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APOGEE ROBOTICS REPORTS FIRST QUARTER RESULTS

 FORT COLLINS, Colo., Nov. 23 /PRNewswire/ -- Apogee Robotics Inc. (NASDAQ: APGE), a manufacturer of automatic guided vehicle systems (AGVS) and materials handling systems for the manufacturing/warehousing, office and institutional markets, today announced results of operations for the first quarter of fiscal 1994, which ended Sept. 30, 1993.
 Revenues for the quarter were $385,005, compared to $546,077 for the quarter one year ago and the net loss was $218,030, or $0.02 per share vs. $62,907, or $0.01 per share, for last year.
 Revenues for the quarter were lower than last year due to a delay in beginning additional, follow-on projects for Levi Strauss and OEA. Apogee anticipates that other new projects beginning in the next two quarters will generate higher revenues. The gross profit margin on the current projects with Levi and OEA was lower because Apogee experienced more technology development on these projects than expected. However, the technology developed for these jobs is expected to be applied to future projects for these customers.
 Apogee's research and development expenses decreased due to completion of the standardized vehicle and system technology. Selling, general and administrative expenses increased due to increased sales and marketing efforts. Interest expense increased due to project financing costs for contracts in progress.
 The company continues to operate without any long-term debt. For the three months vs. the previous three months ended June 30, 1993, Apogee reported a significant decrease in liabilities from $1,082,890 to $887,982 and a 32 percent increase in stockholders' equity.
 Apogee provides cost-efficient, reliable and safe automated material handling systems for such companies and organizations as Levi Strauss, Intel, Hewlett-Packard, Polaroid and Alameda County Jail, Calif. Apogee recently installed the first-ever, lightweight, People Mover system at the Jefferson County Justice Complex, located in Golden, Colo.
 APOGEE ROBOTICS INC.
 Financial Summary
 Quarters Ended Sept. 30, 1993 1992
 Revenues $385,005 $546,077
 Total net income (loss) ($218,030) ($62,907)
 Net income per share (loss) ($0.02) ($0.01)
 Weighted average number of
 common shares outstanding 8,721,672 6,510,746
 -0- 11/23/93
 /CONTACT: Robert Oliphant of Apogee Robotics, 303-221-1122; or Shannon Squyres of Corporate Relations Group, 714-955-1860/
 (APGE)


CO: Apogee Robotics Inc. ST: California IN: SU: ERN

EH-JL -- LA009 -- 7159 11/23/93 09:30 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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