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SQUARE INDUSTRIES, INC. ANNOUNCES SECOND QUARTER RESULTS

 SQUARE INDUSTRIES, INC. ANNOUNCES SECOND QUARTER RESULTS
 JERSEY CITY, N.J., Oct. 8 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, reported revenues of $16,313,000 for the three months and $34,082,000 for the six months ended Aug. 31, 1992, representing increases of $267,000 and $1,560,000, respectively, over the revenues of $16,046,000 and $32,522,000 for the year earlier three and six month periods.
 The increased revenues and operating economies produced more favorable results for the comparative periods. For the three months ended Aug. 31, 1992 the company incurred a net loss of ($363,000), or ($.30) per share, including an extraordinary item of ($125,000), or ($.10 per share), representing a reversal of a portion of the income tax benefit for the first quarter of the fiscal year from the utilization of a net operating loss carryforward, as compared with a net loss of ($611,000) or ($.50 per share) for the three months ended Aug. 31, 1991. For the six months ended Aug. 31, 1992 the company had net income of $300,000 or $.25 per share, including an extraordinary item of $105,000 or $.09 per share, representing the reduced income tax benefit from the utilization of the net operating loss carryforward, as compared with a net loss of ($450,000), or ($.37) per share for the six months ended Aug. 31, 1991.
 The improvement in parking revenues on a comparative basis was primarily the result of a small increase in parking capacity; increased patronage in several locations due, in part, to several promotional and sales programs and improved traffic flow in the downtown Philadelphia area which is serviced by several locations and which had previously been adversely affected by a Feb. 23, 1991 fire in a high-rise office building.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis (Unaudited)
 For the Three Months Ended For the Six Months Ended
 8/31/92 8/31/91 8/31/92 8/31/91
 Revenues $16,313,000 $16,046,000 $34,082,000 $32,522,000
 Net Income
 (loss) $ (363,000)(B)$ (611,000) $ 300,000(A)$ (450,000)
 Earnings (loss)
 per share $ (.30)(B)$ (.50) $ .25(A)$ (.37)
 Average number
 of shares
 outstanding 1,217,789 1,217,789 1,217,789 1,217,789
 (A) -- Includes an extraordinary item of $105,000, or $.09 per share, representing the reduced income tax benefit from the utilization of the net operating loss carryforward.
 (B) -- Includes an extraordinary item of ($125,000), or ($.10 per share), representing a reversal of a portion of the income tax benefit for the first quarter of the fiscal year from the utilization of a net operating loss carryforward.
 -0- 10/8/92
 /CONTACT: Sanford Harwood of Square Industries, 201-798-0090/
 (SQAI) CO: Square Industries, Inc. ST: New Jersey IN: SU: ERN


AW-JB -- NY085 -- 7995 10/08/92 15:31 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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