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NORTH STAR UNIVERSAL ANNOUNCES FIRST-QUARTER 1992 RESULTS

 NORTH STAR UNIVERSAL ANNOUNCES FIRST-QUARTER 1992 RESULTS
 MINNEAPOLIS, April 29 /PRNewswire/ -- North Star Universal, Inc. (NASDAQ: NSRU) today announced results for the first quarter ended March 31, 1992. Consolidated revenues for the quarter increased 11 percent to $19.0 million from $17.1 million in 1991. The company recorded a net loss of $719,000, or 7 cents per share, compared to net income of $8,545,000, or 86 cents per share, in the previous year. First quarter 1991 earnings included a gain of $8,564,000, or 87 cents per share, from the January 1991 sale of Michael Foods, Inc., (NASDAQ: MIKL) stock.
 In commenting on the results, president and chief executive officer, Jeffrey J. Michael stated, "Our first quarter results were significantly impacted by reduced equity in earnings of Michael Foods. As previously announced, first quarter earnings at Michael Foods were down 76 percent from 1991, which, along with our reduced ownership interest, resulted in lower earnings at North Star of approximately $2.0 million, or 20 cents per share. In addition, operating profits in our computer businesses were relatively flat, despite increased revenues of 11 percent for the quarter. Increased competition within the computer industry has negatively impacted margins and profitability."
 North Star Universal, Inc. owns and supervises businesses providing voice and data communications networking products, systems and services, and maintenance and technical services to owners, users and lessors of mainframe and other types of computers. As a parent company, North Star provides resources for its businesses' development and growth. As of March 31, 1992, North Star also owned a 38 percent interest in Michael Foods, and a 44 percent interest in FORTIS Corporation (NASDAQ: FORT).
 NORTH STAR UNIVERSAL INC.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 For the Quarter Ended
 March 31,
 1992 1991
 Revenues $19,001 $17,128
 Operating and product costs 13,394 11,857
 Gross profit 5,607 5,271
 Selling, general and
 administrative expenses 5,780 5,543
 Operating loss (173) (272)
 Interest expense (1,110) (1,217)
 Investment income -- 8,564
 Income (loss) from continuing
 operations before income taxes
 and equity in earnings of
 unconsolidated subsidiaries (1,283) 7,075
 Income tax provision 66 1,350
 Income (loss) from continuing
 operations before equity in
 earnings of unconsolidated
 subsidiaries (1,349) 5,725
 Equity in earnings of unconsolidated
 subsidiaries 630 2,937
 Income (loss) from continuing
 operations (719) 8,662
 Discontinued operations -- (117)
 Net income (loss) $(719) $8,545
 Earnings per share:
 Continuing operations ($0.07) $0.87
 Discontinued operations 0.00 (0.01)
 net income (loss) ($0.07) $0.86
 Weighted average shares
 outstanding 9,902,600 9,860,000
 Preferred stock dividends $0 $101
 -0- 4/29/92
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, for North Star Universal or Peter Flynn of North Star Universal, 612-546-7500/
 (NSRU) CO: North Star Universal, Inc. ST: Minnesota IN: FOD CPR SU: ERN


AL -- MN023 -- 4577 04/29/92 16:35 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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