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TOP SOURCE ANNOUNCES ABRIDGED YEAR RESULTS OF OPERATIONS

 PALM BEACH GARDENS, Fla., Dec. 21 /PRNewswire/ -- Top Source, Inc. (AMEX: TPS.EC) revenue for fiscal year 1992 increased 31 percent over 1991 revenue, although the 1992 fiscal year was only three quarters long. The company closed fiscal 1992 on Sept. 30, 1992, after three quarters, to conform with the automotive industry's model year calendar.
 Revenue for the nine months ended Sept. 30, 1992 was $1,826,623. Revenue for the nine months ended Sept. 30, 1991 was $803,189.
 The company's revenue derived primarily from sales of its Overhead Speaker System technology for Chrysler Corporation Jeep(R)/Eagle vehicles.
 A second Top Source technology, the Acceleration Restraint Curve (ARC) seat safety motion, also generated 1992 revenue for the company from a development contract with a seatmaker for a Big 3 automaker. The contract is to develop the seat safety technology for a popular passenger vehicle. The company also has an order to develop its ARC technology for a second Big 3 automaker vehicle.
 Top Source posted a loss from operations of ($2,155,392) for fiscal 1992 compared with a 1991 loss of ($1,567,195).
 Top Source chairman Stuart Landow said, "We invested heavily in our management structure this past year, particularly in building our marketing and sales staffs. We also made significant commitments to product development and inventory buildup in anticipation of our growth in audio system sales for the Jeep Cherokees and Grand Cherokees.
 "Fiscal 1993 promises to be the most exciting year in the company's six-year history," said Landow. "We'll be working on repositioning our overhead sound system products through the distributor installation channels to support the new car dealers, and the development of additional ARC contracts.
 We're enthusiastic about the possibility of strategic partnerships. These will provide technical and financial synergy to our efforts to reduce the time frame of bringing ARC, our Detect engine oil analysis technology, and our EFECS (Engine Fuel-economy Emissions Control System) technology to the marketplace."
 Top Source, Inc. develops and markets technologies, parts, and services for the transportation industries. It has offices in Detroit, New York City, and Palm Beach Gardens, Fla.
 The following is an analysis of third quarter operating results:
 TOP SOURCE, INC.
 Three Months Ended End of Year Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 (Unaudited) (Audited) (Unaudited)
 Revenues $ 828,034 $ 335,422 $ 1,826,623 $ 803,189
 Operating
 Loss (823,125) (373,858) (2,155,392) (1,257,854)
 Net Income
 (Loss) (812,152) (366,517) (2,118,154) (1,190,640)
 Earnings
 (Loss) per
 Common
 Share $ (.05) $ (.02) $ (.12) $ (.07)
 Weighted
 Average
 Number of
 Common
 Shares Out-
 standing 17,815,665 15,903,679 17,518,810 15,903,046
 -0- 12/21/92
 /CONTACT: Rosemarie Kitchin (media), 313-643-8900 or Frank Gerardi, (investors) 407-743-8080, both of Top Source/
 (TPS)


CO: Top Source, Inc. ST: Florida, New York IN: AUT SU: ERN

JB-AW -- FL001 -- 8668 12/21/92 09:34 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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