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VERTEX INDUSTRIES, INC. REPORTS THIRD QUARTER RESULTS

 CLIFTON, N.J., June 16 /PRNewswire/ -- Vertex Industries, Inc. (NASDAQ: VETX) today reported net income of $175,792 or $.04 a share on net sales of $1,210,557 for the third quarter ended April 30, 1993, compared to net income of $15,149 or $.01 on net sales of $798,337 for the same period last year.
 For the first nine months of this fiscal year net income was $479,937 or $.11 a share on net sales of $3,693,516 compared to net income of $173,412 or $.04 a share on net sales of $2,856,462 for the nine months a year ago. As reported net income per share for the periods in both fiscal years take into account a 2-for-1 stock split which was effective on April 19, 1993. Extraordinary items in this year's third quarter, income taxes which were not paid because of tax loss carryforwards, did not affect net income.
 Total current assets on April 30, 1993, were $3,389,123 compared to $1,700,025 on July 31, 1992. Total current liabilities were $805,018 at the end of the current nine months compared to $786,716 at the end of fiscal 1992. The increase in current assets at April 30, 1993, reflects increased cash and equivalents, $1,046,281, compared to $35,981 on July 31, 1992, due primarily to the sale of common stock in the international market in accordance with a Regulation S registration.
 James Q. Maloy, president, said that Bell Atlantic and Ameritech would utilize Vertex's BRIDGE-NET(TM) software in automated coin collection systems by mid-summer in the Chesapeake and Potomac areas and in two midwestern states. In addition, discussions regarding route optimization software continue with both companies.
 Mr. Maloy said that the New York City school system ordered access control/attendance systems for six additional high schools, which are expected to be shipped this summer.
 Vertex is also preparing shrink wrap versions of its BRIDGE-NET software and several of its popular applications packages in a move to develop sales of the software through major distributors as an off-the- shelf package for real time data collection applications, Mr. Maloy said.
 VERTEX INDUSTRIES, INC.
 Financial Highlights (Unaudited)
 Periods ended Nine months Three months
 April 30 1993 1992 1993 1992
 Net sales $3,693,516 $2,856,462 $1,210,557 $798,337
 Net income 479,937 173,412 175,792 15,149
 Per share $.11 $.04 $.04 $.01
 Shares outstanding
 (weighted)(A) 4,253,755 3,891,590 4,388,825 4,027,916
 4/30/93 7/31/92
 (Unaudited) (Audited)
 Total current assets $3,389,123 $1,700,025
 Total current liabilities 805,018 786,716
 (A) -- Reflects 2-for-1 stock split effective April 19, 1993.
 -0- 6/16/93
 /CONTACT: James Q. Maloy, president of Vertex Industries, Inc., 201-777-3500, or John Swanson of Swanson Communications, Inc., 212-683-4890, for Vertex Industries, Inc./
 (VETX)


CO: Vertex Industries, Inc. ST: New Jersey IN: CPR SU: ERN

CK-OS -- NY019 -- 2539 06/16/93 10:35 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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