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SQUARE INDUSTRIES, INC. ANNOUNCES THIRD QUARTER RESULTS

 JERSEY CITY, N.J., Jan. 13 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, today reported total revenues of $17,110,000 and $51,192,000, respectively, for the three- and nine-month periods ending Nov. 30, 1992, and net income of $591,000, or $.49 per share, including an extraordinary item of $205,000 representing the income tax benefit from the utilization of a net operating loss carryforward, for the three-month period and net income of $891,000, or $.73 per share, including an extraordinary item of $310,000, for the nine-month period.
 These results reflect a substantial improvement over the results for the comparable periods of the prior fiscal year -- total revenues of $17,299,000 and a net loss of $(149,000), or $(.12) per share, for the three months and total revenues of $49,821,000 and a net loss of $(599,000), or $(.49) per share, for the nine-month period ended Nov. 30, 1991.
 The substantial improvement in results was principally achieved through an overall increase in parking revenues for the nine-month period (although parking revenues for the quarter ended Nov. 30, 1992, were slightly less than those for the year earlier quarter), operating economies and the reduction of rents resulting from renegotiations of existing leases at certain locations. The increase in parking revenues for the nine month periods was primarily the result of a slight increase in parking capacity, increase patronage due to several promotional and sales programs and improved traffic flow in the downtown Philadelphia area which is serviced by several locations and which has been adversely affected by the Feb. 23, 1991 fire in a high rise office building.
 The company noted that the results for the three and nine month periods are


not necessarily indicative of the results for the full year ended Feb. 28, 1993, particularly in view of the substantial curtailment of business on December 11 and 12 resulting from the storm which struck the northeastern portion of the United States.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 (Unaudited)
 Periods ended Three months Nine months
 Nov. 30 1992 1991 1992 1991
 Revenues $17,110,000 $17,299,000 $51,192,000 $49,821,000
 Net income (loss) 591,000(B) (149,000) 891,000(A) (599,000)
 Earnings (loss)
 per share .49 (.12) .73 (.49)
 Average number of
 shares outstg. 1,217,789 1,217,789 1,217,789 1,217,789
 (A) Includes an extraordinary item of $310,000, or $.25 per share, representing the reduced income tax benefit from the utilization of the net operating loss carryforward.
 (B) Includes an extraordinary item of $205,000, or $.17 per share, representing the reduced income tax benefit from the utilization of the net operating loss carryforward.
 -0- 1/13/93
 /CONTACT: Sanford Harwood of Square Industries, Inc., 201-798-0090/
 (SQAI)


CO: Square Industries, Inc. ST: New Jersey IN: SU: ERN

TM-GK -- NY063 -- 4562 01/13/93 16:30 EST
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Date:Jan 13, 1993
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