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THE SANDS REGENT ANNOUNCES 1993 SECOND QUARTER RECORD EARNINGS

 RENO, Nev., Feb. 16 /PRNewswire/ -- The Sands Regent (NASDAQ: SNDS) announced today that it has achieved record earnings for the quarter ended Dec. 31, 1992. Net income increased by 13 percent to $1.1 million in the second quarter of fiscal 1993, compared to the like quarter in fiscal 1992 and net income per share increased from $.40 to $.51. For the same three-month periods, revenues increased from $9.5 million to $10.4 million. Such increases are partially a result of increased hotel occupancy and improved operational efficiency.
 In the six months ended Dec. 31, 1992, income from operations was also at a record level of $4.9 million, compared to $4.0 million in the same six months of the prior year, a 21 percent increase. Net income also increased from $2.7 million to $3.1 million and net income per share increased from $.93 to $1.44. For the same periods, revenues increased from $20.7 million to $22.7 million. The significant increase in net income per share was due to the improved earnings and the antidilutive effect of the company's stock repurchase in October 1991.
 Pete Cladianos Jr., president of The Sands Regent, said "We are very pleased with our first half operating results which were only slightly adversely impacted by late December snow storms. Such adverse weather conditions continued through most of January and will affect our third quarter operating results.
 "Construction on our new Mississippi gaming venture is rapidly progressing and we look forward to the completion of the project in the spring. The casino will include 700 slot machines, 45 table games, three cocktail lounges, a gift shop and an up-scale deli-style restaurant.
 "We also recently announced a 2-for-1 stock split that we feel will enhance shareholder value and provide a broader and more liquid market for our stock. We expect that the market price after the split may be more attractive to many retail investors."
 The Sands Regent presently owns and operates a 1,000-room hotel/casino located in Reno, and is in a partnership developing a dockside casino in Gulfport, Miss.
 THE SANDS REGENT
 Financial Highlights
 (In thousands except per share data)
 Three months ended Six months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $10,375 $9,533 $22,659 $20,720
 Income from
 operations 1,753 1,579 4,854 4,022
 Net income 1,106 980 3,102 2,704
 Net income per share .51 .40 1.44 .93
 Weighted number of
 shares outstanding 2,161,296 2,435,818 2,161,078 2,892,339
 -0- 2/16/93
 /CONTACT: David R. Wood of The Sands Regent, 702-348-2298/
 (SNDS)


CO: The Sands Regent ST: Nevada IN: CNO LEI SU: ERN

JL-KJ -- LA006 -- 6725 02/16/93 09:01 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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