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BARRISTER REPORTS THIRD QUARTER RESULTS FOR FISCAL YEAR 1992

 BARRISTER REPORTS THIRD QUARTER RESULTS FOR FISCAL YEAR 1992
 BUFFALO, N.Y., Feb. 11 /PRNewswire/ -- Barrister Information Systems Corporation (AMEX: BIS) reported today the results for its fiscal 1992 third quarter. For the quarter ended Dec. 27, 1991, the company lost $474,000, or $.48 per share compared to a net loss of $620,000 or $1.22 per share for the comparable period last year. For the nine months ended Dec. 27, 1991, the net loss was $681,000, compared to a net loss of $1,681,000 for the prior period last year. On a per share basis, the net loss for the nine month period was $.93 per share, compared to a net loss of $3.30 per share for the comparable period last year. All per share figures include the effect of a 1-for-6 reverse stock split which was effective Dec. 20, 1991.
 Total revenues for the quarter declined to $3,752,000 from $5,858,000 for the comparable quarter last year. For the nine month periods ended Dec. 27, 1991 and Dec. 28, 1990, revenues were $12,902,000 and $18,951,000 respectively. The majority of the decline came from a reduction in the company's product sales, which were $734,000 for the quarter and $3,043,000 for the first nine months compared to $2,275,000 and $7,217,000 for the comparable periods of the prior year.
 At the end of May 1991, the company put in place a revised strategic plan which substantially reduced salary and operating expenses and which focused the company on its service business and on its existing client base. Further, on July 15, 1991 the company completed a reorganization which converted approximately $4.7 million of debt into equity. In addition, the company's bank agreed to take Class A Preferred Stock in lieu of interest for the period of July 1, 1991 to June 30, 1992.
 Because of the loss incurred for the third quarter the company reduced its staff and temporarily placed some employees on reduced work weeks. The loss will require the company to take additional steps, beyond those taken in July 1991, to further restructure the company to enable it to continue with the reduced levels of revenues it is experiencing. The company is in discussions with its bank and its professional advisors to develop a plan for further restructuring.
 Despite lower revenues the company was pleased that the service organization has begun to be successful in securing contracts from non-legal companies. Henry P. Semmelhack, president of Barrister, stated, "We will continue to emphasize our efforts in the service organization to allow it to grow into and better tap the non-legal market. We are hopeful that we will see growth in service revenues which will assist us to return to profitability."
 SELECTED FINANCIAL DATA
 (In thousands, except per share data)
 Three Months Ended
 12/27/91 12/28/90
 Revenues $3,752 $5,858
 Net Loss (474) (620)
 Loss Per Share (0.48) (1.22)
 Average Shares Outstanding 1,069 510
 Nine Months Ended
 12/27/91 12/28/90
 Revenues $12,902 $18,951
 Net Loss (681) (1,681)
 Loss Per Share (0.93) (3.30)
 Average Shares Outstanding 797 510
 Average shares outstanding and the net loss per share reflect a 1 for 6 reserve stock split which was effective Dec. 20, 1991.
 -0- 2/11/92
 /CONTACT: Richard P. Beyer, vice president-finance of Barrister Information Systems Corporation, 716-845-5010/
 (BIS) CO: Barrister Information Systems Corporation ST: New York IN: CPR SU: ERN


KK -- CL006 -- 8678 02/11/92 09:31 EST
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Publication:PR Newswire
Date:Feb 11, 1992
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