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SUNRISE LEASING CORPORATION ANNOUNCES RECORD YEAR INCOME AND REVENUES

SUNRISE LEASING CORPORATION ANNOUNCES RECORD YEAR INCOME AND REVENUES
 MINNEAPOLIS, April 29 /PRNewswire/ -- Sunrise Leasing Corporation (NASDAQ: SUNL), today reported that unaudited income for the fiscal year ended March 31, 1992, was approximately $1,100,000 or about $.57 per share versus $303,000 or $.23 per share a year earlier. The company also reported that effective April 1, 1991, Financial Accounting Standard No. 109 "Accounting for Income Taxes" will be adopted. The cumulative effect of the change in accounting principle, through March 31, 1991, is expected to be approximately $150,000 or approximately $.08 per share which was included in net income for the year ended March 31, 1992, as stated above.
 Record revenues are expected to be approximately $6,100,000 for the fiscal year ended March 31, 1992, versus $2,504,000 a year earlier.
 "The company's performance in 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 announced that Thomas R. King, who serves as secretary to the company, was elected to the board of directors. Forsman stated, "Mr. King's many years of experience and knowledge will be an invaluable asset to Sunrise in the years ahead and the company is very fortunate to have someone of his caliber join its board of directors."
 The company also announced that it recently completed a lease involving approximately $2,500,000 of equipment for the Upper Sioux Indian Community. Forsman added, "The company will consider additional Indian Community leases on a selected basis."
 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".
 -0- 4/29/92
 /CONTACT: Craig Forsman of Sunrise Leasing Corporation, 612-560-0695/
 (SUNL) CO: Sunrise Leasing Corporation ST: Minnesota IN: SU: ERN


MA -- MN025 -- 4587 04/29/92 16:49 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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