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BURNUP & SIMS REPORTS UNPROFITABLE YEAR

 FORT LAUDERDALE, Fla., July 12 /PRNewswire/ -- Burnup & Sims Inc. (NASDAQ: BSIM) today announced that due to the prolonged recessionary trend in the economy, many of its core business telephone contracts have suffered losses due to competitive pricing. This condition has prevailed for the past 24 months causing the company to lower its competitive bids in order to maintain a dominant position within this segment of the business for the massive spending plan which is anticipated to occur.
 The loss for the year ended April 30, 1993 is $9.3 million, or $1.06 per share, on revenues of $141 million compared to a loss of $1.0 million or $0.12 per share on revenues of $153.5 million for the prior year. The loss for 1993 includes charges of approximately $3 million relating to tangible and intangible assets which were written off with respect to certain unprofitable areas.
 The company is positioning itself to take advantage of the multi- billion dollar domestic and international telecommunications spending program anticipated to occur by major local and long distance telephone companies. The company's international division has already completed formation of joint ventures in South America and Eastern Europe to take advantage of the international privatization of telephone service in those areas of the international marketplace.
 Opening the lines of communications(TM) across the United States and abroad, Burnup & Sims is a leading telecommunications service company with diversified interests in movie theatres, commercial printing and real estate.
 BURNUP & SIMS INC.
 CONSOLIDATED RESULTS FOR THE YEARS ENDED
 APRIL 30, 1993 AND 1992
 (In Thousands, Except Per Share Amounts)
 Years Ended
 April 30,
 1993 1992
 Revenues $140,987 $153,521
 Net (Loss) $ (9,308) $ (1,047)
 Average Shares
 Outstanding 8,768 8,768
 (Loss) Per Share $ (1.06) $ (.12)
 -0- 7/12/93
 /CONTACT: Diane Allen of Burnup & Sims, 305-587-4512/
 (BSIM)


CO: Burnup & Sims Inc. ST: Florida IN: TLS SU: ERN

RC-JB -- FL019 -- 0579 07/12/93 16:39 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
Words:325
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