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SUNRISE LEASING ANNOUNCES RECORD YEAR INCOME AND REVENUES

 SUNRISE LEASING ANNOUNCES RECORD YEAR INCOME AND REVENUES
 MINNEAPOLIS, June 24 /PRNewswire/ -- Sunrise Leasing Corporation (NASDAQ: SUNL), today reported that its audited revenues and income reached record levels for the fiscal year ended March 31, 1992. Revenues were $6,192,281 or a 147 percent increase over year earlier revenues of $2,507,873. Income before income taxes and net income for the year ended March 31, 1992, both increased by 174 percent from the year earlier period. Income before income taxes was $1,288,717 versus $470,237 for the year earlier period. Net income for the year ended March 31, 1992, was $830,717 or $.44 a share as compared to $303,237 or $.23 a share for the previous year.
 "The company's record performance for fiscal 1992 reflects the growing acceptance of its various leasing services," said Craig Forsman, chief executive officer. Forsman added, "Although there may be fluctuations in quarterly results, based upon the current level of leasing activities, we believe the upward trend in revenues and income experienced to date will continue in fiscal 1993."
 The company also reported that effective April 1, 1991, Financial Accounting Standards No. 109 "Accounting for Income Taxes" was adopted. Previously it was announced that the adoption of this standard was expected to increase net income for the 1992 fiscal year by approximately $300,000 of which $150,000 was related to previous years. However, it was subsequently determined that the adoption of FAS No. 109 would have no material cumulative effect on the company's financial statements. "This difference in the anticipated treatment of FAS No. 109 had no impact on the company's pre-tax earnings, cash flows or current tax liabilities," said Forsman. Forsman also added that, "the company continues to pay only Alternative Minimum Taxes and it expects its deferred tax liability will substantially increase as the company continues to grow."
 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
 Year Ended March 31, 1992
 1992 1991 Percent
 Change
 Revenues $6,192,281 $2,507,873 147
 Cost of sales and expenses 4,903,564 2,037,636 141
 Income before income taxes 1,288,717 470,237 174
 Income taxes 458,000 167,000 174
 Net income $830,717 $303,237 174
 Net income per share $.44 $.23 91
 Weighted average
 shares outstanding 1,901,823 1,300,000 --
 -0- 6/24/92
 /CONTACT: Craig Forsman of Sunrise Leasing, 612-560-0695/
 (SUNL) CO: Sunrise Leasing Corporation ST: Minnesota IN: SU: ERN


AL -- MN010 -- 3450 06/24/92 16:47 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:449
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