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GRAYHOUND ELECTRONICS MAILS NOTICE OF ANNUAL SHAREHOLDERS MEETING; REPORTS REVENUES

 GRAYHOUND ELECTRONICS MAILS NOTICE OF
 ANNUAL SHAREHOLDERS MEETING; REPORTS REVENUES
 TOMS RIVER, N.J., April 7 /PRNewswire/ -- Grayhound Electronics, Inc. (NASDAQ: GRAY) announced today that it has mailed the company's 1991 notice of annual meeting of shareholders to all the company's shareholders of record as of April 2, 1992. Shareholders of record as of that date are entitled to vote at the company's annual meeting scheduled for April 27, 1992.
 The company filed its annual report on Form 10-K with the Securities and Exchange Commission on Feb. 27, 1992. The company reported revenues of $7,484,572 for the year ended Nov. 30, 1991, as compared to $12,314,558 for the year ended Nov. 30, 1990. Management believes that the decrease was primarily due to the continued decline in the economy, tightened credit policies and the difficulty the company's customers experienced in obtaining financing from other sources.
 The net loss for the year ended Nov. 30, 1991, was $419,978 as compared to $107,000 for the year ended Nov. 30, 1990. This loss was primarily due to the legal and settlement costs associated with the actions brought by the state of New Jersey against the company. Those costs amounted to $656,000. The company previously reported that the actions brought by the state of New Jersey have been settled.
 Income from operations for fiscal 1991 was $186,000 as compared to $160,600 for fiscal 1990. The gross margins in fiscal 1991 were 25.7 percent as compared to 17.9 percent in fiscal 1990. The 43.6 percent increase in gross margins is primarily attributable to the company's aggressive policies toward cost control and product pricing and the restructuring of management effective in 1990.
 Grayhound is in the business of designing, manufacturing and marketing electronic coin operated amusement games along with the various components of such games. These products are used in arcades, restaurants and other establishments. The company's customer base includes operators, distributors and major chain stores. Its product line includes coin operated video games, skill cranes, coin operated basketball, football and hockey games, dollar bill acceptor, sports card dispensers, sports cards and ticket dispensers.
 -0- 4/7/92
 /CONTACT: Thomas Ricci of Grayhound Electronics, 908-341-5200/
 (GRAY) CO: Grayhound Electronics, Inc. ST: New Jersey IN: CPR SU: ERN


PS -- NY007 -- 5691 04/07/92 09:01 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
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