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RUBIDELL RECREATION ANNOUNCES RECORD PRELIMINARY RESULTS FOR FISCAL YEAR; SHARP TURNAROUND FROM $211,939 LOSS TO $1,214,000 PROFIT

 ELKHORN, Wis., Nov. 30 ~PRNewswire~ -- Rubidell Recreation, Inc. (NASDAQ: RBRC) announced today record preliminary revenues and earnings for the fiscal year ended Sept. 30, 1992. Jack Pilger, chairman of the board and chief executive officer, further announced that a sustainable turnaround in profits had begun now that the company has shed its last real estate project, Harbour Village Resort Recreational Property Consultants, Inc., a direct marketing subsidiary of the company which markets properties for other real estate developers, has had consistent growth since its inception in 1987. Record revenues are now being produced on a year-by-year basis by this subsidiary.
 For the fourth quarter of fiscal 1992, operating profits after taxes are estimated at $362,000, up from $279,000 in the comparable quarter of the previous fiscal year. This quarter includes the initial results from the company's new subsidiary Casino Property Management, Inc., which has an agreement to manage, operate and provide marketing services for the Grand Casino Hinckley R.V. Resort which opened this past Labor Day weekend.
 Expansion of its direct marketing subsidiary and additional management services for the exciting field of casino gaming should provide Rubidell with continued future growth. Working with the successful Grand Casinos organization (a company who went public in October 1991 at $5 a share and the shares have since traded as high as $24) can help bring attention to the company and provide substantial shareholder rewards.
 The sales of Rubidell Recreation, Inc. are estimated at approximately $8,000,000, a 47 percent increase over fiscal 1991's sales of $5,428,676. The majority of these sales were from Recreational Property Consultants, Inc. which is now working with developers in eight states to market their properties through the company's successful copyrighted "Box Program" of lead generation.
 Based on the weighted average number of common shares outstanding, preliminary earnings and earnings per share from continuing operations were $534,000 or $.16 per share and a gain from the discontinued Harbour Village Resort operations added a further $680,000 of income or $.20 per share for a combined net income and earnings per share of $1,214,000 or $.36 per share respectively. This compares with operating profits of $349,886 in fiscal 1991 or $.11 per share and a loss from the operations of Harbour Village before sale of $561,825 or $.17 per share for a combined net loss of $211,939 or $.06 per share.
 The company's balance sheet has been strengthened this year by several steps taken in the company's exiting the capital intensive and cash negative business of installment sales of real estate. The company has eliminated almost $6,000,000 of notes and loans payable, reducing the long-term liabilities to under $1,000,000 from almost $8,000,000. Shareholders equity has increased by almost $1,400,000 from a negative $878,836 to a positive $516,000 and plans are underway to expand this even further in the current year. With the expanding casino-oriented and direct marketing activities, the company is looking for continued gains in fiscal 1993.
 -0- 11~30~92
 ~CONTACT: Kris Cummings, Rubidell financial relations, 414-723-6660~
 (RBRC)


CO: Rubidell Recreation, Inc. ST: Wisconsin IN: SU: ERN

KH -- MN001 -- 4024 11~30~92 09:00 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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