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ESQUIRE COMMUNICATIONS LTD. REPORTS SECOND QUARTER RESULTS

    NEW YORK, Aug. 13 /PRNewswire/ -- Esquire Communications Ltd. (NASDAQ: ESQS) a provider of court reporting services and speech recognition systems, announced today that revenues for the second quarter ended June 30, 1993 were $1,216,000, compared with $1,411,000 in the same period a year ago.  Second quarter net loss was ($38,000), or ($.02) per share, compared with net income of $81,000 in the second quarter of 1992.  In the first six months of 1993, revenues were $2,291,000 compared with $2,863,000 in the same period last year.  Net income in the current six months, after adjustment for changes in accounting for income taxes, was $94,000, or $.05 per share, versus $186,000 in the first six months of 1992.  Esquire made its initial public offering in May 1993 and, consequently, there are no comparable per share figures for 1992.
    Malcolm Elvey, president, said that the loss in the second quarter was due to a one-time charge of $91,000 related to the restructuring of debt and that the decrease in revenues and earnings was due to several unusually large legal cases in 1992, including one involving a major air disaster which distorted results in the prior year.  The company plans to become a national court reporting firm, by acquiring other firms and through internal growth, in order to increase revenues and earnings and smooth out quarterly fluctuations.  This strategy was implemented earlier this week with the proposed acquisition of David Feldman Associates, a leading New York court reporting firm which will contribute revenues in excess of $4 million as well as good earnings.
    Esquire Communications Ltd. is engaged in court reporting services using state-of-the-art technology to provide transcripts and video recordings to the legal profession.  In addition to its court reporting services, the company distributes and customizes speech recognition systems.
                        ESQUIRE COMMUNICATIONS LTD.
                         Statement of Operations
     Three months ended June 30             1993        1992
    Revenues                              $1,216,000  $1,411,000
    Net income (loss)                        (38,000)     81,000
    Earnings (loss) per share                  $(.02)      NA
    Weighted average shares outstanding    2,090,660       NA
     Three months ended June 30             1993        1992
    Revenues                              $2,291,000  $2,863,000
    Net income                                94,000     186,000
    Earnings per share                          $.05       NA
    Weighted average shares outstanding    1,796,935       NA
    NOTE:  In May 1993, the company made its initial public offering. Net income for six months includes a benefit of $160,000, representing the cumulative effect of change in accounting for income taxes.
    The results of operations for the three and six month periods ended June 30, 1993, reflect a one-time charge of approximately $91,000 relating to the write-off of unamortized deferred financing costs as a result of the repayment of approximately $1,454,000 or principle on outstanding debentures.  As a result of this reduction in principle on the debentures, coupled with the reduction in the interest rates on the debentures, the company will realize a reduction in its monthly interest expense of approximately $20,000.
    -0-             08/13/93
    CONTACT:  Malcolm Elvey, president of Esquire Communications Ltd., 212-687-8010
    (ESQS) CO:  ESQUIRE COMMUNICATIONS LTD. SU:  ERN ST:  NY


-- NY034 -- X624 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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