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SUNRISE LEASING CORPORATION ANNOUNCES RECORD YEAR INCOME AND REVENUES

 GOLDEN VALLEY, Minn., June 10 /PRNewswire/ -- Sunrise Leasing Corporation (NASDAQ-NMS: SUNL), today reported that its audited revenues and income reached record levels for the fiscal year ended March 31, 1993. Revenues were $10,942,739 or a 65 percent increase over year earlier revenues of $6,639,318. Income before income taxes increased 121 percent to $2,853,408 from $1,288,717 for the year earlier period. Net income for the year ended March 31, 1993 increased 108 percent to $1,724,408 or $0.66 a share as compared to $830,717 or $0.44 a share for the previous year.
 Revenues for the fourth quarter for fiscal 1993 were $4,173,189 or a 73 percent increase over year earlier revenues of $2,417,699. Income before income taxes increased 49 percent from the year earlier period to $866,169 from $582,355. Net income for the quarter was $442,639 or $0.17 a share compared to $374,355 or $0.14 a share for the previous year.
 Craig Forsman, president and chief executive officer, in commenting on fourth quarter results said, "As a result of increased activity in a number of states, the company experienced an increased state effective tax rate in the fourth quarter due to changes in state apportionment rates. This resulted in an increase in the company's effective annual tax rate on current income which impacted the earnings by 2 cents a share. Forsman added that, "Financial Accounting Standards No. 109, required the company to adjust the prior year's deferred income taxes to reflect the company's current effective tax rate. This had the effect of increasing the company's annual effective tax rate for this year to 39.6 percent which impacted earnings by another 2 cents a share."
 In regard to this past year's performance, Forsman stated that "The results were very gratifying in light of the lackluster economy experienced during that period and the results were accomplished as the company continues to balance its growth against the expenses of adding additional sales people." Forsman added that "The company expects continued growth as a result of its recent appointment as an IBM Business Partner; implementation of its lease contracts with Advanced Promotion Technology; adding additional marketing representatives; and working with our current customer base."
 Sunrise Leasing Corporation is a financial services concern principally engaged in the leasing and sale of new and used electronic data processing equipment. The company's shares are traded on NASDAQ National Market System under the symbol "SUNL."
 SUNRISE LEASING CORPORATION
 CONDENSED STATEMENTS OF OPERATIONS
 Year Ended
 3/31/93 3/31/92 Percent Change
 Revenues $10,942,739 $6,639,318 65
 Cost of sales and
 expenses 8,103,144 5,397,564 50
 Income before income
 taxes 2,853,408 1,288,717 121
 Income taxes 1,129,000 458,000 147
 Net income $1,724,408 $830,717 108
 Net income per share $.66 $.44 50
 Weighted average shares
 outstanding 2,622,527 1,901,823 38
 Fourth Quarter Ended
 3/31/93 3/31/92 Percent Change
 Revenues $4,173,189 $2,417,699 73
 Cost of sales and
 expenses 3,311,754 1,866,165 77
 Income before income
 taxes 866,169 582,355 49
 Income taxes 423,530 208,000 104
 Net income $442,639 $374,355 18
 Net income per share $.17 $.14 21
 Weighted average 2,663,847 2,595,026 3
 -0- 6/10/93
 /CONTACT: Craig Forsman, president and chief executive officer of Sunrise Leasing, 612-593-1904/
 (SUNL)


CO: Sunrise Leasing Corporation ST: Minnesota IN: FIN SU: ERN

MA -- MN024 -- 0813 06/10/93 16:55 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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