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SQUARE INDUSTRIES REPORTS THIRD QUARTER RESULTS

 JERSEY CITY, N.J., Jan. 14 /PRNewswire/ -- Square Industries, Inc. (NASDAQ: SQAI), a major parking facilities operator, reported that for the three and nine months ended Nov. 30, 1993, its revenues were $16,543,000 and $48,959,000, respectively, and its net income amounted to $601,000, or $.44 per share, and $409,000, or $.31 per share. For the three and nine months ended Nov. 30, 1992, the Company's revenues were $17,110,000 and $51,192,000, respectively, and net income amounted to $591,000, or $.49 per share (after an extraordinary item of $205,000, or $.17 per share) and $891,000, or $.73 per share (after an extraordinary item of $310,000, or $.25 per share), respectively. The extraordinary item represented the income tax benefit from the utilization of net operating loss carryforwards.
 For the three- and nine-month periods of the current fiscal year (Fiscal 1994), the Company reported that parking service revenues were $419,000 (2.6%) and $1,924,000 (4.0%) less than those for the corresponding periods of the prior fiscal year. The reduction was principally due to a lower proportion of leased locations and, correspondingly, a higher proportion of managed locations operated during Fiscal 1994 as compared to Fiscal 1993 and the continuation of the adverse economic climate being suffered by the metropolitan areas in which the Company operates. The results for the current fiscal year reflect a ($39,000) benefit for income taxes for the three-month period and only a $223,000 provision representing a rate of 35.3% for the nine-month period. The benefit and the lower than normal rate were the result of a reversal during the three-month period of certain income taxes provided for in the year ended Feb. 28, 1993 and the six months ended Aug. 31, 1993 which the Company realized it was not obligated to pay as a result of changes in the applicable tax regulations.
 SQUARE INDUSTRIES, INC.
 Comparative Analysis
 (Unaudited)
 Periods ended Nine months Three months
 Nov. 30 1993 1992 1993 1992
 Revenues $48,959,000 $51,192,000 $16,543,000 $17,110,000
 Income before provision
 for income taxes
 and extraord.
 item $632,000 $1,001,000 $562,000 $666,000
 Provision
 (benefit) for
 income taxes 223,000 420,000 (39,000) 280,000
 Extraord. item(A) --- $310,000 --- $205,000
 Net income $409,000 $891,000 $601,000 $591,000
 Earnings per share:
 Before extraord.
 item $0.31 $0.48 $0.44 $0.32
 Extraord. item --- 0.25 --- 0.17
 Net income $0.31 $0.73 $0.44 $0.49
 Average number
 of shares
 outstanding 1,326,869 1,217,789(B) 1,355,481 1,217,789(B)
 (A) Represents a reduced income tax benefit from the utilization of a net operating loss carryforward.
 (B) For the nine and three months ended Nov. 30, 1992, common stock options were common share equivalents which were antidilutive.
 -0- 1/14/94
 /CONTACT: Sanford Harwood of Square Industries, 201-798-0090/
 (SQAI)


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

JG-PS -- NY017 -- 1195 01/14/94 11:14 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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