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RADIX VENTURES REPORTS FINANCIAL RESULTS

 NEW YORK, June 14 /PRNewswire/ -- Radix Ventures Inc. today reported the unaudited consolidated results of the company and subsidiaries for the three and nine months ended April 30, 1993.
 Net fees and commissions for the third quarter declined by 1.1 percent from the prior year as a result of an overall reduction in the volume of import and export transactions handled. The reduction in net revenues together with an increase in operating expenses of 3.2 percent resulted in reduced net income of $33,931 for the quarter compared to $221,360 the prior year.
 RADIX VENTURES INC.
 Consolidated Statements of Income
 Periods ended Three Months Nine Months
 April 30 1993 1992 1993 1992
 Gross billings $91,441,349 $91,048,416 $290,090,236 $279,750,075
 Less duty, freight
 and other direct
 costs 84,030,723 83,552,868 267,833,980 258,121,406
 Net fees and
 commissions 7,410,626 7,495,548 22,256,256 21,628,669
 Operating exps. 7,269,389 7,044,316 21,837,452 20,970,648
 Operating income 141,237 451,232 418,804 658,021
 Interest expense,
 net (77,734) (72,145) (252,511) (209,360)
 Equity in loss of
 unconsolidated
 subsidiaries (4,629) (28,458) (52,507) (89,207)
 Income before income
 taxes 58,874 350,629 113,786 359,454
 Income taxes 24,943 129,269 65,319 152,994
 Income before
 cumulative effect of
 accounting change 33,931 221,360 48,467 206,460
 Cumulative effect of
 change in method
 of accounting for
 income taxes -- -- -- 236,212
 Net income $ 33,931 $ 221,360 $ 48,467 $ 442,672
 Earnings per share
 (based on 771,500
 shares outstanding):
 Income before
 cumulative effect of
 accounting change $.04 $.29 $.06 $.27
 Cumulative effect of
 change in method of
 accounting for income
 taxes -- -- -- .31
 Net income $.04 $.29 $.06 $.58
 -0- 6/14/93
 /CONTACT: Pierre L. Schoenheimer, chairman of Radix Ventures, 212-697-9141/


CO: Radix Ventures Inc. ST: New York IN: SU: ERN

GK-LG -- NY092 -- 1775 06/14/93 16:08 EDT
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Publication:PR Newswire
Date:Jun 14, 1993
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