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COGNITRONICS REPORTS FIRST QUARTER NET INCOME ROSE 140 PERCENT, EQUAL TO 29 CENTS VS. 12 CENTS

 COGNITRONICS REPORTS FIRST QUARTER NET INCOME ROSE 140 PERCENT,
 EQUAL TO 29 CENTS VS. 12 CENTS
 STAMFORD, Conn., April 30 /PRNewswire/ -- Cognitronics Corporation (AMEX: CGN) said today its first quarter net income rose 140 percent on a revenue rise of 30 percent.
 First quarter net income of this leading manufacturer of voice processing equipment totaled $602,000, or $.29 per share, up from $251,000, or $.12 per share, for the 1991 first quarter.
 Included in the 1991 first quarter net income is an after-tax, nonrecurring insurance recovery of $43,000, or $.02 per share, and an extraordinary credit of $11,000, or $.01 per share, for the utilization of operating loss carryforwards.
 Revenues for the 1992 first quarter were $5.1 million, up 30 percent from $4.0 million for the 1991 first quarter.
 "The 140 percent increase in net income occurred primarily because of substantially higher sales of our voice processing products and the divestiture of the optical scanning and image processing product line at the end of 1991," said Matthew J. Flanigan, chairman and president.
 "Sales of voice processing products increased 48 percent in the first quarter to $4.2 million, all of which is attributable to increased sales of our McIAS(TM) voice processing systems."
 Sales order backlog at the end of the first quarter totaled $8.8 million, down 8 percent from the end of 1991, the company noted, primarily because of the nature of the up-front volume contracts for McIAS systems entered into in 1991, partially offset by new orders for voice processing products.
 "Voice processing selling expenses in the 1992 first quarter increased 46 percent over the 1991 first quarter reflecting the increase in the sales staff we put in place in mid-1991," Flanigan said. "In order to penetrate further into the commercial end-user and international voice processing markets, we are adding once again to our sales and research and development staffs which will result in higher expenses for the remainder of the year."
 Cognitronics is a leading manufacturer and supplier of voice processing equipment, including telephone network announcement products and interactive voice response (IVR) systems, to telephone operating companies, original equipment manufacturers and commercial end-users. Cognitronics also manufactures precision machined parts and electro- mechanical assemblies.
 COGNITRONICS CORPORATION
 Summary of Results
 Three months ended March 31 1992 1991
 Revenues $5,130,000 $3,961,000
 Income before extraordinary credit 602,000 240,000(A)
 Extraordinary credit (B) -- 11,000
 Net income $ 602,000 $ 251,000(A)
 Income per share:
 Income before extraordinary credit $.29 $.11(A)
 Extraordinary credit (B) -- .01
 Net income $.29 $.12(A)
 Weighted average number of shares
 outstanding 2,103,534 2,181,969
 (A) -- Includes an after-tax, nonrecurring insurance recovery of $43,000, or $.02 per share.
 (B) -- Benefit resulting from the utilization of operating loss carryforwards.
 -0- 4/30/92
 /CONTACT: Harold Mayer, vice president of Cognitronics, 203-327-5307/
 (CGN) CO: Cognitronics Corporation ST: Connecticut IN: TLS SU: ERN


GK -- NY024 -- 4802 04/30/92 09:55 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:499
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