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CRUISE AMERICA ANNOUNCES RESULTS

 MIAMI, March 15 /PRNewswire/ -- Cruise America, Inc. (AMEX: RVR) today announced revenues of $88,336,000 for the nine months ended Jan. 31, 1993, a 48 percent increase over the $59,573,000 for the same period a year ago. Net earnings for the nine months ended Jan. 31, 1993 were $2,684,000 or $.48 per share compared to $2,308,000 or $.42 per share for the nine months ended Jan. 31, 1992.
 Revenues for the quarter ended Jan. 31, 1993 were $20,048,000 compared to $9,772,000 for the same period a year ago. The company announced a seasonal net loss of $3,788,000 or $.68 per share compared to a net loss of $3,052,000 or $.55 per share a year ago.
 "Increases in revenues have been experienced this year in all categories. Leading the way have been rental vehicle sales and sales and service. We attribute these gains to the R.V. Depot sales network," stated Randall Smalley, president and chief executive officer. "The company's results for the nine months and particularly the quarter ended Jan. 31, 1993 were negatively impacted by two unusual items. The company successfully defended a contested liability in California. Litigation costs related to this were in excess of $600,000 through January. Management is hopeful that this protracted litigation may finally be ending. The trial court reaffirmed the company's proper termination of a sublease in 1987. Additionally, during the quarter, record-breaking precipitation in the west, particularly California and Arizona which negatively impacted rental revenues during the quarter.
 "Looking forward, advance rental reservations are at their highest level in the company's history, fully 20 percent ahead of last year," stated Smalley. "This should have a significant impact on future periods. The introduction of a new rental product, a deluxe camperhome, has sold particularly well. This product is virtually sold out for the spring and summer of 1993."
 The company's business is seasonal. In the first and second fiscal quarters, the company historically records profits. In the third and fourth quarters, the company historically records losses.
 Cruise America, Inc. is the largest company in North America specializing in the rental and sale of recreational vehicles.
 CRUISE AMERICA, INC.
 FINANCIAL HIGHLIGHTS
 JAN. 31, 1993
 NINE MONTHS ENDED
 Jan. 31, 1993 Jan. 31, 1992
 Total Revenue $ 88,336,000 $ 59,573,000
 Net Earnings $ 2,684,000 $ 2,308,000
 Earnings Per Share .48 .42
 Average Shares Outstanding 5,542,000 5,538,000
 THREE MONTHS ENDED
 Jan. 31, 1993 Jan. 31, 1992
 Total Revenue $ 20,048,000 $ 9,772,000
 Net Earnings (loss) $ (3,788,000) $ (3,052,000)
 Earnings (loss) Per Share (.68) (.55)
 Average Shares Outstanding 5,544,000 5,541,000
 -0- 3/15/93
 /CONTACT: Eric R. Bensen, chief financial officer of Cruise America, Inc., 305-262-9611/
 (RVR)


CO: Cruise America, Inc. ST: Florida IN: LEI SU: ERN

JJ-SS -- FL022 -- 6262 03/15/93 17:36 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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