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SWISHER INTERNATIONAL ANNOUNCES HIGHER REVENUES AND EARNINGS FOR SECOND QUARTER

 CHARLOTTE, N.C., May 24 /PRNewswire/ -- Citing an increasing demand for its franchised products and services, Swisher International (NASDAQ: SWSH, SWSHU, SWSHW) announced higher revenues and income from operations for the fiscal second quarter and six months ended April 30, 1993.
 "Our financial performance exceeded our expectations for the second quarter," said Pat Swisher, president and chief executive officer. "There is rising concern regarding the spread of infectious diseases in public restrooms. As a result, more corporations are turning to Swisher for an economical and effective solution. We expect our business to continue to expand proportionate to the public's growing demand for safer, cleaner facilities."
 Revenues rose 15 percent to $1,137,000 for the recent quarter, from $992,000 for the comparable period last year. Income from operations for the recent three months increased to $346,000, compared to $219,000 for the fiscal second quarter a year ago, representing increases of 58 percent and 42 percent respectively. Net income for the quarter increased to $211,000, or 16 cents per share, from net income of $200,000, or 18 cents per share last year.
 "Because of nonrecurring income of $302,000 in 1992, we believe income from operations are more indicative of the company's growth," added Swisher.
 Annuity revenues for the quarter (which includes product sales to franchisees, service fees, royalties and management fees) rose 66 percent to $530,000, compared to $318,000 for the second quarter of 1992.
 For the six-month period, revenues increased 20 percent to $2,163,000, compared to $1,809,000 for the same period last year. Income from operations for the first half increased to $615,000, compared to $346,000 for the comparable period last year, representing increases of 78 percent and 55 percent respectively. Net income for the six months rose to $375,000, or 30 cents per share, from net income of $362,000, or 32 cents per share, last year.
 Annuity revenues for the six-month period were $1,020,000, an increase of 93 percent over annuity sales of $528,000 for the first six months of last year.
 Swisher's number of customers increased 40 percent to 14,000 at the end of the six-month period, compared to a year ago. The company is adding approximately 1,000 new customers each month.
 "We are targeting to sell 80-100 new franchises in the next 24 months," said Swisher. "We also expect to sell our first international franchise in Canada sometime this summer."
 Swisher International Inc. is the only publicly held franchiser of hygiene services and products. The company markets its products and services principally through 52 franchises and two subsidiaries to a wide range of businesses in 28 states. Swisher currently services 14,000 customers ranging from small businesses to major chains including McDonald's, Pizza Hut, Wendy's, Texaco and Kmart.
 SWISHER INTERNATIONAL
 FINANCIAL SUMMARY
 (In thousands, except share and per-share data)
 Three Months Six Months
 Ended April 30: 1993 1992 1993 1992
 Revenues
 Annuity
 Product sales $ 231 $ 148 $ 445 $ 255
 Service fees 164 97 322 156
 Royalty fees 131 71 245 114
 Mgmt fees (adv.) 4 2 8 3
 Franchise sales 350 333 637 574
 Hygiene services 243 328 480 683
 Other 14 13 26 24
 Total revenues $1,137 $ 992 $2,163 $1,809
 Total expenses $ 791 $ 773 $1,548 $1,463
 Income from operations $ 346 $ 219 $ 615 $ 346
 Non-recurring income $ 0 $ 82 $ 0 $ 220
 Income tax provision (135) (101) (240) (204)
 Net income $ 211 $ 200 $ 375 $ 362
 Net income per share $ 0.16 $ 0.18 $ 0.30 $ 0.32
 Weighted average number of
 shares outstanding 1,293 1,131 1,250 1,131
 -0- 5/24/93
 /CONTACT: Shirley J. Thompson of Carl Thompson Associates, 303-494-5472, for Swisher International/
 (SWSH)


CO: Swisher International ST: North Carolina IN: SU: ERN

SW-LM -- SE002 -- 1547 05/24/93 09:06 EDT
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Date:May 24, 1993
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