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ENERGY RESEARCH CORPORATION REPORTS FIRST QUARTER RESULTS

 DANBURY, CONN., March 9 /PRNewswire/ -- Energy Research Corporation (NASDAQ: ERCC, BSE: ERC) today reported its results of operations for the first quarter ended Jan. 31, 1993.
 For the first three months of fiscal 1993, revenues increased 91 percent compared to the comparable period in 1992. Earnings increased to $69,000 from a loss of $104,000 in the first quarter of 1992.
 Dr. Bernard Baker, President of ERC, commented on the results. "We are pleased with these results which reflect the progress of our fuel cell commercialization program. Both the large revenue increase and earnings improvement are reflective of our continuing progress according to the plan we have set. Also, during the quarter, the Santa Clara Demonstration Project's participation agreement, which establishes the management structure for our two megawatt carbonate fuel cell demonstration, was finally executed by the last of the six utilities supporting the $46 million project. This was an important and necessary step toward finalizing the overall agreements."
 ERC is an internationally recognized leader in the field of electrochemical technology for electric power generation. The company is engaged in both fuel cell and battery development under contracts with the U.S. Government and the electric utility industry. Currently, the company is focusing on the commercialization of its Direct Fuel Cell, an efficient and environmentally benign electricity generator.
 ENERGY RESEARCH CORPORATION
 Results Of Operations
 (In thousands, except per share data)
 Three months ended Jan. 31 1993 1992
 Revenues $ 5,641 $ 2,954
 Net income before income taxes 127 (157)
 Net income (loss) 69 (104)
 Earnings per share $ .02 $ (.03)
 Weighted average common
 and common equivalent
 shares outstanding 3,913,292 2,996,793
 -0- 3/9/93
 /CONTACT: Louis P. Barth, chief financial officer of Energy Research Corporation, 203-792-1460/
 (ERCC)


CO: Energy Research Corporation ST: Connecticut IN: OIL SU: ERN

TS -- NY049 -- 4513 03/09/93 12:08 EST
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Date:Mar 9, 1993
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