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WILSHIRE TECHNOLOGIES REPORTS 1992 FOURTH QUARTER AND FISCAL-YEAR RESULTS

 LA JOLLA, Calif., Feb. 17 /PRNewswire/ -- Wilshire Technologies Inc. (NASDAQ: WITE) today announced net income from continuing operations of $305,000 on revenues of $9,294,000 for the fiscal year ended Nov. 30, 1992. This compares to a loss from continuing operations of ($46,000) on revenues of $8,644,000 for fiscal 1991. Earnings per share from continuing operations was $0.14 for 1992, compared to a loss of ($0.17) for 1991. The net loss was ($3,581,000) or ($3.34) per share for 1992, compared to ($2,703,000) or ($2.54) for 1991.
 For the fourth quarter, net income from continuing operations was $111,000 on revenues of $1,998,000. This compares to a loss from continuing operations of ($70,000) on revenues of $1,833,000 in fiscal 1991. Earnings per share from continuing operations was $0.06 for 1992, compared to a loss of ($0.10) for 1991. The net loss was ($1,895,000) or ($1.61) per share for 1992, compared to ($1,820,000) or ($1.82) for 1991.
 Michael Crow, chairman and chief executive officer, stated, "Wilshire Technologies is accelerating its sales and profitability as new products are being introduced. Operating margins improved from 26.6 percent in fiscal 1991 to 36.6 percent in 1992, a trend that is expected to continue into 1993. Income from continuing operations for fiscal 1992 exceeded analysts' expectations even with the inclusion of certain non-recurring expenses."
 Crow noted that interest expense for fiscal 1992 included $370,000 related to debt that was repaid with proceeds from the public offering after year-end. (Wilshire's initial public offering in November 1992 closed on Dec. 3, 1992, after fiscal 1992 year-end.)
 "The new products that are being approved by the FDA for sale in the United States, combined with the start of international marketing and sales for those products as well as existing Wilshire products, should result in a substantial increase in overall revenues and earnings for fiscal 1993," Crow concluded.
 Wilshire Technologies develops, manufactures and markets disposable products for medical and clean room use. It has focused on proprietary products that incorporate its engineered materials, acquired polyurethane and other technologies and its expertise in materials fabrication.
 WILSHIRE TECHNOLOGIES INC.
 Financial Highlights
 (Dollars in thousands, except per share data)
 Quarter ended Nov. 30,
 1992 1991
 Revenues $1,998 $1,833
 Income (loss) before taxes
 Continuing operations $201 ($87)
 Discontinued operations ($2,095) ($1,733)
 Total ($1,894) ($1,820)
 Net income (loss) after taxes
 Continuing operations $111 ($70)
 Discontinued operations ($2,006) ($1,750)
 Total ($1,895) ($1,820)
 Earnings (loss) per share
 Continuing operations $0.06 ($0.10)
 Discontinued operations ($1.67) ($1.72)
 Total ($1.61) ($1.82)
 Weighted average
 shares outstanding 1,198,654 1,018,765
 Year ended Nov. 30,
 1992 1991
 Revenues $9,294 $8,644
 Income (loss) before taxes
 Continuing operations $550 $26
 Discontinued operations ($4,128) ($2,729)
 Total ($3,578) ($2,703)
 Net income (loss) after taxes
 Continuing operations $305 ($46)
 Discontinued operations ($3,886) ($2,657)
 Total ($3,581) ($2,703)
 Earnings (loss) per share
 Continuing operations $0.14 ($0.17)
 Discontinued operations ($3.48) ($2.37)
 Total ($3.34) ($2.54)
 Weighted average
 shares outstanding 1,117,667 1,121,587
 -0- 2/17/93
 /CONTACT: Michael Crow, CEO, 619-456-9400, or Peter Kuebler, CFO, 310-549-5444, of Wilshire Technologies/
 (WITE)


CO: Wilshire Technologies Inc. ST: California IN: MTC SU: ERN

JL -- NYON1 -- 7140 02/17/93 08:44 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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