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CORRECTION TO FLORAFAX INTERNATIONAL REPORTS RESULTS.

 /C O R R E C T I O N -- FLORAFAX/
 In NY024, Florafax International results, moved yesterday, the


second graph, second line, should read "consolidated net loss of $283,000" rather than "$238,000" as originally transmitted. The corrected release follows:
 FLORAFAX INTERNATIONAL REPORTS RESULTS
 TULSA, Okla., April 9 /PRNewswire/ -- Florafax International, Inc., (NASDAQ: FIIFC) today reported a consolidated net loss of $98,000 (2 cents per share) on net revenues of $2,007,000 for the three months ended Feb. 29, 1992 as compared to consolidated net income of $201,000 (4 cents per share) on net revenues of $2,122,000 for the three months ended Feb. 28, 1991.
 For the six months ended Feb. 29, 1992, the company reported a consolidated net loss of $283,000 (5 cents per share) on net revenues of $3,825,000 as compare to consolidated net income of $301,000 (6 cents per share) on net revenues of $4,060,000 for the six months ended Feb. 28, 1991.
 Net revenues primarily consist of floral and credit card transactions, credit card equipment leases, and advertising and membership fees received from the company's florist members net of payments made to members for the fulfillment of floral wire service orders.
 Floyd Cox, Jr., chairman, attributed the losses to a year-to-date net loss of $87,000 in the U.S. Credit Services, Inc., a wholly owned credit collection subsidiary acquired in June 1991 to provide past due account collection services to the floral, funeral home and cemetery industries. Also contributing to the losses were decreased revenues primarily resulting from a decline in floral industry wire service orders and competition in the floral wire service business. Expenses, especially advertising/promotion costs, increased in seeking to improve floral revenues and to sustain growth in the company's credit card processing revenues. The company had higher volume and margins on credit card transactions during the six months ended Feb. 29, 1992, as compared to the six months ended Feb. 28, 1991. In May 1992, the company, by agreement with the State of Oklahoma, will begin processing credit cards for nearly 300 tag agency offices throughout Oklahoma. Tag agencies will accept Visa and MasterCard as payment for vehicle license tags and other related services.
 Separately, the company announced that it has been notified by NASDAQ that it does not meet NASDAQ's requirements for continued listing on the NASDAQ Stock Market. The company has been given a temporary exception by NASDAQ and will continue temporarily to be listed on the NASDAQ Stock Market under a conditional listing (symbol: FIIFC). This exception requires the company to file with the SEC and NASDAQ by April 15, 1992 appropriate evidence of compliance with NASDAQ listing requirements to continue the stock market listing. Presently the company does not believe it will meet such requirements and therefore, after April 15, 1992, the company's stock will be listed on the NASDAQ Bulletin Board, a secondary listing service provided to market makers in the company stock and to buyers and sellers of the stock.
 Florafax is headquartered in Tulsa, and provides a nationwide floral wire service and related services to its member florists as well as full service credit card processing for thousands of U.S. businesses and professionals.
 -0- 4/10/92
 (FIIFC) CO: Florafax International Inc. ST: Oklahoma IN: SU: ERN


KD -- NY024 -- 7158 04/10/92 10:52 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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