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EQUITEX REPORTS THIRD QUARTER FINANCIAL RESULTS

 ENGLEWOOD, Colo., Nov. 17 ~PRNewswire~ -- Equitex Inc. (NASDAQ-NMS: EQTX) announced today its unaudited financial results for the quarter ended Sept. 30, 1992. Total assets at Sept. 30, 1992, were $13.4 million as compared to $10.6 million at Dec. 31, 1991, an increase of approximately 26 percent. Net asset value at Sept. 30, 1992, was $8.3 million compared to $6.6 million at Dec. 31, 1991, an increase of about 26 percent. Net asset value per share increased to $1.40 at Sept. 30, 1992, from $1.11 at Dec. 31, 1991. As a comparison, for the quarter ended Sept. 30, 1991, total assets were $12.1 million, and net asset value was $9.8 million or $1.65 per share, which amounts do not include deferred income taxes as described below. The per share figures for the prior periods have been restated as a result of the 1-for-25 reverse stock split approved by the company's shareholders on July 31, 1992.
 Beginning with the audited financial statements at Dec. 31, 1991, the company began booking deferred income taxes on its unrealized appreciation on investments. This is an accounting convention which accounts for taxes that would presently have to be paid if the company were to divest itself of its entire investment portfolio. These deferred income taxes were $3.3 million and $1.7 million at Sept. 30, 1992, and Dec. 31, 1991, respectively. There were no deferred income taxes booked at the quarter ended Sept. 30, 1991, therefore the net asset value and net asset value per share figures were significantly higher when compared to Dec. 31, 1991, and Sept. 30, 1992, as a result of this change in accounting treatment.
 Equitex Inc. is a business development company under the Investment Company Act of 1940, as amended.
 -0- 11~17~92
 ~CONTACT: Thomas B. Olson, corporate secretary of Equitex, 303-796-8940~
 (EQTX)


CO: Equitex Inc. ST: Colorado IN: SU: ERN

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Publication:PR Newswire
Date:Nov 17, 1992
Words:330
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