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GEONEX REPORTS YEAR END RESULTS

 ST. PETERSBURG, Fla., Jan. 28 /PRNewswire/ -- Geonex Corporation (NASDAQ: GEOX) reported today results for the fiscal year ended Sept. 30, 1992. As previously announced, revenues for the year declined and the company had a major loss as short term demand for mapping services eroded significantly due to the recession.
 Revenues declined by 17.7 percent in fiscal 1992 to $55,765,000 compared to $67,758,000 for fiscal 1991. Because of the economic environment and to position itself for the future, the company absorbed a re-engineering charge during the year as part of its program to substantially reduce overhead and corporate expenditures.
 Net result for fiscal 1992 was a loss of ($19,536,000) or ($4.39) per share compared to a profit of $1,970,000 or $0.51 per share for fiscal 1991.
 The company took numerous steps during 1992, such as facility consolidation, inventory write down, and a 25 percent reduction of staff to 1,100. Annualized savings to the company as a result of all employment reductions will be approximately $7 million.
 The company's first quarter 1993 results for booking new contracts are encouraging. The recession appears to be lessening as $14 million of new work was brought in during the months of October, November and December 1992 and the backlog of orders remains strong.
 The company's banking relationships have been renewed, and the company has arranged the financial liquidity to maintain its streamlined operations.
 Geonex, based in St. Petersburg, Fla., is the world's largest commercial supplier of digital maps and maps utilizing advance 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.
 -0- 1/28/93
 /CONTACT: H.A. Moshell of Geonex Corporation, 813-823-3300/
 (GEOX)


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

AW-JB -- FL018 -- 0470 01/28/93 16:56 EST
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Publication:PR Newswire
Date:Jan 28, 1993
Words:341
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