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NORTH STAR UNIVERSAL ANNOUNCES FOURTH-QUARTER AND 12-MONTH RESULTS FOR 1991

 NORTH STAR UNIVERSAL ANNOUNCES FOURTH-QUARTER
 AND 12-MONTH RESULTS FOR 1991
 MINNEAPOLIS, March 2 /PRNewswire/ -- North Star Universal, Inc. (NASDAQ: NSRU) today reported financial results for the fourth quarter and the year ended Dec. 31, 1991.
 For the fourth quarter, income from continuing operations was $252,000, or 3 cents per share, compared to $1.7 million, or 17 cents per share, for the same quarter last year. The company recorded net income of $77,000, or 1 cent per share, versus a loss of $630,000, or 7 cents per share, in the prior-year quarter. Consolidated revenues were $19.1 million versus $17.6 million last year.
 For all of 1991, revenues were $71.6 million compared to $65.8 million for the previous year. Income from continuing operations was $10.9 million, or $1.07 per share, compared to $5.6 million, or 54 cents per share, last year. Including discontinued operations, net income was $10.3 million, or $1.01 per share, compared to $3.8 million, or 35 cents per share in 1990.
 In commenting on year-end results, Jeffrey J. Michael, president and chief executive officer, said that "throughout 1991, we benefited from reduced interest and corporate costs which were $3.3 million lower for the year and $750,000 lower for the fourth quarter. Our results also reflected record results at FORTIS Corporation (NASDAQ: FORT), which continues to experience increased demand for its medical cost containment and managed care services. FORTIS' initial public offering in June, 1991 was a significant step toward our goals of improving North Star's liquidity and building shareholder value."
 Michael went on to say that "1991 was a difficult year for companies associated with the computer industry. While our 1991 results within the computer group were less than the previous year, we maintained a positive operating profit position, while making important investments for the future."
 Michael Foods, Inc. (NASDAQ: MIKL) and FORTIS Corporation are reported as a single-line entry titled, "Equity in Earnings of Unconsolidated Subsidiaries," for both the fourth-quarter and twelve- month periods. To assist in comparing quarterly and year-end results, a "pro forma" statement is presented for the 1990 financials.
 North Star Universal, Inc. owns and supervises the management of businesses engaged in computer cabling and related services. As a parent company, North Star provides resources for its businesses' development and growth. In addition, North Star now owns a 38 percent interest in Michael Foods, Inc. and a 47 percent interest in FORTIS Corporation.
 NORTH STAR UNIVERSAL, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)
 For the Quarter
 Ended December 31,
 Pro Forma
 1991 1990 1990
 REVENUES $19,114 $17,628 $141,373
 OPERATING & PRODUCT COSTS 16,026 12,614 111,635
 GROSS PROFIT 3,088 5,014 29,738
 SELLING, GENERAL & ADMINISTRATIVE
 EXPENSES 3,837 4,729 19,584
 OPERATING INCOME (LOSS) (749) 285 10,154
 INTEREST EXPENSE, NET (1,051) (1,316) (3,995)
 INVESTMENT INCOME -- -- --
 INCOME (LOSS) FROM CONTINUING
 OPERATIONS BEFORE INCOME TAXES,
 MINORITY INTEREST AND EQUITY IN
 EARNINGS OF UNCONSOLIDATED
 SUBSIDIARIES (1,800) (1,031) 6,159
 INCOME TAX PROVISION (BENEFIT) (700) (150) 2,138
 INCOME FROM CONTINUING OPERATIONS
 BEFORE MINORITY INTEREST AND
 EQUITY IN EARNINGS OF
 UNCONSOLIDATED SUBSIDIARIES (1,100) (881) 4,021
 MINORITY INTEREST -- -- (2,291)
 EQUITY IN EARNINGS OF UNCONSOLIDATED
 SUBSIDIARIES 1,352 2,611 --
 INCOME FROM CONTINUING OPERATIONS 252 1,730 1,730
 DISCONTINUED OPERATIONS LOSS
 FROM OPERATIONS (175) (1,123) (1,123)
 LOSS ON DISPOSITION -- (1,237) (1,237)
 (175) (2,360) (2,360)
 NET INCOME (LOSS) $77 $(630) $(630)
 EARNINGS PER SHARE:
 CONTINUING OPERATIONS $.03 $.17 $.17
 DISCONTINUED OPERATIONS (.02) (.24) (.24)
 NET INCOME (LOSS) $.01 $(.07) $(.07)
 WEIGHTED AVERAGE SHARES
 OUTSTANDING 9,882,400 9,804,600 9,804,600
 NORTH STAR UNIVERSAL, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)
 For the Year
 Ended December 31,
 Pro Forma
 1991 1990 1990
 REVENUES $71,575 $65,798 $553,022
 OPERATING & PRODUCT COSTS 56,395 48,668 447,381
 GROSS PROFIT 15,180 17,130 105,641
 SELLING, GENERAL & ADMINISTRATIVE
 EXPENSES 16,536 17,427 64,603
 OPERATING INCOME (LOSS) (1,356) (297) 41,038
 INTEREST EXPENSE, NET (4,442) (6,128) (16,022)
 INVESTMENT INCOME 8,564 2,093 2,093
 INCOME (LOSS) FROM CONTINUING
 OPERATIONS BEFORE INCOME TAXES,
 MINORITY INTEREST AND EQUITY IN
 EARNINGS OF UNCONSOLIDATED
 SUBSIDIARIES 2,766 (4,332) 27,109
 INCOME TAX PROVISION 810 350 11,700
 INCOME (LOSS) FROM CONTINUING
 OPERATIONS BEFORE MINORITY
 INTEREST AND EQUITY IN EARNINGS
 OF UNCONSOLIDATED SUBSIDIARIES 1,956 (4,682) 15,409
 MINORITY INTEREST -- -- (9,766)
 EQUITY IN EARNINGS OF UNCONSOLIDATED
 SUBSIDIARIES 8,943 10,325 --
 INCOME FROM CONTINUING OPERATIONS 10,899 5,643 5,643
 DISCONTINUED OPERATIONS
 LOSS FROM OPERATIONS (598) (595) (595)
 LOSS ON DISPOSITION -- (1,237) (1,237)
 (598) (1,832) (1,832)
 NET INCOME $10,301 $3,811 $3,811
 EARNINGS PER SHARE:
 CONTINUING OPERATIONS $1.07 $.54 $.54
 DISCONTINUED OPERATIONS (.06) (0.19) (0.19)
 NET INCOME $1.01 $.35 $.35
 WEIGHTED AVERAGE SHARES
 OUTSTANDING 9,888,000 9,781,800 9,781,800
 -0- 3/2/92
 /CONTACT: Melissa Quinn of Padilla Speer Beardsley, 612-871-8877, for North Star Universal/
 (NSRU) CO: North Star Universal, Inc. ST: Minnesota IN: SU: ERN


al -- MN018 -- 4168 03/02/92 16:53 EST
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