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SQUARE INDUSTRIES ANNOUNCES BANK CREDIT AGREEMENT EXTENSION AND RESULTS FOR THE YEAR ENDED FEB. 29, 1992

 SQUARE INDUSTRIES ANNOUNCES BANK CREDIT AGREEMENT EXTENSION
 AND RESULTS FOR THE YEAR ENDED FEB. 29, 1992
 JERSEY CITY, N.J., June 8 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, today announced that an amendment to its credit agreement has been executed providing, among other things, for the extension to June 30, 1994 of the maturity of a $12,800,000 bank credit facility and the increase of the interest rate by 1/2 percent to prime plus 1 percent.
 It also reported today that for the year ended Feb. 29, 1992, the company suffered a loss of ($4,596,000), or ($3.77) per share, after a credit for an extraordinary item of $133,000 ($.11 per share) for income tax benefit from the utilization of a foreign net operating loss carryforward. For fiscal 1991, the company suffered a net loss of ($1,343,000), or ($1.10) per share. The loss for fiscal 1992 was the result of lower parking revenues, principally due to the economic downturn suffered in the municipalities in which the company conducts its parking operations and the curtailment of traffic in a central Philadelphia business district served by several parking locations caused by a major fire in February 1991 in a high-rise office building; and write-downs of approximately $2,630,000 in asset values with respect to two locations.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 Period ended Year Three months
 2/29/92 2/28/91 2/29/92 2/28/91
 Revenues $67,182,000 $68,112,000 $17,361,000 $16,655,000
 Net income
 (loss) (4,596,000)(A) (1,343,000(B) (3,997,000)(A) (1,429,000)(B)
 Earnings (loss)
 per share (3.77)(A) (1.10)(B) (3.28)(A) (1.17)(B)
 Average number
 of shares
 outstg. 1,217,789 1,217,771 1,217,789 1,217,771
 (A) -- Includes the write down of assets of $2,763,500.
 (B) -- Includes the net loss of $442,000 for the retirement of one leasehold.
 -0- 6/8/92
 /CONTACT: Sanford Harwood of Square Industries, 201-798-0090/
 (SQAI) CO: Square Industries, Inc. ST: New Jersey IN: SU: ERN


TS-OS -- NY016 -- 7794 06/08/92 10:01 EDT
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Date:Jun 8, 1992
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