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GEONEX REPORTS YEAR END RESULTS

 GEONEX REPORTS YEAR END RESULTS
 ST. PETERSBURG, Fla., Dec. 10 /PRNewswire/ -- Geonex Corporation


(NASDAQ: GEOX) reported today continued strong growth in revenues and earnings for the fiscal year ended Sept. 30, 1991.
 Revenues increased 53 percent for fiscal year 1991, to $67,757,000 compared with $44,197,000 for fiscal year 1990.
 Net income for fiscal year 1991 increased 35 percent to $1,970,000 compared to $1,460,000 reported in fiscal year 1990 prior to a cumulative effect of change in accounting principle.
 The effect to fiscal year 1991 results from the litigation expenses, previously announced, amounted to $1,036,000 or $0.16 per share. Without the litigation expenses, net income for fiscal year 1991 would have been $2,592,000 or a 78 percent increase over the prior fiscal year.
 Operating profit for fiscal year 1991 increased by 54 percent to $5,382,000 compared to $3,493,000 in fiscal year 1990. Recent start-up activity (over 20 new projects) with major utilities reduced year-end operating profit, holding it below anticipated levels. The company expects this trend to continue through the first quarter of fiscal year 1992.
 GEONEX CORPORATION
 Comparative Data:
 Quarter Results: Q IV 91 Q IV 90
 Revenues $18,616,000 $4,165,000
 Gross Profit 4,608,000 4,034,000
 Operating Income 994,000 882,000
 Income before cumulative effect
 of change in accounting principle 206,000 269,000
 Net Income 206,000 619,000
 Earnings Per Share:
 Income before cumulative effect
 of change in accounting principle .05 .07
 Net Income .05 .17
 Weighted Average Number
 of Shares Outstanding 4,557,000 3,475,000
 Fiscal Year Results: FY 91 FY 90
 Revenues $67,757,000 $44,197,000
 Gross Profit 19,614,000 14,031,000
 Operating Income 5,381,000 3,493,000
 Income before cumulative
 effect of change in accounting
 principle 1,970,000 1,460,000
 Net Income 1,970,000 1,810,000
 Earnings Per Share:
 Income before cumulative effect
 of change in accounting principle .51 .42
 Net Income .51 .52
 Weighted Average Number
 of Shares Outstanding 3,843,000 3,482,000
 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. Photo and image interpretation allows Geonex to use data obtained from satellites or aerial photographs to create digital and traditional maps. Photogrammetry permits Geonex to create extremely accurate three-dimensional digital data bases for navigation, including use by missile guidance systems. Geonex also offers laboratory analysis of air and water quality, and hazardous site surveying.
 -0- 12/10/91
 /CONTACT: H.A. Moshell of Geonex, 813-823-3300/
 (GEOX) CO: Geonex Corporation ST: Florida IN: SU: ERN


SS-JJ -- FL007 -- 1106 12/10/91 14:53 EST
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Publication:PR Newswire
Date:Dec 10, 1991
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