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BARRISTER INFORMATION SYSTEMS CORPORATION ANNOUNCES YEAR-END RESULTS FOR FISCAL 1992

 BARRISTER INFORMATION SYSTEMS CORPORATION
 ANNOUNCES YEAR-END RESULTS FOR FISCAL 1992
 BUFFALO, N.Y., June 29 /PRNewswire/ -- Barrister Information Systems Corporation (AMEX: BIS) today announced its results for the fiscal year and fourth quarter ended March 31, 1992.
 Despite declining revenues Barrister has been able to effect a significant reduction in its net loss for the current year compared to 1991. The net loss for fiscal 1992 was $2,180,000 or $1.92 per share (1,185,000 average shares) compared to $8,152,000 or $15.98 per share (510,000 average shares after giving effect to the 1 for 6 reverse stock split December 20, 1991). The net loss for 1992 included a charge of $900,000 for the write-off of obsolete inventory and additional restructuring expenses of $454,000. The prior year net loss included restructuring expenses of $4,668,000. Also, prior year numbers have been restated to reflect the implementation of Statement of Position 91-1 issued by the American Institute of Certified Public Accountants regarding Software Revenue Recognition. This reduced revenues by $406,000 for 1991 and increased the net loss by the same amount. The net loss for the fourth quarter declined to $1,620,000 or $.69 per share (2,349,000 average shares) compared to $6,225,000 or $12.21 per share (510,000 average shares). The inventory write-off and restructuring expenses were recorded in the fourth quarters of each year.
 Revenues declined to $17,154,000 from $24,399,000 for the year and to $3,871,000 from $5,694,000 for the quarter. This decline was primarily a result of a reduction of product sales to $4,085,000 from $9,192,000 for the year and to $815,000 from $2,221,000 for the fourth quarter.
 Henry P. Semmelhack, president of Barrister stated, "While tough economic conditions continued to impact total revenues, especially product sales, fiscal 1992 was a year in which significant accomplishments took place to strengthen the Company's balance sheet and provide the means to return the Company to profitability in 1993 as follows:
 -- Approximately $6.7 million of debt was converted into equity.
 Total liabilities were reduced over $9.0 million.
 -- Working capital was improved from a negative $605,000 at the
 end of the prior year to a positive $3,254,000 at the end of
 the current year. The current ratio was improved from .94 last
 year to 1.79 this year.
 -- Cash flow was positive with $764,000 being provided from all
 sources.
 -- Operating expenses were substantially reduced. Interest
 expense was slashed from $1,253,000 in fiscal 1991 to
 $478,000 in 1992.
 -- Hundreds of new customers were obtained as the result of
 marketing our national service capabilities to new
 categories of users.
 -- Substantial improvements and enhancements were made to the
 Company's financial software packages for the legal market.
 -- The operating loss of the Company was substantially reduced."
 "In addition," Semmelhack said, "The steps we have taken have created a new business paradigm for the Company which should stabilize revenues, keep expenses low and return the company to profitability in Fiscal year 1993. In 1993, we will continue to promote our extensive service capabilities and we will introduce our new Advanced Law Firm Management System (ALFMS) product based on Windows 3.1. These efforts are expected to have a positive effect on sales during the year."
 Barrister Information Systems Corporation is a national company listed on the American Stock Exchange which sells software and PC LANs to the legal market. Recently, it has expanded its service and systems integration offerings to the general market place.
 Barrister is a registered trademark and Advanced Law Firm Management System and ALFMS are trademarks of Barrister Information Systems Corporation.
 Consolidated Balance Sheets
 (In thousands)
 March 31, 1992 March 31, 1991
 Assets
 Cash $ 863 $ 99
 Accounts receivable 1,886 3,543
 Inventories 4,570 6,065
 Prepaid expenses 34 49
 Total current assets 7,353 9,756
 Fixed assets 4,760 8,488
 Accumulated depreciation 3,625 6,215
 Net fixed assets 1,135 2,273
 Other assets 78 869
 Total 8,566 12,898
 Liabilities and shareholders'
 equity
 Notes payable --- 3,291
 Current installment of long
 term debt 472 1,312
 Accounts payable 873 1,374
 Other liabilities 2,754 4,384
 Total current liabilities 4,099 10,361
 Long term debt, excluding
 current installments 3,693 6,543
 Redeemable Common Stock 240 ---
 Shareholders' equity
 Preferred stock:
 Series A 1,300 0
 Series B 1,760 0
 Common stock 564 122
 Additional paid-in capital 16,331 13,113
 Accumulated deficit (19,421) (17,241)
 Total shareholders' equity 534 (4,006)
 Total 8,566 12,898
 Consolidated Statements of Operations
 (In thousands except per share amounts)
 Year Ended March 31
 1992 1991
 Revenues
 Product sales $ 4,085 $ 9,192
 Services 13,069 15,207
 Total Revenues 17,154 24,399
 Expenses
 Cost of product sales 2,833 5,626
 Cost of services 7,749 9,278
 Inventory Write-down 900 ---
 Selling, G & A 4,829 8,822
 Engineering 2,091 2,904
 Restructuring charges 454 4,668
 Total costs and expenses 18,856 31,298
 Operating loss (1,702) (6,899)
 Interest expense 478 1,253
 Net loss $(2,180) $(8,152)
 Net loss attributable to
 common shareholders $(2,278) $(8,152)
 Net loss per common share $ (1.92) $(15.98)
 Average shares 1,185 510
 -0- 6/29/92
 /CONTACT: Henry P. Semmelhack, president of Barrister Information Systems Corporation, 716-845-5010/
 (BIS) CO: Barrister Information Systems Corporation ST: New York IN: CPR SU: ERN


BM -- CL012 -- 4903 06/29/92 17:02 EDT
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Date:Jun 29, 1992
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