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BERES INDUSTRIES REPORTS FISCAL 1993 RESULTS

 LAKEWOOD, N.J., July 26 /PRNewswire/ -- Beres Industries, Inc. (NASDAQ: BERS), a plastics injection mold manufacturer and producer of precision-molded plastic products, today reported a loss of $38,000 on total revenues of $6,508,000 for the fiscal year ended March 31, 1993. This compared with net income of $401,000, or $.03 per share, on revenues of $6,601,000 in fiscal 1992. Results for fiscal 1992 include a one-time credit of $270,000 representing the reversal of previously accrued losses in a minority-owned joint venture.
 Charles Beres Jr., president, pointed out that the holder of the company's original $1.3 million mortgage on its Lakewood facility had recently declined to refinance a balloon payment of $1,175,000 due Aug. 1, 1993 causing this amount to be included in current liabilities as of March 31, 1993. Further, Mr. Beres noted, such inclusion triggered the acceleration of $329,000 in bank loans due to noncompliance with a working capital convenant in the loan agreements. As a result, the company reported a working capital deficit of $391,000 at March 31, 1993 compared with working capital of $541,000 twelve months earlier. Mr. Beres said the company is seeking other lenders in an effort to refinance the mortgage.
 The comparative consolidated results for fiscal 1993 and 1992 were as follows:
 BERES INDUSTRIES, INC.
 Comparative Consolidated Results
 Year ended March 31: 1993 1992
 Total revenues $ 6,508,000 $ 6,601,000
 Income before equity in joint venture (38,000) 131,000
 Equity in net loss of joint venture -- (30,000)
 Reversal of accrued losses in excess
 of investment upon termination -- 300,000
 Net income (38,000) 401,000
 Net income per share -- .03
 -0- 7/26/93
 /CONTACT: Charles Beres, president of Beres Industries, 908-367-5700/
 (BERS)


CO: Beres Industries Inc. ST: New Jersey IN: SU: ERN

TS-WB -- NY030 -- 5633 07/26/93 11:02 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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