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CHECK EXPRESS ANNOUNCES THIRD QUARTER RESULTS

 TAMPA, Fla., Nov. 15 /PRNewswire/ -- Check Express, Inc. (NASDAQ: CHXS), owner, operator and franchisor of retail check cashing centers, today announced results for the period ended Sept. 30.
 Total revenues for the three months ended Sept. 30 decreased 8 percent to $814,056 as compared to $884,735 for the comparable 1992 period. Net income for the quarter decreased to a loss of $48,893 ($.011 per share on 4,476,329 fully diluted number of shares outstanding) as compared to income of $11,878 ($.005 per share on 2,380,818 fully diluted number of shares outstanding) for the comparable 1992 period.
 Total revenues for the nine months ended Sept. 30 decreased 16 percent to $2,824,556 as compared to $3,380,882 for the prior-year period. Net income for the nine months ended Sept. 30 decreased to $75,794 as compared to $184,015 for the comparable 1992 period. The disposition of the company's wholly owned subsidiary, Check Express Washington, Inc., in June of 1992, contributed to a decrease of approximately $344,000 in revenue and $29,000 in net income for the 1993 nine-month period as compared to the 1992 period.
 Larry Lang, CEO, stated: "The decrease in revenue for the quarter is primarily a result of lower revenues at certain company owned stores resulting from increased competition and fewer franchises sold in this year's period vs. last year's. The company has received in excess of $250,000 in initial franchise fees not reflected in this quarter's results and which we expect to record in the next two quarters. The effect of the acquisition of Check-X-Change in October 1993 will also be reflected beginning with the 1993 fourth quarter."
 Check Express, through its wholly owned subsidiaries, currently operates 21 company-owned and 137 franchised retail money centers in 22 states.
 CHECK EXPRESS, INC.
 Selected Financial Information
 3 mos. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues $814,056 $884,735 $2,824,556 $3,380,882
 Net income (48,593) 11,878 75,794 184,015
 Fully diluted earnings
 per share $ (.011) $ .005 $ .024 $ .071
 Fully diluted avg. no. of
 shares outstanding 4,476,329 2,380,818 3,127,848 2,589,668
 -0- 11/15/93
 /CONTACT: Larry Lang, CEO, Check Express, 813-289-2888/
 (CHXS)


CO: Check Express, Inc. ST: Florida IN: REA SU: ERN

BN-RA -- AT009 -- 4514 11/15/93 14:04 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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