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HI-RISE RECYCLING SYSTEMS, INC. ANNOUNCES SECOND QUARTER RESULTS

 MIAMI, Sept. 7 /PRNewswire/ -- Hi-Rise Recycling Systems, Inc. (NASDAQ: HIRI) today announced its results for the quarter ended June 30, 1993. The company experienced an increase in sales during the first six months of 1993. However, the increase in sales was offset by an increase in the cost of systems sold and expenses incurred in connection with the company's initial public offering which was completed in July 1993.
 Revenue for the second quarter of 1993 was $34,286, as compared to $25,352 during the comparable period in 1992. The company had a net loss during the second quarter of 1993 of $56,989, or $0.03 per share, as compared to a net loss of $46,059, or $0.03 per share, during the comparable period in 1992.
 Revenue for the six-month period ended June 30, 1993 was $79,917, as compared to revenue of $28,085 for the comparable period in 1992. The company had a net loss of $93,517, or $0.05 per share, during the six- month period ended June 30, 1993, as compared to a net loss of $100,838, or $0.06 per share, during the comparable period in the prior year.
 Mark Shatzis, chairman of the company, stated that, "We believe that the company's hi-rise recycling system is becoming the standard for recycling separation and garbage compaction systems for cost-conscious managers of hi-rise and mid-rise buildings throughout the United States and Canada."
 The company markets a proprietary automated system designed to collect and source-separate recyclable and other solid waste in multi- story buildings.
 -0- 9/7/93
 /CONTACT: Mark D. Shatzis, chairman of the board of Hi-Rise Recycling Systems, Inc., 305-573-3888/
 (HIRI)


CO: Hi-Rise Recycling Systems, Inc. ST: Florida IN: ENV SU: ERN

RC-JB -- FL007 -- 9392 09/07/93 14:25 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
Words:300
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