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COGNITRONICS REPORTS RECORD 1992 EARNINGS EQUAL TO 51 CENTS VS. 30 CENTS DESPITE SLOWER FOURTH QUARTER

 STAMFORD, Conn., March 11 /PRNewswire/ -- Despite a slower fourth quarter, Cognitronics Corporation (AMEX: CGN) today said it had achieved record 1992 earnings equal to $.51 per share vs. $.30 per share in 1991.
 "The record was accomplished while setting the stage for further growth through an aggressive R & D program and stepped-up marketing in our core voice processing business," said Matthew J. Flanigan, president and chief executive officer.
 "Although we anticipate that the first half of 1993 will be lower than first half 1992, we believe that 1993 overall will be another strong year."
 Net income for the quarter ended Dec. 31, 1992, was $154,000, or $.05 per share, compared to $371,000, or $.12 per share, in 1991. Included in net income in the 1991 quarter are net one-time, after-tax charges of $248,000, or $.08 per share, and an extraordinary credit of $97,000, or $.03 per share, for the utilization of tax operating loss carryforwards.
 Revenues in the 1992 fourth quarter were $4.8 million, down from $5.7 million in the 1991 fourth quarter, a period which included a $1.2 million sale to one customer.
 "Losses in the 1992 fourth quarter from our machined parts segment, along with a modest loss from Dacon Electronics, acquired in November 1992, hurt our fourth quarter, dampening the effect of a strong performance in our core voice processing business," Flanigan added.
 "Despite significant cost reduction efforts, the machined parts segment could not overcome the continuing effect of the depressed business conditions in the markets it serves. The company is considering its options regarding this segment."
 Net income for 1992 was $1,638,000, or $.51 per share, vs. $962,000, or $.30 per share, in 1991. Included in net income in 1991 are net one-time, after-tax charges of $116,000, or $.04 per share, and an extraordinary credit of $121,000, or $.04 per share.
 Revenues for the year were a record $19.8 million in 1992, up from $18.0 million in 1991. The company noted that its core voice processing business revenues increased 27 percent while operating profits rose 19 percent.
 In 1993, the company will adopt Statements of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and No. 109, "Accounting for Income Taxes." The adoption of these accounting standards will result in a first quarter 1993 net charge of approximately $500,000.
 Cognitronics is a leading manufacturer and supplier of voice processing equipment, including telephone network and call management 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 electromechanical assemblies.
 COGNITRONICS CORPORATION
 Summary Of Results
 Period ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 Revenues $4,809,000 $5,749,000 $19,783,000 $18,045,000
 Income before
 extraordinary
 credit (A) 154,000 274,000 1,638,000 841,000
 Extraordinary
 credit (B) -- 97,000 -- 121,000
 Net income $ 154,000 $ 371,000 $ 1,638,000 $ 962,000
 Income per share:
 Income before
 extraordinary
 credit (A) $.05 $.09 $.51 $.26
 Extraord. credit (B) -- .03 -- .04
 Net income $.05 $.12 $.51 $.30
 Weighted average
 number of shares
 outstanding (C) 3,327,961 3,174,355 3,239,514 3,232,920
 (A) -- In 1991, the three-month and year data include a one-time, after-tax charge of $360,000 ($.11 per share) related to a divestiture, partially offset by after-tax gains of $205,000 ($.06 per share) and $244,000 ($.08 per share) in the three-month period and year, respectively, from nonrecurring insurance recoveries, and the three- month data also includes an after-tax charge of $93,000 ($.03 per share) related to the adoption of an officers' supplemental pension plan.
 (B) -- Benefit resulting from the utilization of tax operating loss carryforwards.
 (C) -- Per share amounts for the 1991 three-month period and year have been restated to reflect the three-for-two stock split declared in June 1992.
 -0- 3/11/93
 /CONTACT: Harold F. Mayer, vice president of Cognitronics, 203-327-5307/
 (CGN)


CO: Cognitronics Corporation ST: Connecticut IN: TLS SU: ERN

GK-WB -- NY019 -- 5020 03/11/93 09:56 EST
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Date:Mar 11, 1993
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