Gallery of History Inc. Announces Third-Quarter Results

Business Wire, July 31, 1998

LAS VEGAS--(BUSINESS WIRE)--July 31, 1998--Gallery of History Inc. (Nasdaq:HIST) Friday announced its third-quarter results for the period ended June 30, 1998.

Gallery of History, the largest dealer of original historical documents in the world, principally operates mail/phone/fax/Internet auctions from its headquarters in Las Vegas. It also operates retail galleries in Washington D.C. and Las Vegas. -0-

Third Quarter Ended June 30
                                  1998                 1997

Revenues                        $ 692,288            $ 670,944
Net Income (Loss) After
 Taxes                          $  36,015         (a)$ (49,487)
Earnings (Loss) per Share:
     Basic                      $     .01            $    (.02)
     Diluted                    $     .01            $    (.02)
Average Diluted Shares
 Outstanding                    3,224,817            3,291,639

Nine-Month Period Ended June 30

Revenues                       $2,097,409            $2,442,715
Net Income After Taxes         $   93,521      (a)(b)$  647,575
Earnings per share:
     Basic                     $      .03            $      .19
     Diluted                   $      .03            $      .19
Average Shares Outstanding      3,234,889             3,354,499

(a) Includes a one-time restructuring charge of $217,438 in the

quarter and nine months relating to the company's shift from

retail to auction sales.

(b) In October 1996, the company repurchased 2,659,720 shares of its

common stock for total consideration of $2 million, consisting of

460 documents valued at $1,803,045 and $196,955 in cash. The book

value of the inventory was $1,446,492, resulting in a gain on

disposition of $356,553 or $.11 per share which is included in the

nine-month-period net income.

CONTACT: Gallery of History Inc., Las Vegas

Todd M. Axelrod, 702/364-1000