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ENERGY RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS

 DANBURY, Conn., Sept. 9 /PRNewswire/ -- Energy Research Corporation (NASDAQ: ERCC)(BSE: ERC) reported third quarter and nine month results for the period ended July 31, 1993. For the quarter ended July 31, net revenues were $4,628,000, an increase of 5 percent from last year's level of $4,404,000. Net income was $21,000, up from a loss of $13,000 reported a year ago. Earnings per share were $.01 versus $.00 for the same period last year.
 For the nine months ended July 31, net revenues were $16,647,000, an increase of 48 percent from last year's level of $11,242,000. Net income was $198,000, up from a loss of $82,000 in the 1992 period. Earnings per share were $.05 versus a loss of $.03 for the same period last year.
 The increase in revenue for both the three and nine month periods was due primarily to increased funding for the carbonate fuel cell technology at the Company's engineering and manufacturing subsidiaries. The increase in net income for the three-month period was due to a one-time tax provision adjustment and for the nine-month period was due primarily to commencement of production by the manufacturing subsidiary and an increase in design activity at the engineering subsidiary. Decreased interest expense and increased interest income also contributed to the improvement in income.
 Energy Research Corporation, located in Danbury and Torrington, Conn., is engaged in the commercialization of highly efficient and environmentally benign electric power generation equipment for utilities using its Direct Fuel Cell technology, and in the development of advanced storage batteries.
 RESULTS OF OPERATIONS
 (In thousands, except per share data)
 THREE MONTHS ENDED JULY 31,
 1993 1992
 Revenues $ 4,628 $ 4,404
 Net income before income
 taxes $ (16) $ (23)
 Net income (loss) $ 21 $ (13)
 Earnings per share $ .01 $ .00
 Weighted average common
 and common equivalent
 shares outstanding 3,904,996 3,414,916
 NINE MONTHS ENDED JULY 31,
 1993 1992
 Revenues $ 16,647 $ 11,242
 Net income before income
 taxes $ 307 $ (148)
 Net income (loss) $ 198 $ (82)
 Earnings per share $ .05 $ (.03)
 Weighted average common
 and common equivalent
 shares outstanding 3,864,301 3,195,657
 -0- 9/9/93
 /CONTACT: Louis P. Barth, chief financial officer of Energy Research, 203-792-1460/
 (ERCC)


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

LG -- NY035 -- 0298 09/09/93 11:55 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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