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WINTHROP RESOURCES REPORTS RECORD EARNINGS FOR YEAR, FOURTH QUARTER

 MINNEAPOLIS, Feb. 25 /PRNewswire/ -- Winthrop Resources Corp. (NASDAQ-NMS: WINR) today reported net earnings of $5,054,000 for the year ended Dec. 31, 1992, an increase of 59 percent from $3,177,000 in 1991. Earnings per share grew to 74 cents from 50 cents a year earlier.
 Included in 1992 earnings was $289,000 from the cumulative effect of a change in income tax accounting method. Earnings before this income tax accounting change were $4,765,000, up 50 percent from 1991 earnings. Revenues were $52,733,000 in 1992 versus $56,177,000 in 1991.
 For the fourth quarter ended Dec. 31, 1992, Winthrop reported net earnings of $1,267,000, up 78 percent from $711,000 in 1991. Earnings per share were 17 cents, compared with 11 cents in the fourth quarter of 1991.
 Fourth-quarter revenues were $15,494,000, compared with $14,727,000 a year earlier.
 "Fiscal 1992 was a record year for us, even though there was much uncertainty in the U.S. economy," John Morgan, president, said. "It was the 11th year in which the company has exceeded its profit objectives.
 "The momentum achieved in the fourth quarter, along with the development and growth of our sales force, positions us to continue to expand our business in 1993."
 Winthrop Resources Corp., a financial services company based in Minneapolis, leases computers and other high-technology equipment to corporations throughout the United States.
 WINTHROP RESOURCES CORP.
 (In thousands except per share amounts)
 Year ended Dec. 31 3 months ended Dec. 31
 1992 1991 1992 1991
 Revenues $52,733 $56,177 $15,494 $14,727
 Net earnings 4,765 3,177 1,267 711
 Cumulative effect of
 change in income tax
 accounting method 289 -- -- --
 Net earnings $5,054 $3,177 $1,267 $711
 Net earnings per share $.74 $.50 $.17 $.11
 Weighted average share
 outstanding 6,822 6,300 7,300 6,300
 -0- 2/25/93
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen Inc., 612-371-0000 or John Morgan of Winthrop Resources Corp. 612-936-0226/
 (WINR)


CO: Winthrop Resources Corp. ST: Minnesota IN: FIN SU: ERN

KH -- MN003 -- 0302 02/25/93 10:27 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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