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WILSHIRE OIL COMPANY REPORTS INCREASES IN REVENUES AND EARNINGS

    JERSEY CITY, N.J., Nov. 16 ~PRNewswire~ -- Wilshire Oil Company of Texas (NYSE: WOC) today reported increases in revenues and net income for both the nine months and the quarter ended Sept. 30, 1992.
    Revenues for the quarter ended Sept. 30 increased from $2,067,000 in 1991 to $3,325,000 in 1992.  Net income for the same period increased from a loss of $99,000 to earnings of $440,000 and earnings per share increased from a loss of $.01 per share to earnings of $.04 per share.
    Revenues for the nine-month period ended Sept. 30 increased from $5,588,000 in 1991 to $8,455,000 in 1992.  Net income for the same period increased from $451,000 to $2,470,000 and earnings per share increased from $.05 per share to $.25 per share.
    S.M. Wilzig, chairman of Wilshire, stated, "While we are quite pleased with the performance of our investments in 'Jacobs' and real estate, our primary plans for 1993 focus on continuing the progress of our successful exploration program, especially in light of the increases anticipated in the price and demand for natural gas."
                          WILSHIRE OIL COMPANY OF TEXAS
     Periods ended             Nine months               Quarter
      Sept. 30               1992        1991        1992        1991
    Revenues             $8,455,000  $5,588,000  $3,325,000  $2,067,000
    Net income (loss)     2,470,000     451,000     440,000     (99,000)
    Earnings (loss)
     per share                 $.25        $.05        $.04       $(.01)
    Wilshire Oil Company of Texas is a diversified corporation primarily engaged in oil and gas exploration and production with interests in over 1,500 producing oil and gas wells in the United States and Canada.  Of considerable interest, Wilshire holds close to 2 million shares of Jacobs Engineering Group, Inc. (NYSE: JEC).  Wilshire currently has an unrealized gain of approximately $50 million on this investment.
    The nine-month period and quarter ended Sept. 30, 1992, include real estate rental revenues of $1,722,000 and $861,000, respectively, and net income for the same periods include an after-tax gain of $3,270,000 and $1,050,000, respectively, from gain on the sale of Jacobs Engineering
Group, Inc.   Separately, the company has entered into an agreement to purchase four real estate properties for an aggregate purchase price of approximately $9.5 million.  Although the company currently plans to acquire such properties by year end, there can be no assurance that the acquisition of these properties will in fact occur.
    -0-             11~16~92
    CONTACT:  Wilshire Oil Company of Texas, 201-420-2796
    (WOC) CO:  WILSHIRE OIL COMPANY OF TEXAS IN:  OIL SU:  ERN ST:  NJ


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Publication:PR Newswire
Date:Nov 16, 1992
Words:437
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