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WILSHIRE TECHNOLOGIES ANNOUNCES FISCAL 1993 THIRD QUARTER RESULTS

 CARLSBAD, Calif., Sept. 10 /PRNewswire/ -- Wilshire Technologies Inc. (AMEX: WIL) today announced net income of $445,000 with earnings per share of $0.11 for the third quarter ended Aug. 31, 1993. The company reported net income of $8,000 and a loss of $0.02 in earnings per share for the third quarter of the prior year and net income of $396,000 and $0.11 in earnings per share for the second quarter of fiscal year 1993. Sales for the third quarter were $3.1 million in 1993 vs. $2.4 million in 1992 and were up 21 percent, compared to $2.5 million for the second quarter of fiscal 1993.
 Sales in the third quarter were lower than expected due to a vendor delay in producing $1.1 million of UltraSORB products for the clean room market. The company stated the orders are being shipped subsequent to the quarter close. Research, development and administrative costs during the third quarter also increased approximately $318,000 vs. the second quarter due to the introduction of several new products and the addition of key technical and sales staff in both Wilshire Medical and Wilshire Contamination Control. The company stated it still expects to meet fiscal year 1993 earnings estimates even after allowing for an increase in the weighted average shares outstanding commensurate with the $3.5 million private placement in the third quarter and options extended to key consultants and management.
 Wilshire Medical Products also announced that it shipped 2.7 million units of its Trimpatch weight loss product to a distributor in Mexico. Additional country approvals are expected to be signed within the next 30 days according to company officials. The company reported it had a contractual backlog of 23 million patches to be shipped over the next 12 months.
 Wilshire Technologies develops, manufactures and markets disposable products for medical and clean room use. It has focused on proprietary products that incorporate its engineered materials, acquired polyurethane and other technologies, and its expertise in materials fabrication.
 WILSHIRE TECHNOLOGIES INC.
 Financial Highlights -- 1993 vs. 1992
 Third Quarter Ended Aug. 31, 1993
 (Dollars in thousands, except per share data)
 Quarter Ended
 Aug. 31,
 1993 1992
 Revenues $3,083 $2,435
 Income (loss) before taxes:
 Continuing operations $468 $14
 Discontinued operations 0 (1,054)
 Total $468 ($1,040)
 Net income (loss) after taxes:
 Continuing operations $445 $8
 Discontinued operations 0 (1,048)
 Total $445 ($1,040)
 Primary earnings (loss) per share:
 Continuing operations $0.11 ($0.02)
 Discontinued operations 0.00 (0.89)
 Total $0.11 ($0.91)
 Weighted average shares
 outstanding 4,029,954 1,187,644
 Fully diluted earnings
 (loss) per share:
 Continuing operations $0.11 ($0.02)
 Discontinued operations 0.00 (0.89)
 Total $0.11 ($0.91)
 Weighted average shares
 outstanding 4,029,954 1,187,644
 Working capital $7,324 $3,741
 Total assets $11,851 $6,070
 Long-term debt $1,159 $4,697
 Shareholders' equity (deficit) $9,876 ($1,506)
 WILSHIRE TECHNOLOGIES INC.
 Financial Highlights -- 1993 vs. 1992
 Nine Months Ended Aug. 31, 1993
 (Dollars in thousands, except per share data)
 Nine Months Ended
 Aug. 31,
 1993 1992
 Revenues $7,538 $7,296
 Income (loss) before taxes:
 Continuing operations $1,076 $349
 Discontinued operations 0 (2,035)
 Total $1,076 ($1,686)
 Net income (loss) after taxes:
 Continuing operations $1,028 $194
 Discontinued operations 0 (1,880)
 Total $1,028 ($1,686)
 Primary earnings (loss) per share:
 Continuing operations $0.28 $0.08
 Discontinued operations 0.00 (1.73)
 Total $0.28 ($1.65)
 Weighted average shares
 outstanding 3,699,440 1,089,655
 Fully diluted earnings
 (loss) per share:
 Continuing operations $0.27 $0.08
 Discontinued operations 0.00 (1.73)
 Total $0.27 ($1.65)
 Weighted average shares
 outstanding 3,757,907 1,089,655
 -0- 9/10/93
 /CONTACT: Michael W. Crow, chairman & CEO, or Peter F. Kuebler, VP & CFO, 619-929-7200/
 (WIL)


CO: Wilshire Technologies Inc. ST: California IN: MTC SU: ERN

JL-MF -- SD001 -- 0616 09/10/93 08:30 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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