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HIGHER THIRD QUARTER RESULTS BY GRAYHOUND ELECTRONICS; NEW PRODUCTS WELL RECEIVED AT THE CALIFORNIA TRADE EXPOSITION

 TOMS RIVER, N.J., Nov. 15 /PRNewswire/ -- Management of Grayhound Electronics, Inc. (NASDAQ: GRAY) announced that total revenues rose 29 percent while profits improved by 21 percent during the third fiscal quarter that ended Aug. 31, 1993.
 The unaudited comparative figures are: $1.82 million revenues and $23,000 net in 1993, compared with $1.41 million and $19,000 in 1992.
 Nine month totals were even stronger: $5.2 million revenues, up 27 percent and $287,000 earned, up 110 percent equal to $.03 per common share in 1993, vs. $4.1 million, $136,000, and $.01 a share in 1992.
 According to company chairman Thomas M. Ricci: "This is the fourth consecutive quarter we have done 25 percent or better than last year. Our redesigned core products and attractive new lines helped boost our sales volume to an expanded network of distributors in Europe, Latin America and Japan.
 "At the recent AMOA Trade Expo in California our Skill Crane won the prestigious AMOA award as the year's 'Most Played Redemption Game,' quite an honor for our Company. Buyers also expressed keen interest in our newest line of Children's Candy Shop cranes, with the play until you win feature. The first production run is completely sold out.
 "Field tests of our Debit Card Dispenser in Georgia have been quite successful. Target markets for this product are Telecommunications, Transit, Parking Garages and College Campuses.
 "Foreign markets look very promising and Sega Enterprises LTD, a major Asian company doing some $4 billion yearly, is a top customer for our innovative Championship Basketball Game."
 Grayhound Electronics is a manufacturer and international distributor of coin-operated amusement games, instant lottery ticket equipment and debit card dispensers with an expanding list of major retail customers.
 GRAYHOUND ELECTRONICS, INC.
 Unaudited Statements
 Third quarter thru Aug. 31, 1993 1992
 Revenues $ 1,824,000 $ 1,412,000
 Gross profit 457,000 299,000
 Net income 23,000 19,000
 Net per share .00 .00
 Fiscal nine months thru Aug. 31,
 Revenues $ 5,255,000 $ 4,127,000
 Gross profit 1,342,000 1,109,000
 Net income 287,000 136,000
 Net per share(A) .03 .01
 (A) Based on 10.5 million shares outstanding during both years.
 NOTE: At August month end, the balance sheet showed $2,940,000 total assets and $271,000 retained earnings in 1993, compared with $2,623,000 and ($16,000) at Nov. 30, 1992.
 -0- 11/15/93 R
 /CONTACT: Thomas M. Ricci, chairman of Grayhound Electronics, 908-341-5200/
 (GRAY)


CO: Grayhound Electronics ST: New Jersey IN: CPR SU: ERN PDT

MP -- NY104R -- 5419 11/17/93 11:13 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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