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SQUARE INDUSTRIES REPORTS RESULTS FOR FIRST FISCAL QUARTER

 JERSEY CITY, N.J., July 15 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI) a major parking facilities operator, reported that its revenues and net income for the three months ended May 31, 1993 were, respectively, $16,624,000, of which $15,519,000 were from parking operations, and $274,000, or $.21 per share, based on 1,329,701 common shares equivalents. For the three months ended May 31, 1992, its revenues were $17,769,000, of which $16,585,000 were from parking operations, and net income, after provision for taxes and extraordinary item, was $663,000, or $.54, based on 1,217,789 shares of common stock outstanding. The lower revenues and income reflect the impact on the company's operations of a heavy storm in March 1993 in the northeast which blanketed the areas in which the company operates and a reduction by approximately 3,000 cars in parking capacity between the two quarters.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 Three months ended 5/31/93 5/31/92
 Revenue $16,624,000 $17,769,000
 Income before provision for income
 taxes and extraordinary item 488,000 741,000
 Extraordinary item(A) -- 230,000
 Net income 274,000 633,000
 Earnings per share:
 Before extraordinary item .21 .35
 Extraordinary item -- .19
 Net income .21 .54
 Average number of common shares
 and common share equivalents 1,329,701 1,217,789(B)
 (A) Income tax benefit from utilization of net operating loss carryforward. As a result of the company's adoption of SFAS 109 as of March 1, 1993, a similar benefit in the amount of $142,000 for the three months ended May 31, 1993 has been applied to the provision for income taxes.
 (B) For the three months ended May 31, 1992, common stock options were common share equivalents which were antidilutive.
 -0- 7/15/93
 /CONTACT: Sanford Harwood of Square Industries, Inc., 201-798-0090/
 (SQAI)


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

LG-OS -- NY075 -- 2104 07/15/93 15:08 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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