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CHECK TECHNOLOGY CORPORATION ANNOUNCES FISCAL 1991 RESULTS

 CHECK TECHNOLOGY CORPORATION ANNOUNCES FISCAL 1991 RESULTS
 ST. PAUL, Minn., Nov. 26 /PRNewswire/ -- Check Technology Corporation (NASDAQ: CTCQ) today announced net income for the fiscal year ended Sept. 30, 1991, of $2,043,000 or $.34 per share on revenues of $21,644,000 compared to net income of $2,429,000 or $.47 per share on revenues of $20,004,000 for the prior fiscal year. Before the effect of unrealized currency translations and taxes, income grew to $2,339,000 or $.39 per share in fiscal 1991 from $2,259,000 or $.44 per share in fiscal 1990.
 For the fourth quarter, the company reported net income of $581,000 or $.10 per share on revenues of $5,239,000 compared to net income of $509,000, or $.08 per share on revenues of $5,350,000 during the comparable period last year.
 Jay A. Herman, president and chief executive officer, said, "Overall, we


are satisfied with our performance in fiscal 1991 when taken in the context of the very difficult economic environments around the world. These results represent the third consecutive year of record sales and strong profitability."
 Check Technology Corporation, a manufacturer of computerized, high- speed check and encoded document production systems since 1981, is based in St. Paul, Minn. The company operates through sales offices in the United States and through subsidiaries in the United Kingdom, France, Spain and Australia.
 CHECK TECHNOLOGY CORPORATION
 Three Months Ended Year Ended
 9/30/91 9/30/90 9/30/91 9/30/90
 Sales revenue $5,239,000 $5,350,000 $21,644,000 $20,004,000
 Income from sales
 and service 426,000 548,000 2,323,000 2,600,000
 Expenses related to
 and gain (losses)
 of joint ventures -- -- -- (12,000)
 Interest (expense) 32,000 (23,000) 16,000 (329,000)
 Income before
 unrealized translation
 and income taxes 458,000 525,000 2,339,000 2,259,000
 Unrealized translation
 (loss) gain 109,000 160,000 84,000 560,000
 Income before
 income taxes 567,000 685,000 2,423,000 2,819,000
 Income tax expense
 (benefit) (14,000) 176,000 380,000 390,000
 Net income $581,000 $509,000 $2,043,000 $2,429,000
 Earnings per share $.10 $.08 $.34 $.47
 Weighted average number
 of shares and share
 equivalents
 outstanding 6,022,369 6,001,641 6,021,443 5,173,878
 CHECK TECHNOLOGY CORPORATION
 CONDENSED BALANCE SHEETS
 9/30/91 9/30/90
 Cash and short-term investments $1,601,000 $2,281,000
 Accounts receivable -- net 5,369,000 4,003,000
 Inventories 5,245,000 5,377,000
 Other current assets 670,000 587,000
 Total current assets 12,885,000 12,248,000
 Fixed assets 1,141,000 929,000
 Total $14,026,000 $13,177,000
 Current liabilities $3,602,000 $4,521,000
 Other liabilities 163,000 144,000
 Total liabilities 3,765,000 4,665,000
 Stockholder's equity 10,261,000 8,512,000
 Total $14,026,000 $13,177,000
 -0- 11/26/91
 /CONTACT: Jay A. Herman of Check Technology Corporation, 612-454-9300/
 (CTCQ) CO: Check Technology Corporation ST: Minnesota IN: SU: ERN


KH -- MN014 -- 7522 11/26/91 17:21 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 26, 1991
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