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SQUARE INDUSTRIES REPORTS INTERIM RESULTS

 JERSEY CITY, N.J., Sept. 30 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, today reported that as a result of a heavy storm in March 1993 in the northeast which blanketed the areas in which the company operates and a reduction in parking capacity by approximately 3,000 cars as of Aug. 31, 1993 in comparison with Aug. 31, 1992, its revenues for the three months ended Aug. 31, 1993 were lower, respectively, by $521,000 and $1,666,000 for the three- and six-month periods ended Aug. 31, 1993 than those for the corresponding three- and six-month periods of the prior fiscal year.
 For the three months ended Aug. 31, 1993, the company suffered a net loss of $466,000, or 39 cents per share, as compared to a net loss of $363,000, or 30 cents per share, for the three months ended Aug. 31, 1992. For the full six month periods, the company suffered a net loss of $192,000, or 16 cents per share for the current year as compared with net income of $300,000, or 25 cents per share, for the prior year. Results for the six months ended Aug. 31, 1993 were impacted by a $262,000 provision for taxes which was $122,000 greater than the provision for the corresponding period in the prior year. The provision reflects principally federal income tax, minimum corporate taxes imposed by the states of New York, Pennsylvania and New Jersey and the City of New York, and the Pennsylvania Business Privilege Tax.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 (Unaudited)
 Periods ended Six months Three months
 Aug. 31 1993 1992 1993 1992
 Revenues $32,416,000 $34,082,000 $15,792,000 $16,313,000
 Income (loss)
 before provision
 for income taxes
 and extraord.
 item 70,000 335,000 (418,000) (406,000)
 Extraordinary item --- 105,000(A) --- (125,000)(B)
 Net income
 (loss) (192,000) 300,000 (466,000) (363,000)
 Earnings (loss)
 per share:
 Before extraord.
 item ($.16) $.16 ($.39) ($.20)
 Extraord. item --- .09(A) --- (.10)(B)
 Net income ($.16) $.25 ($.39) ($.30)
 Average number
 of shares
 outstanding 1,193,762 1,217,789 1,192,652 1,217,789
 (A) -- Represents a reduced income tax benefit from the utilization of a net operating loss carryforward.
 (B) -- Represents 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- 9/30/93
 /CONTACT: Sanford Harwood of Square Industries, 201-798-0090/
 (SQAI)


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

MP-TS -- NY022 -- 7166 09/30/93 09:55 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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