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WILSHIRE REPORTS QUARTERLY EARNINGS AND HIGHER LEVEL OF REVENUES

 JERSEY CITY, N.J., May 18 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) today reported net income of $1,224,000 or $.13 per share for the quarter ended March 31, 1993 as compared to net income of $1,405,000 or $.14 per share for the comparable period of 1992.
 While revenues were sharply higher in the first quarter of 1993 over the 1992 period, net income was slightly lower since the first quarter of 1992 included $1 million more in gains from sales of marketable securities than the 1993 first quarter. While Wilshire sold some shares of Jacobs Engineering Group, Inc. (NYSE: JEC) in both periods, a greater number of shares were sold in the 1992 first quarter than the 1993 comparable period.
 The company presently has an investment in excess of 1.7 million common shares in Jacobs, one of the world's leading high-tech engineering firms. After the company's first quarter sales, Wilshire still had an unrealized gain of approximately $42 million on this investment.
 Revenues for the first quarter of 1993 increased from $2,116,000 in 1992 to $4,143,000 in 1993. Wilshire's oil and gas operations and real estate holdings both contributed to the company's substantial increase in revenues. Oil and gas sales, which increased by 25 percent in 1993 over 1992, continued to exhibit the benefits of the company's horizontal oil drilling program. The company's income producing real estate properties generated $1,483,000 in revenues for the 1993 quarter. The company now holds six quality income producing real estate properties.
 WILSHIRE OIL COMPANY
 Three months ended March 31 (A) 1993 1992
 Revenues $4,143,000 $2,116,000
 Net income 1,224,000 1,405,000
 Earnings per share $.13 $.14
 (A) -- The quarter ended March 31, 1993 includes real estate revenues of $1,483,000. There were no real estate revenues for the first quarter of 1992 as the company's acquisitions of real estate properties first began March 31, 1992. Revenues for 1993 and 1992 do not include pre-tax gains of $1,267,000 and $2,289,000, respectively, related to gains on sales of marketable securities.
 Wilshire Oil Company of Texas is a diversified corporation engaged in oil and gas exploration and production, real estate operations and select investment activities.
 -0- 5/18/93
 /CONTACT: Wilshire Oil Company of Texas corporate communications, 201-420-2796/
 (WOC)


CO: Wilshire Oil Company of Texas ST: New Jersey IN: OIL SU: ERN

TS-OS -- NY079 -- 9826 05/18/93 13:30 EDT
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Publication:PR Newswire
Date:May 18, 1993
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