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SUNRISE LEASING ANNOUNCES RECORD REVENUES AND NET INCOME FOR SECOND QUARTER

 MINNEAPOLIS, Nov. 3 /PRNewswire/ -- Sunrise Leasing (NASDAQ: SUNL), today announced record net income for the second quarter ended Sept. 30, 1993.
 Net income reached a record $612,770, or $.15 per share, in the 1994 second quarter, up 45 percent from $422,997 or $.16 per share, in the comparable period in fiscal 1993. First quarter revenues also reached a record and were 3.4 million, up 41 percent from $2.4 million in the same period in fiscal 1993. The earnings per share were down due to the 43 percent increase in weighted average shares outstanding as a result of the company's successful secondary offering in April 1993.
 For the six months ended Sept. 30, 1993, revenues were 6.7 million, an increase of 52 percent from 4.4 million for the same period in fiscal 1993. Net income of $1,220,026, or $.30 per share, represented a 36 percent increase from $880,207, or $.34 per share, in the year earlier period.
 In regard to this past quarter's record performance, Craig Forsman, president and chief executive officer, stated that "the results were in line with the company's projections for the quarter." Forsman added that "the company expects continued strong growth in revenues for the last six months of fiscal 1994. The growth will come as a result of working with its current customers and expanding its customer base. Additionally, the marketing representatives in Chicago and Houston, who recently joined Sunrise, are beginning to establish new leasing opportunities for Sunrise."
 Sunrise Leasing Corporation is principally engaged in the leasing and sale of new and 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 Pct. Six Months Ended Pct.
 9/30/93 9/30/92 Change 9/30/93 9/30/92 Change
 Revenues $3,410,525 $2,423,869 41 $6,719,757 $4,422,955 52
 Cost of
 sales and
 expenses 2,424,797 1,770,358 37 4,811,604 3,064,060 57
 Income before
 income
 taxes 991,770 655,397 51 1,936,026 1,364,607 42
 Income taxes 379,000 232,400 63 736,000 484,400 52
 Net income $612,770 $422,997 45 $1,200,026 $880,207 36
 Net income
 per share $.15 $.16 (6) $.30 $.34 (12)
 Weighted
 average
 shares
 outstanding 4,199,761 2,596,083 62 3,972,950 2,601,873 53
 -0- 11/3/93
 /CONTACT: Craig Forsman, president and chief executive officer of Sunrise Leasing, 612-593-1904/
 (SUNL)


CO: Sunrise Leasing Corporation ST: Minnesota IN: SU: ERN

Al-DB -- MN024 -- 0348 11/03/93 17:20 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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