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URETHANE TECHNOLOGIES POSTS FISCAL 1992 AND FOURTH QUARTER RESULTS

 IRVINE, Calif., March 23 /PRNewswire/ -- Urethane Technologies (NASDAQ: UTEC) today announced it posted a net loss on record revenues for the 1992 fiscal year ended Dec. 31.
 Revenues in 1992 advanced 57.5 percent to $2,149,506, from $1,365,024 in the year-earlier period. The company reported a net loss of $3,239,793, or $0.59 per share, compared with a loss of $2,168,740, or $1.09 a share, respectively, a year ago.
 The 1992 loss included a non-cash litigation settlement expense of $500,000.
 In the fourth quarter, 1992, revenues rose 242 percent to $447,100, from $184,795 in the year-earlier quarter. The company reported a net loss of $675,063, compared with a loss of $856,033 a year ago.
 The company's accounts receivable position at Dec. 31, 1992, increased to $249,848, from $127,159, a year ago. The increase was primarily because of delays in collections from one customer, Green Tyre Co. plc. Urethane Technologies management believes that the delays in collections are primarily because of seasonal conditions in Green Tyre's business. The company is discussing payment and shipment schedules with Green Tyre to reduce the receivable position and resume shipments of the company's proprietary chemicals to Green Tyre.
 Urethane Technologies develops proprietary polyurethane technology which the company licenses and sells to original equipment manufacturers. Applications now in development include airless bicycle tires, bathroom and kitchen fixtures and athletic shoe soles.
 -0- 3/23/93
 /CONTACT: James B. Frakes, COO of Urethane Technologies, 714-837-0800; or Nick Farina (Chicago), 312-266-7800, Regina Ryan (NY), 212-661-8030, or John H. Shaw (LA), 818-783-2400, all of The Financial Relations Board for Urethane Technologies/
 (UTEC)


CO: Urethane Technologies Inc. ST: California IN: HOU SU: ERN

JL-JB -- LA023 -- 8853 03/23/93 17:22 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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/C O R R E C T I O N -- URETHANE TECHNOLOGIES/(Correction Notice)

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