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IRT ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER, FISCAL 1993

 IRT ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER, FISCAL 1993
 SAN DIEGO, July 28 /PRNewswire/ -- IRT Corp. (AMEX: IX) today announced revenues from continuing operations of $3.9 million and net operating income of $210,000 for the first quarter of fiscal 1993 ended July 5, 1992. After preferred dividend, net income from continuing operations was $140,000, or 3 cents per share. For the comparable period of fiscal 1992, IRT reported revenues from continuing operations of $3.2 million and net operating income of $24,000. After preferred dividend, IRT reported a net loss from continuing operations of $46,000, or 1 cent per share, in that period.
 IRT's backlog at the end of the first quarter of fiscal 1993 was $3.4 million, up from $2.3 million at the end of fiscal 1992. Backlog at the end of the first quarter of fiscal 1992 was $2.4 million.
 The financial results for the first quarter of fiscal 1992 have been restated to reflect the discontinuation of the company's standard manual X-ray inspection systems business.
 The company attributed the improved income to higher gross margins, which resulted from emphasis on more profitable business opportunities and from reductions in manufacturing costs. Operating expense as a percentage of revenue was the same for the first quarters of fiscal 1993 and 1992.
 "We're pleased to see our improved income reflecting our focus on growth markets and our cost-cutting efforts in overhead and discontinued business," said Peter W. Sognefest, president and chief executive officer. "In addition, our increased investment in product development and strategic marketing in growth areas is paying off in backlog gains."
 IRT Corp. makes computerized X-ray machine-vision systems used for manufacturing inspection and security and offers radiation processing services for commercial applications. Company headquarters are in San Diego.
 IRT CORP.
 Results of First Quarter of Fiscal Years 1993 and 1992
 Ended July 5, 1992 and June 30, 1991
 First Quarter
 FY 1993 FY 1992
 Revenues $3,929,000 $3,185,000
 Cost of revenues 1,546,000 1,462,000
 Gross margin 2,383,000 1,723,000
 Operating expense 1,927,000 1,552,000
 Operating income from
 continuing operations 456,000 171,000
 Interest expense 228,000 147,000
 Other expense 18,000 ---
 Income from continuing
 operations before
 dividend $210,000 $24,000
 Income (loss) from
 discontinued operations --- (715,000)
 Preferred dividend 70,000 70,000
 Net income (loss)
 applicable to common
 shareholders $140,000 ($761,000)
 Net income (loss) per common share:
 Continuing operations $0.03 ($0.01)
 Discontinued operations --- (0.13)
 Net income (loss) per
 common share $0.03 ($0.14)
 Weighted average shares
 outstanding 5,453,386 5,296,441
 Note: Results for fiscal 1992 have been restated to reflect the discontinuation of the company's standard manual X-ray inspection systems business.
 -0- 7/28/92
 /CONTACT: Vicki L. Foote, 619-450-4343, ext. 402, or Michael Green, 619-450-4343, ext. 560, both of IRT/
 (IX) CO: IRT Corp. ST: California IN: CPR SU: ERN


KJ-CH -- SD005 -- 4142 07/28/92 13:52 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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