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HIGHER SECOND QUARTER PROFITS WITH BETTER MARGINS REFLECTED BY GRAYHOUND ELECTRONICS

 HIGHER SECOND QUARTER PROFITS WITH BETTER MARGINS
 REFLECTED BY GRAYHOUND ELECTRONICS
 TOMS RIVER, N.J., Aug. 14 /PRNewswire/ -- Net income of $65,000, equivalent to $.01 per common share, was reported today by Grayhound Electronics, Inc. (GEI) (traded OTC) for the fiscal second quarter through May 31, 1992, compared with a loss of ($11,000) during the period last year.
 While sales revenues move to $1.3 million from $2 million for the three months in 1991, efficient management strategies were successful in producing profitability. Thus, general costs and expenses of $230,000 declined to less than half the comparable $550,000 figure.
 Total assets on the unaudited balance sheet came to $3.1 million with shareowner equity of $151,000. As of Nov. 30, 1991, the sums were $3.2 million and $34,000, respectively.
 According to Thomas M. Ricci, chairman: "Our cost controls and careful pricing policy have been very effective in producing greater return on the sales dollar. Current liabilities have been reduced, thereby improving Grayhound's working capital ratio.
 With regard to GEI product news, progress continues in the development and sales of new card dispensing machines. Customers are not only using the card dispenser on existing equipment, but also are incorporating the O.E.M. units on special lines. In fact, innovative games are being created with our card dispenser as the main feature. In addition to debit and sports cards, these card dispensers can handle instant lottery tickets in states like Delaware, Kentucky, Vermont and Virginia where enabling legislation has been passed."
 "The skill crane test program conducted by Kmart," Ricci continued, "was very successful. GEI hopes to experience major sale increases by Christmas of 1992 as skill crane units are place in the chain's 3,600 stores."
 At a recent Latin American trade show, GEI's Championship Basketball, Card Dispenser and other products were well received, with strong indications of new orders throughout Latin America.
 Discussions with financiers are proceeding productively now and the company expects to profitably handle large orders from credit worthy customers who see the true quality and value of state-of-the-art leisure enhancing products.
 Research is being intensified on the company's latest high potential product line: Video Lottery Terminals (VLT's), which permit the rapid playing of bingo, poker and other games via a video screen. When a player wins, a printing mechanism completes the winning ticket which is redeemed by the store's cashier. The VLT concept is useful to local and state governments as a revenue source. The states of Louisiana, Montana, Oregon and South Dakota have made the VLT's legal, along with Nova Scotia and other eastern provinces in Canada. More jurisdictions will probably approve the VLT's. This VLT product family could become a large source of business to GEI.
 Grayhound Electronics, Inc., is an internationally known manufacturer and distributor of coin operated amusement games. The company has a customer list that includes major chains.
 GRAYHOUND ELECTRONICS, INC.
 Second Quarter Results (Unaudited)
 Period ended Thru May 31 1992 1991
 Revenues $1,367,000 $2,054,000
 Net income 65,000 (11,000)
 Net per share(A) .01 --
 (A) Based on 10.5 million common shares outstanding.
 11/30/91
 Total assets 3,117,000 3,225,000
 Shareowner equity 151,000 34,000
 -0- 8/14/92
 /CONTACT: Thomas Ricci of Grayhound Electronics, 908-341-5200/
 (GRAY) CO: Grayhound Electronics, Inc. ST: New Jersey IN: SU: ERN


AH-OS -- NY069 -- 0183 08/14/92 16:51 EDT
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Date:Aug 14, 1992
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