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GEONEX ANNOUNCES NEAR BREAK EVEN CASH FLOW FROM OPERATIONS FOR THE FIRST QUARTER OF FISCAL 1993 ENDED DEC. 31, 1992

 ST. PETERSBURG, Fla., Feb. 22 /PRNewswire/ -- Geonex Corporation (NASDAQ: GEOX) today released the following:
 GEONEX CORPORATION
 FOR THE THREE MONTHS ENDED
 ($000)
 DEC. 31, 1991 DEC. 31, 1992
 Revenues 15,166 12,392
 Net loss (334) (1,269)
 Earnings before
 depreciation and
 foreign exchange 575 (248)
 Geonex has noted a stabilization of operations with the company nearly cash flow break even. Majority of the loss was attributable to depreciation/amortization and a non realized foreign exchange loss from Canadian operations. Results for the quarter substantially exceeded budgeted amount.
 Over the last quarter, the company was awarded approximately $14 million of new contracts with the Department of Defense, Department of State, Asian Development Bank and British Ordinance Survey.
 Company operations have noted increased inquiries from its traditional customer base in the telephone utility segment.
 In addition, significant progress was made in balance sheet management as work in progress was reduced by over $1.4 million and receivables by $.2 million. Current installments of notes payable to bank were reduced by over $1.1 million.
 The company noted significant progress in completing its turnaround plan.
 -0- 2/22/93
 /COMPANY: H.A. Moshell of Geonex Corporation, 813-823-3300/
 (GEOX)


CO: Geonex Corporation ST: Florida IN: SU: ERN

JB-SS -- FL008 -- 9120 02/22/93 17:58 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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