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THRIFTY TEL INC. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER ENDED MAY 31, 1993

 LOS ANGELES, Sept. 17 /PRNewswire/ -- Thrifty Tel Inc. (OTC: THRF), a long distance telephone service company, today announced the company's financial results for its fourth quarter ended May 31, 1993.
 Revenue for the fourth quarter ended May 31, 1993 reached $4,357,453, an increase of $1,102,292 or 34 percent compared to revenue of $3,255,161 reported for the prior year period. For the three months ended May 31, 1993, the company realized net after tax income of $379,519 or $.02 per share compared to net after tax income of $212,304 or $.01 per share for the prior fourth quarter period ended May 31, 1992, an increase of $167,215 or 79 percent. Current year net is stated after an increase of $584,900 for the cumulative effect of a change in tax accounting principals.
 The company reported a weighted average of 22,925,099 shares outstanding for the current fourth quarter ended May 31, 1993.
 The company's financial position at May 31, 1993 shows a $1,202,147 improvement in its total current assets of $4,718,669 compared to $3,516,522 at the beginning of the three-month period ended Feb. 28, 1993. At May 31, 1993 the company had a deficit in working capital of $1,631,779 compared to a deficit of $3,140,295 at Feb. 28, 1993, a $1,508,516 improvement. The company's total current liabilities at the end of the fourth quarter of $6,350,448 shows a $306,369 improvement over the end of the prior quarter.
 At May 31, 1993, the company achieved stockholders equity of $5,688,638 compared to stockholders equity of $5,180,295 at Feb. 28, 1993, a $508,343 improvement in its financial position over its position during the fourth quarter. This improvement includes a $1,636,000 write down of the value of the company's Franchise Rights during the fourth quarter.
 The company's financial results for the fourth quarter ended May 31, 1993 is net of cumulative effect of changes in the company's accounting principals.
 During the year ended May 31, 1993, the company successfully increased its monthly subscriber base to approximately 23,000 by the period end. The increase is attributed to the company's continued sales and marketing efforts, improved services and expanded geographic territories.
 Thrifty Tel Inc. is a long distance telephone service company headquartered in Garden Grove, Calif. with additional sales and marketing facilities located in Los Angeles, Orange, San Bernardino and San Diego counties, California. The company offers digital fiber optic quality service at extremely competitive rates and is certified by the California Public Utilities Commission.
 -0- 9/17/93
 /CONTACT: Rebecca J. Bigley, 714-740-2880/
 (THRF)


CO: Thrifty Tel Inc. ST: California IN: TLS SU: ERN

MF-CC -- LA020 -- 3140 09/17/93 14:21 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
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