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SQUARE INDUSTRIES REPORTS RESULTS FOR FIRST FISCAL QUARTER

 SQUARE INDUSTRIES REPORTS RESULTS FOR FIRST FISCAL QUARTER
 JERSEY CITY, N.J., June 29 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, reported a substantial improvement in parking revenues and its operating results for the three months ended May 31, 1992 over those for the year earlier fiscal quarter. For the three months ended May 31, 1992, revenues were $17,769,000, of which $16,585,000 were from parking operations (an increase of $1,456,000, or 9.6 percent) and net income was $663,000, or $.54 per share including an extraordinary item of $230,000 ($.19 per share), representing the income tax benefit from the utilization of a net operating loss carryforward. For the three months ended May 31, 1991, revenues were $16,476,000, of which $15,129,000 were revenues from parking operations, and net income was $161,000, or $.13 per share.
 The company advised that the improvement 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; and the implementation of operating economies instituted in the prior fiscal quarters.
 SQUARE INDUSTRIES, INC.
 Three months ended April 31 1992 1991
 Revenues $17,769,000 $16,476,000
 Operating income 741,000 251,000
 Net income 663,000(A) 161,000
 Earnings per share $.54(A) $.13
 Average number of shares 1,217,789 1,217,789
 outstanding
 (A) Includes income tax benefit of $230,000 from utilization of net operating loss carry-forward.
 -0- 6/29/92
 /CONTACT: Sanford Harwood of Square Industries, 201-798-0090/
 (SQAI) CO: Square Industries Inc. ST: New Jersey IN: SU: ERN


LR-SM -- NY068 -- 4848 06/29/92 15:53 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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