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GEONEX ANNOUNCES SECOND QUARTER RESULTS

 ST. PETERSBURG, Fla., May 6 /PRNewswire/ -- Geonex Corporation (NASDAQ: GEOX) announced today the results for the second quarter ended March 31, 1993.
 Geonex Corporation ("Geonex" or the "company") completed the first six months of FY 1993 during a period of decreased demand in the traditional utility and municipal markets. The company continues to experience deferral of work orders from major customers reducing revenue as compared to prior years. The company is also experiencing pressure on proposal pricing and increased competition resulting from tighter spending budgets among its existing and prospective clients.
 The company was awarded numerous contracts during the first six months of the year. Geonex was contracted by several clients to extensively survey the Lac de Gras area north of Yellowknife, Canada where recent diamond discoveries have resulted in the world's largest staking rush in recent history.
 Revenues for the three month period ended March 31, 1993 were $12,713,000, a decrease of $705,000 or 5 percent from the prior year period. Revenues from the international segment comprised 42 percent of total revenues for the quarter. Domestic revenues decreased primarily due to economic conditions in the utility market.
 Gross profit margin for the three month period was a profitable 14.7 percent of revenue compared to a 26.6 percent loss in the prior year period.
 Selling, general and administrative expenses were 19.4 percent of revenue in the three month period ended March 31, 1993 as compared to 32.1 percent in the prior year period. The company's cost reduction programs, administrative cuts and travel reductions will continue throughout the remaining fiscal year.
 Operating income for the quarter ended March 31, 1993 was a loss of $593,000 compared to a loss of $7,880,000 for the quarter ended March 31, 1992. The operating loss for the quarter was principally due to the decision to close the company's Brazilian operation.
 Interest expense for the three month period ended March 31, 1993 was 3.1 percent of revenue as compared to 3.2 percent in the prior year period.
 Additional losses for the quarter were due to foreign exchanges from the Canadian operations of $208,611.
 The company's short-term cash requirements are funded through cash from operations and bank borrowings pursuant to various credit agreements with its domestic and foreign banks. Borrowings under these short term credit agreements decreased to $4,791,000 at March 31, 1993 from $7,531,000 at Sept. 30, 1992.
 Geonex, based in St. Petersburg, Fla. is the world's largest commercial supplier of digital maps and maps utilizing advanced photo and image interpretation. Digital mapping data bases created by Geonex allow telephone, electric, gas and water utilities to combine detailed engineering records with geographic information to facilitate the design, construction, management and maintenance of their physical assets. Geonex also offers laboratory analysis of air and water quality, and hazardous site surveying.
 GEONEX CORPORATION
 For the six months ended
 (In Thousands)
 March 31, March 31,
 1993 1992
 Revenues $ 25,105 $ 28,584
 Gross Profit 4,431 (204)
 Operating Income (Loss) (1,288) (7,998)
 Net Income (Loss) (2,325) (7,549)
 E.P.S. $ (.52) $ (1.70)
 Weighted Average Number of
 Shares Outstanding 4,507 4,434
 For the three months ended
 (In Thousands)
 March 31, March 31,
 1993 1992
 Revenues $ 12,713 $ 13,418
 Gross Profit (Loss) 1,868 (3,568)
 Operating Income (Loss) (593) (7,880)
 Net Income (Loss) $ (1,055) $ (7,215)
 E.P.S. $ (.23) $ (1.63)
 Weighted Average Number of
 Shares Outstanding 4,507 4,434
 -0- 5/6/93
 /CONTACT: H. A. Moshell of Geonex Corporation, 813-823-3300/
 (GEOX)


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

JB-AW -- FL015 -- 5606 05/06/93 15:58 EDT
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Publication:PR Newswire
Date:May 6, 1993
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