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GASCARD INC. ANNOUNCES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED FEB. 29, 1992

 GASCARD INC. ANNOUNCES RESULTS FOR THE QUARTER
 AND SIX MONTHS ENDED FEB. 29, 1992
 CARLSBAD, Calif., April 22 /PRNewswire/ -- GASCARD Inc. ("GASCARD" or the "company") of Carlsbad today announced earnings for the second quarter and the six months ended Feb. 29, 1992.
 GASCARD reported an after-tax profit of $44,495, or $.0006 per share, on revenues of $1,450,984 for the three months ended Feb. 29, 1992, compared with an after-tax profit of $34,016, or $.0005 per share, on revenues of $1,283,323 for the same period last year. The larger revenue and profit numbers for the second quarter of fiscal 1992 are the result primarily of growth in the company's business. Quarter-to- quarter unit volume of gallons processed is up 17 percent.
 GASCARD also reported an after-tax profit of $79,999, or $.0011 per share, on revenues of $2,862,803 for the six months ended Feb. 29, 1992, compared with an after-tax profit of $183,943, or $.0025 per share, on revenues of $2,702,888 for the same period last year. The larger revenue for the first six months of fiscal 1992 is the result primarily of growth in the GASCARD's business. The smaller profit for the period reflects the modification of the company's transaction processing pricing to make it less sensitive to fuel price changes such as the substantial increase that followed Iraq's invasion of Kuwait. Unit volume of gallons processed for the six-month period, however, is up 13 percent.
 Chairman and Chief Executive Officer Lindsay B. Holland added that "GASCARD has now reported profits for nine of the last 11 quarters from August 1989 through February 1992. The company believes that its business plan is on course and expects to be profitable for all of fiscal 1992 as major agreements signed in 1990 and 1991 with the state of Utah and the Sinclair Oil Corp., respectively, as well as existing and new franchisees produce meaningful revenue growth."
 Background -- GASCARD Inc.:
 GASCARD provides fuel management services to tens of thousands of commercial and governmental fleets that transact more than 14,000,000 gallons of fuel per month through more than 2,630 locations in 38 states. Since 1981 GASCARD has transacted more than 1.2 billion gallons. The company has contracts to provide fuel management services for the California Energy Commission and the State of Utah and to process a proprietary fleetcard for Sinclair Oil Corp. The GASCARD network also has interchange agreements with ARCO's PayPoint and Sinclair's Fleetcard networks.
 GASCARD has developed and markets nationally a comprehensive card- activated fuel management system designed to reduce commercial and governmental fleet fueling costs. The GASCARD system can prevent unauthorized purchases; lower accounting, administrative and other costs of fleet fueling; and eliminate or lessen the environmental risks of underground fuel storage tank ownership or operation. Each billing cycle, the GASCARD system reports complete fleet fueling transaction data -- date, time, site, vehicle, driver, odometer, miles per gallon, cents per mile, product, volume, price, extension and excise tax details -- which fleet managers can use to maximize fleet efficiency. Through GASCARD's 126 franchisees, which are typically independent petroleum marketers, more than 500 salespeople market the GASCARD system primarily to local and regional delivery, sales and service fleets, such as fuel and beverage distributors, overnight package delivery services, taxis, public utilities and governmental agencies.
 GASCARD was originally organized in May 1981 and went public through an offering of its common stock in March 1987. In January 1990, the U.S. Patent Office issued Patent No. 4,891,503 to GASCARD for its distributed authorization system. This sophisticated database management program automatically maintains individualized subsets of GASCARD's national database in local point-of-sale terminals which enables them to authorize and process transactions almost instantaneously without recourse to GASCARD's central computer and thus at a greatly reduced telecommunications cost. GASCARD's common stock is traded on the over the counter market.
 -0- 4/22/92
 /CONTACT: Lindsay B. Holland of GASCARD, 619-431-3200, ext. 120/ CO: GASCARD Inc. ST: California IN: AUT OIL TRN SU: ERN


EH-DM -- SD002 -- 1053 04/22/92 08:45 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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