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SUNRISE LEASING ANNOUNCES RECORD REVENUES AND NET INCOME

 SUNRISE LEASING ANNOUNCES RECORD REVENUES AND NET INCOME
 MINNEAPOLIS, Jan. 15 /PRNewswire/ -- Sunrise Leasing (NASDAQ: SUNL),


a lessor and dealer in electronic data processing equipment, today announced record revenues and net income for the third quarter ended Dec. 31, 1991.
 Third quarter revenues were $1.62 million, up 207 percent from $528 thousand in the same period in fiscal 1991. Net income reached a record $282,064, or $.11 per share, in the 1992 third quarter, up 615 percent from $39,450 or $.03 per share, in the comparable period in fiscal 1991.
 For the nine months ended Dec. 31, revenues rose to $4.36 million, up 190 percent from $1.5 million for the first nine months of 1990. Net income of $536,173, or $.32 per share, represented a 195 percent increase from $181,728, or $.15 per share, in the year earlier period.
 On Oct. 3, 1991, the company successfully completed an initial public offering which provided approximately $5 million of additional working capital. "With this additional capital, the company was able to reduce interest expense, continue to expand its business and increase fee income, which all contributed to the company's successful third quarter," said Craig Forsman, chief executive officer and president.
 Sunrise Leasing Corporation is principally engaged in the leasing of new and used electronic data processing equipment and the purchase and sale of used electronic data processing equipment. The company's shares are traded on NASDAQ under the symbol "SUNL."
 SUNRISE LEASING CORPORATION
 CONDENSED STATEMENTS OF OPERATIONS
 Three Months Ended
 12/31/91 12/31/90 Pct. Change
 Revenues 1,620,756 528,611 +207
 Cost of sales & expenses 1,183,448 470,167 +152
 Income before income taxes 437,308 58,444 +648
 Income taxes 155,244 18,994 +717
 Net income 282,064 39,450 +615
 Net income per share $.11 $.03 +267
 Weighted average shares
 outstanding 2,489,076 1,300,000
 Nine Months Ended
 12/31/91 12/31/90 Pct. Change
 Revenues 4,362,680 1,503,359 +190
 Cost of sales & expenses 3,531,403 1,236,598 +186
 Income before income taxes 831,277 266,761 +212
 Income taxes 295,104 85,033 +247
 Net income 536,173 181,728 +195
 Net income per share $.32 $.15 +113
 Weighted average shares
 outstanding 1,697,800 1,240,417
 -0- 1/15/92
 /CONTACT: Craig Forsman of Sunrise Leasing, 612-560-0695/
 (SUNL) CO: Sunrise Leasing Corporation ST: Minnesota IN: SU: ERN


AL -- MN012 -- 0152 01/15/92 16:15 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 15, 1992
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