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POLYPHASE CORPORATION ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED DEC. 31

 FORT WASHINGTON, Pa., Feb. 9 /PRNewswire/ -- Polyphase Corporation (AMEX: PLY) today announced results for the first quarter ended Dec. 31, 1992.
 Condensed Statement of Operations
 (Unaudited)
 Three months ended Dec. 31 1992 1991
 Net sales $1,013,139 $1,883,095
 Income 37,730 112,748
 Extraordinary items:
 Renegotiation of acquisition
 debt (net of taxes of $166,000) 224,000 ---
 Benefit from utilization of
 net operating loss carryforwards 123,000 58,000
 Net income 384,730 170,748
 Weighted average number
 of shares outstanding 2,505,785 1,969,771
 Net income per share:
 Before extraordinary items $.02 $.06
 Extraordinary items .13 .03
 Net income per share .15 .09
 Condensed Balance Sheets
 12/31/92 9/30/92
 (Unaudited) (Audited)
 Current assets $2,593,123 $2,587,478
 All other assets, net 1,244,597 1,316,139
 Total assets 3,837,720 3,903,617
 Current liabilities $1,263,549 $1,305,861
 Long term debt 212,052 620,364
 Stockholders' equity 2,362,119 1,977,392
 Total liabilities and stockholders' equity 3,837,720 3,903,617
 A company spokesman said, "We are pleased with the increase in per share earnings for the first quarter as compared to the same period last year, even though gross revenues declined due in part to the company's plan to reduce its dependency on sales to the military and to diversify its products and markets. Although the company's financial position remains strong we believe that the planned sale of its military manufacturing operation, along with the expected sale of preferred stock and the implementation of its previously announced acquisition program, will strengthen the balance sheet and provide a basis for increased profits for the balance of the year."
 /delval/
 -0- 2/9/93
 /CONTACT: Paul Tanner of Polyphase Corporation, 215-643-6950/


CO: Polyphase Corporation ST: Pennsylvania IN: CPR SU: ERN

MP-LJ -- PH029 -- 4756 02/09/93 14:46 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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