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POLYPHASE REPORTS RESULTS

 DALLAS, Aug. 4 /PRNewswire/ -- Polyphase Corporation (AMEX: PLY) today reported net income of $.04 per share for its third quarter ended June 30, 1993, compared to a loss of $.16 per share for the third quarter of 1992. The company reported earnings of $.08 per share for the nine months ended June 30, 1993 as compared to a loss of $.09 per share for the same period in 1992.
 In commenting on the above results, a company spokesman said that "we are pleased with the significant improvement in third quarter earnings for 1993 as compared to same period in 1992. We expect that earnings per share will continue to improve as previously announced acquisitions are completed."
 Shareholders will be asked to approve these acquisitions and management believes such approval will be granted at an upcoming shareholders' meeting. If these transactions are approved and completed, management estimates that 1994 revenues will exceed $40 million with net income in excess of $4 million.
 The company is currently evaluating other opportunities and is aggressively pursuing acquisitions.
 Polyphase Corporation is a diversified holding company with offices in Texas, Oklahoma, New York, and Pennsylvania.
 POLYPHASE CORPORATION
 Condensed Summary of Operations, Unaudited
 (For The Quarter Ended June 30, 1993)
 Quarter Nine months
 Periods ended June 30 1993 1992 1993 1992
 Net sales $ 1,943,686 $ -- $ 2,488,590 $ --
 Income (loss):
 Continuing 87,792 (73,279) 146,467 (171,277)
 Discontinued -- (317,284) 11,574 (42,834)
 Extraordinary 45,000 -- 76,000 --
 Net 132,792 (390,563) 234,041 (214,111)
 Per share .04 (.16) .08 (.09)
 CONDENSED BALANCE SHEET
 (Unaudited)
 6/30/93 9/30/92
 Current assets $ 1,896,168 $ 26,341
 Other assets 5,325,541 2,864,745
 Total 7,221,709 2,891,086
 Current liabilities 803,737 293,330
 Other liabilities 1,057,680 620,364
 Total liabilities 1,861,417 913,694
 Stockholders' equity 5,360,292 1,977,392
 Total 7,221,709 2,891,086
 -0- 8/4/93
 /CONTACT: James Rudis of Polyphase, 214-490-4214/
 (PLY) CO: Polyphase Corporation ST: Texas IN: SU: ERN


LG-WB -- NY058 -- 9411 08/04/93 13:30 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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