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SUNRISE LEASING'S SECOND QUARTER REVENUES SET ALL-TIME RECORD

     SUNRISE LEASING'S SECOND QUARTER REVENUES SET ALL-TIME RECORD
    MINNEAPOLIS, Nov. 14 /PRNewswire/ -- Sunrise Leasing Corporation (NASDAQ: SUNL), a lessor and dealer in electronic data processing equipment, today announced record revenues for the second quarter ended Sept. 30, 1991.  Net income also increased over the prior year's second quarter.
    Second quarter revenues were $1.5 million, up 144 percent from $621 thousand in 1990.  Net income reached $101,881, or $.08 per share, in the 1992 second quarter, up 17 percent from $87,350 or $.07 per share, in the year-earlier period.
    For the six months ended Sept. 30, revenues rose to $2.7 million up 181 percent from $975 thousand for the first six months of 1990.  Net income of $254,169, or $.20 per share, represented a 79 percent increase from $142,217, or $.12 per share, in the year-earlier period.
    "This outstanding performance occurred prior to the company's successful initial public offering," said Craig Forsman, president and chief executive officer.  "The second quarter results reflect the continued growth of the company, its lease portfolio, and increased activity in the used equipment market.  During the second quarter, Sunrise Leasing Corporation also opened a sales office in the Milwaukee, Wis., area."
    On Oct. 3, the company successful completed an initial public offering which provided approximately $5 million of capital.  Forsman added, "Based upon the current level of leasing activities, we believe the upward trend in sales and revenues experienced to date will continue throughout the balance of fiscal 1992."
    Sunrise Leasing Corporation is principally engaged in the leasing of new and used electronic data processing equipment and the purchase and sale of used electronic data processing equipment.  The company's shares are traded on NASDAQ under the symbol "SUNL."
     SUNRISE LEASING CORPORATION CONDENSED STATEMENTS OF OPERATIONS
                                            Three Months Ended   Percent
                                            9/30/91    9/30/90  Increase
    Revenues                              $1,511,009   $620,294    144
    Cost of sales & expenses               1,357,084    491,386    176
    Income before income taxes               157,681    129,350     22
    Income taxes                              55,800     42,000     33
    Net income                              $101,881    $87,350     17
    Net income per share                        $.08       $.07     14
    Weighted average shares outstanding    1,300,000  1,228,500     --
                                             Six Months Ended    Percent
                                            9/30/91    9/30/90  Increase
    Revenues                              $2,734,210   $970,772    181
    Cost of sales & expenses               2,347,951    766,431    206
    Income before income taxes               393,969    208,317     89
    Income taxes                             139,800     66,000    112
    Net income                              $254,169   $142,217     79
    Net income per share                        $.20       $.12     67
    Weighted average shares outstanding    1,300,000  1,210,625     --
    -0-                        11/14/91
    /CONTACT:  Craig Forsman, president and CFO of Sunrise Leasing Corporation, 612-560-0695)
    (SUNL) CO:  Sunrise Leasing Corporation ST:  Minnesota IN: SU:  ERN JS -- MN017 -- 4552 11/14/91 16:11 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 14, 1991
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