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WILSHIRE TECHNOLOGIES REPORTS FIRST QUARTER FINANCIAL RESULTS

 CARLSBAD, Calif., April 13 /PRNewswire/ -- Wilshire Technologies Inc. (AMEX: WIL) today announced net income of $187,000 on revenues of $1,917,000 for the first quarter ended Feb. 28, 1993. This compares to a net loss of ($415,000) on revenues of $2,119,000 for the same period last year. Earnings per share in the first quarter were $0.06 in 1993 vs. a loss of ($0.42) in the first quarter of 1992. The company's income from continuing operations before extraordinary item increased by $50,000, or 35 percent, even though sales declined by approximately 10 percent. Operating margins improved from 35.6 percent in 1992 to 47.8 percent in 1993.
 Michael W. Crow, chairman and chief executive officer, stated, "We are pleased to report earnings on line with analysts' expectations of $0.05 per share, even on slightly more shares and lower sales than projected. Our slow start in sales was attributable to the turnaround time on key raw materials in December 1992, after the public offering. We expect the upward sales and gross profit trends to continue as we introduce our proprietary products in 1993. As always, it is difficult to predict the timing of the introductions or approvals from the FDA, and any delay could impact the future quarters."
 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
 Feb. 28, 1993 Feb. 29, 1992
 Revenues $1,917 $2,119
 Income (loss) before taxes:
 Continuing operations $194 $144
 Discontinued operations 0 (559)
 Total $194 ($415)
 Net income (loss) after taxes:
 Continuing operations $121 $80
 Discontinued operations 0 (495)
 Income before extraordinary item 121 (415)
 Extraordinary item - Reduction
 of income taxes arising from
 carryforwards of prior years'
 operating losses 66 0
 Total $187 ($415)
 Primary earnings (loss) per share:
 Continuing operations $0.06 $0.08
 Discontinued operations 0.00 (0.50)
 Total $0.06 ($0.42)
 Weighted average shares
 outstanding 3,247,532 995,105
 Fully diluted earnings (loss)
 per share:
 Continuing operations $0.06 $0.08
 Discontinued operations 0.00 (0.50)
 Total $0.06 ($0.42)
 Weighted average shares
 outstanding 3,391,212 995,105
 -0- 4/13/93
 /CONTACT: Michael Crow, CEO, or Peter Kuebler, CFO, of Wilshire Technologies, 619-929-7200/
 (WIL)


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

JL-LS -- SD002 -- 5064 04/13/93 08:35 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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