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SQUARE INDUSTRIES, INC. ANNOUNCES RESULTS FOR THE YEAR ENDED FEB. 28, 1993

 JERSEY CITY, N.J., June 16 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), reported today that for the year ended Feb. 28, 1993 ("Fiscal 1993"), its net income before taxes and extraordinary item was $500,000 as compared to a loss before taxes and extraordinary item of ($4,701,000) for the year ended Feb. 29, 1992 ("Fiscal 1992"). The company suffered for fiscal 1993 a net loss of ($46,000) or ($.04) per share, after a $646,000 provision for income taxes and an extraordinary item of $100,000, or $.08 per share, as compared, however, to a net loss for fiscal 1992 of ($4,596,000) or ($3.77) per share, after a $28,000 provision for income taxes and an extraordinary item of $133,000, or $.11 per share. The extraordinary item for each year was an income tax benefit from the application of net operating loss carryforwards. The high income tax provision for fiscal 1993 was principally due to minimum corporate taxes imposed by certain jurisdictions, income taxes in jurisdictions for which the operations of the company were profitable and certain franchise taxes.
 The improved results for fiscal 1993 were principally due to an increase of $1,055,000 in parking revenues and the implementation of operating economies. The revenue increase was principally the result of improving economies in the business districts in which the company operated and the improvement in the traffic flow in the downtown area of Philadelphia which is served by several of the company's parking operations and which suffered from a major fire in 1991.
 The company also announced that its Credit Agreement has been amended, retroactive to Feb. 28, 1993 to revise certain financial covenants.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 Year Ended Three months ended
 2/28/93 2/29/92 2/28/93 2/29/92
 Revenues $67,778,000 $67,182,000 $16,586,000 $17,361,000
 Net income (loss)
 before taxes and
 extraord. item 500,000 (4,701,000)(A) (501,000) (3,798,000)(A)
 Loss before
 extraord. item (146,000) (4,729,000)(A) (727,000) (4,130,000)(A)
 Extraord. item 100,000 133,000 (210,000) 133,000
 Net loss (46,000) (4,596,000)(A) (937,000) (3,997,000)(A)
 Earnings (loss)
 per share before
 extraord. item (.12) (3.88) (.60) (3.39)
 Extraordinary item .08 .11 (.17) .11
 Net loss (.04) (3.77) (.77) (3.28)(A)
 Average number of
 shares
 outstanding 1,217,789 1,217,789 1,217,789 1,217,789
 (A) Includes the write down of assets of $2,763,500
 -0- 5/16/93
 /CONTACT: Mr. Sanford Harwood of Square Industries, Inc., 201-798-0090/
 (SQAI)


CO: Square Industries, Inc. ST: New Jersey IN: SU: ERN

MP-OS -- NY055 -- 2693 06/16/93 14:55 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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