applied Science Associates, Inc. (NASDAQ: TASA) filed its Form 10-Q for its first nine months that ended July 31, 1993.
 Total sales for the first nine months of FY 1993 ($1,627.2 million) were less than the comparable period in FY 1992 ($1,913.6 million). This decline is due to two factors. First, because of late budgets and deficits, some state and other large contract sales have not materialized during the first three quarters. Second, because TASA no longer does contract research for others, there was a drop in income from this source.
 Catalog sales were strong; up 16.5 percent for the nine-month period and up 22.5 percent in the three month period that ended July 31, 1993.
 For the nine-month period that ended July 31, net income after taxes decreased from $528.7 million in 1992 to $514.9 million in 1993. For the quarter that ended July 31, 1993, net income was $58.2 million versus $125.7 million in the comparable year-ago period.
 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC.
 Financial Summary
 (Dollars in thousands, except per share data)
 Periods Ended Three Months Nine Months
 July 31 1993 1992 Percent 1993 1992 Percent
 Change Change
 Operating revenues $338.6 $552.0 (39) $1,627.2 $1,877.7 (13.3)
 Grant & contract
 research(A) -- -- N/A -- 35.9 N/A
 Net income 58.2 125.7 (54) 514.9 528.7 (3)
 Weighted avg. no.
 of shrs. outstdg. 3,209.0 1,859.8 60 3,209.0 1,753.6 83
 Earns. per shr.(B) $0.02 $0.07 -- $0.16 $0.30 --
 (A) Company no longer does contract research for others.
 (B) Adversely affected by increase in number of outstanding shares.
 -0- 9/17/93
 /CONTACT: Andrew L. Simon of Touchstone Applied Science Associates, 914-277-8100/
 (TASA)


CO: Touchstone Applied Science Associates, Inc. ST: New York IN: SU: ERN

WB-PS -- NY016 -- 3161 09/17/93 15:00 EDT
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Date:Sep 17, 1993
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