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STRONG RESULTS FROM ACQUISITION BOOST ADVANCE ROSS EARNINGS

 CHICAGO, Aug. 9 /PRNewswire/ -- Advance Ross Corp. (NASDAQ: AROS) today reported revenues of $11.9 million for the second quarter, ended June 30, 1993. Net income rose to $1.02 million, or $.55 per share, (after $245,000, or $.13 per share, amortization of goodwill). In the 1992 period, Advance Ross reported revenues of $1.2 million and a net loss of $145,000, or $.09 per share.
 For the six months ended June 30, 1993, revenues were $20.2 million. Net income was $760,000, or $.42 per share (after $490,000, or $.26 per share, amortization of goodwill). In the comparable 1992 period, revenues were $2.1 million with a loss of $125,000, or $.08 per share.
 Harve A. Ferrill, chairman and chief executive officer, said that the firm's solid results reflect the strong performance of Europe Tax-free Shopping AB (ETS), which Advance Ross acquired in November 1992. ETS, which now accounts for about 85 percent of Advance Ross' revenues, is the world's leading refunder of value-added taxes (VAT).
 "Our second quarter earnings are on target," Ferrill said. "The significant earnings improvement in the second quarter over the first quarter coincides with ETS' higher business activity during the May to October peak travel season."
 Ferrill added that during the quarter ETS' European operations were extended into three additional countries for a total of 16. Combined with its leading positon in principal tourists destinations such as Britain, Germany, France and Italy, ETS' expension strengthens its position as the largest VAT refunder in Europe.
 "Our aggressive marketing and merchandising efforts are providing excellent results," Ferril added. "We are very excited by our prospects for continued growth and confident in our strategy."
 Sales and profits from Advance Ross' PPC Industries subsidiary, a manufacturer of pollution control equipment, showed an increase over last year and over the first quarter of 1993.
 Advance Ross Corporation's primary business is Europe Tax-free Shopping AB, the world's largest refunder of value added taxes (VAT), serving travelers shopping at more than 60,000 retail outlets in Europe with 3,000 refund locations. Advance Ross also operates PPC Industries, which designs, manufactures and installs electrostatic precipitators for industrial pollution contol applications.
 ADVANCE ROSS CORPORATION AND SUBSIDIARIES
 RESULTS FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1993
 AND COMPARATIVE RESULTS FOR 1992
 (In thousands, except per share amounts and shares outstanding)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net sales and services $11,860 $ 1,170 $20,237 $ 2,092
 Net income (loss) (a) $1,016 ($145) $760 ($125)
 EARNINGS (LOSS) PER COMMON SHARE (a)
 Primary $ 0.55 ($ 0.09) $ 0.42 ($0.08)
 Fully Diluted $ 0.55 ($ 0.09) $ 0.42 ($0.08)
 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
 Primary 1,852,496 1,771,127 1,852,508 1,794,460
 Fully Diluted 1,852,496 1,771,127 1,852,508 1,794,460
 (a) Includes a deduction for goodwill of
 Amount $ 245 $ 490
 Per share $ 0.13 $ 0.26
 -0- 8/9/93
 /CONTACT: Harvey Campbell, 312-346-9126, of Advance Ross/
 (AROS)


CO: Advance Ross Corp. ST: Illinois IN: SU: ERN

LG -- NY046 -- 0724 08/09/93 11:35 EDT
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Date:Aug 9, 1993
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