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WILSHIRE TECHNOLOGIES REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF FISCAL 1993

 CARLSBAD, Calif., July 2 /PRNewswire/ -- Wilshire Technologies Inc. (AMEX: WIL) today announced net income of $396,000 with earnings per share of $0.11 for the second quarter ended May 31, 1993. The company reported net income of $106,000 and $0.06 in earnings per share for the second quarter of the prior year. The company stated the results were in line with analysts' expectations. Net income was up 112 percent, compared to the first quarter of fiscal year 1993, at which time the company announced earnings of $0.06 per share. Sales were $2.5 million vs. $2.7 million in the second quarter of fiscal year 1992 and were up 32 percent, compared to $1.9 million for the first quarter of fiscal 1993.
 "We are pleased that the company is continuing its introduction of new, innovative products for the medical and cleanroom markets, as evidenced by the introduction late in the second quarter of 1993 of both the Trim Patch weight loss patch for the international market and the DermAssist line of FDA-approved wound care products. Also, our introduction of the cleanroom glove, solvent and acid-resistant UltraSORB wipers and CleanCUFF product for Wilshire Contamination Control is scheduled for late July 1993," reported Michael W. Crow, chairman and chief executive officer.
 Sales for the second quarter were slightly lower than estimated with gross profit margins up at 57 percent. Expenses were in line with prior periods. "We expect increased levels of research and development, administration, marketing and sales in future periods to support the roll out of our new products. The costs may temporarily depress expected earnings, but we still anticipate the company will yield results in line with current analysts' estimates for the third and fourth quarters of fiscal 1993," stated Peter F. Kuebler, chief financial officer of Wilshire Technologies.
 Wilshire Medical Products also announced that it has initiated activity for its Trim Patch weight loss product in the following countries: Hong Kong, Taiwan, Japan, Singapore, Venezuela, Mexico and Italy. Additional distribution agreements are expected to be signed within the next 30 days according to company officials.
 Wilshire Technologies develops, manufactures and markets disposable products for medical and cleanroom 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 -- 1993 vs. 1992
 Second Quarter Ended May 31, 1993
 (Dollars in thousands, except per share data)
 Quarter ended
 May 31,
 1993 1992
 Revenues $2,538 $2,742
 Income (loss) before taxes:
 Continuing operations $413 $191
 Discontinued operations 0 (422)
 Total $413 ($231)
 Net income (loss) after taxes:
 Continuing operations $257 $106
 Discontinued operations 0 (337)
 Income before extraordinary item 257 (231)
 Extraordinary item -- reduction
 of income taxes arising from
 carryforwards of prior years'
 operating losses 139 0
 Total $396 ($231)
 Primary earnings (loss) per share:
 Continuing operations $0.11 $0.06
 Discontinued operations 0.00 (0.31)
 Total $0.11 ($0.25)
 Weighted average shares
 outstanding 3,590,820 1,087,268
 Fully diluted earnings (loss) per share:
 Continuing operations $0.11 $0.06
 Discontinued operations 0.00 (0.31)
 Total $0.11 ($0.25)
 Weighted average shares
 outstanding 3,626,830 1,087,268
 WILSHIRE TECHNOLOGIES INC.
 Financial Highlights -- 1993 vs. 1992
 Six Months Ended May 31, 1993
 (Dollars in thousands, except per share data)
 Six months ended
 May 31,
 1993 1992
 Revenues $4,455 $4,861
 Income (loss) before taxes:
 Continuing operations $608 $335
 Discontinued operations 0 (981)
 Total $608 ($646)
 Net income (loss) after taxes:
 Continuing operations $378 $186
 Discontinued operations 0 (832)
 Income before extraordinary item 378 (646)
 Extraordinary item -- reduction
 of income taxes arising from
 carryforwards of prior years'
 operating losses 205 0
 Total $583 ($646)
 Primary earnings (loss) per share:
 Continuing operations $0.17 $0.11
 Discontinued operations 0.00 (0.80)
 Total $0.17 ($0.69)
 Weighted average shares
 outstanding 3,432,580 1,037,263
 Fully diluted earnings (loss) per share:
 Continuing operations $0.17 $0.11
 Discontinued operations 0.00 (0.80)
 Total $0.17 ($0.69)
 Weighted average shares
 outstanding 3,534,237 1,037,263
 -0- 7/2/93
 /CONTACT: Michael W. Crow, chairman and CEO, or Peter F. Kuebler, VP & CFO, of Wilshire Technologies, 619-929-7200; or John Kenner, president, WMP, 214-869-1727/
 (WIL)


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

JL-MF -- SD003 -- 8053 07/02/93 08:31 EDT
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Date:Jul 2, 1993
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