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IMPROVED NET PROFITS AND SHAREOWNER EQUITY SHOWN IN THIRD QUARTER BY GRAYHOUND ELECTRONICS

 TOMS RIVER, N.J., Nov. 19 ~PRNewswire~ -- Results for the third quarter through Aug. 31, 1992, showed higher net income of $19,000 compared with $11,000 for the similar period last year, even though unaudited revenues declined to a total of $1,410,000 from $1,800,000.
 Fiscal nine months produced a net income of $136,000 on $4.1 million revenues, with $133,000 and $6.2 million as the comparative figures during 1991.
 As of month-end August this year, shareowner equity moved up to $170,000 on total assets of $3 million vs. $34,000 and $3.2 million on Nov. 30, 1991.
 "Cost containment efforts are paying off and we have fortunately ended the litigation which added to expenses in 1991," says company Chairman Tom Ricci. "Revenues decreased because of Grayhound's stringent credit policies, reduced bank loans available to distributors and, of course, the general recession in the economy.
 "Management is particularly pleased that selling, general and administrative expenses for the recent period were lowered to $213,000 vs. $390,000 in the like three-month segment one year before. We intend to run an efficient ship and bring an increasing percentage of dollars to the bottom line as new and existing product sales efforts begin to pay off through fiscal 1993."
 With regard to GEI product news, the testing of Grayhound's jumbo skill cranes continues to show favorable results. Kmart management in. Other retail chains such as Walmart are also using jumbo cranes.
 GEI's instant lottery ticket dispensing units are progressing well. Prototype units are expected shortly. Development on the video lottery terminals continues. Video Lottery terminals (VLT's) 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, South Dakota and Rhode Island 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 became a large source of business for GEI.
 Distribution rights have been obtained for the companies new high quality line of coin-activated pool tables called the "shark." Marketing of the pool tables has begun.
 Distribution rights have been obtained for the companies new Giant Gum Ball dispensers. The units are 60" high. Marketing of the Giant Gum Ball dispensers has begun.
 Grayhound Electronics, Inc., is an internationally known manufacturer and distributor of coin operated amusement games. The company has a large customer list which includes many major chains.
 GRAYHOUND ELECTRONICS, INC.
 (Unaudited)
 Third Quarter Ended Aug. 31 1992 1991
 Revenues $1,410,000 $1,806,000
 Net income 19,000 11,000
 Net per share -- --
 Average number shares 10,500,000 10,500,000
 11~30~91
 Total assets 3,063,000 3,225,000
 Equity of shareowners 170,000 34,000
 -0- 11~19~92
 ~CONTACT: Thomas Ricci, chairman of Grayhound Electronics, Inc., 908-341-5200~
 (GRAY)


CO: Grayhound Electronics, Inc. ST: New Jersey IN: SU: ERN

SM-OS -- NY057 -- 2893 11~19~92 12:30 EST
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Date:Nov 19, 1992
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