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THRIFTY TEL INC. REPORTS FINANCIAL RESULTS FOR THE YEAR ENDED MAY 31, 1992

 THRIFTY TEL INC. REPORTS FINANCIAL RESULTS
 FOR THE YEAR ENDED MAY 31, 1992
 LOS ANGELES, Oct. 15 /PRNewswire/ -- Thrifty Tel Inc. (OTC: THRF) a long distance telephone service company, today announced the company's financial results for its fiscal year ended May 31, 1992.
 Revenue for the year ended May 31, 1992, reached $12,181,639, an increase of $3,201,666, compared to revenue of $8,979,973 reported for the prior year. For the year ended May 31, 1992, the company realized income from operations of $982,481 or $.05 per share and net after tax profits of $806,092 or $.04 per share compared to net profits $582,378 or $.03 per share for the prior year, an increase $223,704 or 38 percent. For the current year the company incurred its first tax liability of $88,358.
 The company reported a weighted average of 20,507,145 shares outstanding for the current year ended May 31, 1992.
 Gross profit improved to $5,076,002 for the year, compared to $2,850,477 for the prior year ended May 31, 1991, an increase of $2,225,525, or 78 percent. The substantial increase in gross profit was primarily the result of the company's ability to negotiate agreements for lower rates from its carriers. There is no assurance that the company will be able to increase its gross profit this dramatically in the future.
 The company's financial position at May 31, 1992, shows a $207,709 improvement in its total current assets of $2,800,422 compared to $2,592,713 at May 31, 1991. At May 31, 1992, the company had a deficit in working capital of $2,265,057, compared to a deficit of $2,430,622 at the company's comparable prior year, however, the company's total current liabilities at May 31, 1992, of $5,065,479 include $2,147,972 in liabilities incurred prior to Dec. 8, 1989, repayment of which has been scheduled through Chapter 11 Dismissal Agreements approved by the Bankruptcy Court on Dec. 10, 1991.
 At May 31, 1992, the company achieved positive stockholders' equity of $1,122,980, compared to a negative stockholders' equity of $1,930,184 at May 31, 1991, a $3,053,164 improvement in its financial position over its position at the year ended May 31, 1991. Of the $3,053,164 improvement, $1,995,000 is the result of the company's recent acquisition.
 During the year ended May 31, 1992, the company successfully increased its monthly subscriber base to 14,300 by the period end. The increase is attributed to the company's continued sales and marketing efforts, improved services and expanded geographic territories.
 Management stated that the company has achieved the ability to stabilize costs, reduce debt and increase gross revenue at an extremely rapid pace while continuing to demonstrate profitability. The tremendous improvement is primarily a result from the increase in monthly subscribers, volume of usage and a decrease in operating costs and costs of sales.
 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, Calif. The company offers digital fiber optic quality service at extremely competitive rates and is certified by the California Public Utilities Commission.
 -0- 10/15/92
 /CONTACT: Rebecca J. Bigley of Thrifty Tel Inc., 714-740-2880/ CO: Thrifty Tel Inc. ST: California IN: TLS SU: ERN


JB -- LA011 -- 0233 10/15/92 09:02 EDT
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Date:Oct 15, 1992
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