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TENERA Announces Third Quarter Results and Management Change.


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) announced today revenue for the third quarter ended Sept. 30, 1997 of $5.2 million and a net loss of $822 thousand or $0.08 net loss per share, compared to revenue of $5.6 million and a net loss of $680 thousand or $0.07 net loss per share, for the comparable period in 1996.

Revenue for the nine months ended Sept. 30, 1997 was $15.3 million with a net loss of $1.7 million or $0.17 net loss per share, compared to revenue of $18.9 million and a net loss of $565 thousand or $0.06 net loss per share for the comparable period in 1996. Although partially offset by lower direct costs and administrative expenses, the Company's lower revenue, and increased spending on software product and business development efforts in technologies subsidiary, resulted in the overall loss for the quarter and nine months ended Sept. 30, 1997.

Contracted backlog Backlog

The total value of sales orders waiting to be fulfilled.

This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings.
 for active projects totaled an estimated $5.8 million as of Sept. 30, 1997, compared to $6.5 million as of June June: see month.  30, 1997. During the third quarter, the Company received written contracts and orders having an estimated value of $4.6 million. The contracted sales activity primarily reflects the next three months' funding at the Department of Energy's Rocky Flats Environmental Technology Site ("Rocky Flats"), and an extension of a consulting contract with a large electric utility client.

The revenue decreased in the third quarter and first nine months of 1997, compared to a year ago, is primarily the result of a reduction in the Rocky Flats contract activity (due primarily to decreased funding at various DOE sites), partially offset by higher software revenue related to the National Railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more.  Passenger Corporation ("Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run ") contract in the technologies subsidiary.

Direct costs were lower in the third quarter and first nine months of 1997, compared to a year ago, primarily as a result of the reduced revenue generation opportunities. General and administrative costs administrative costs, the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided.
 were lower in the third quarter and first nine months of 1997, as compared to the comparable periods in 1996, primarily reflecting lower administrative costs throughout the Company offset partially by increased sales staff and marketing expenditures in the technologies subsidiary.

These business development expenditures amounted to $347 thousand and $731 thousand in the third quarter and first nine months of 1997, respectively, compared to $88 thousand and $117 thousand for the same periods a year ago. The Company increased spending on the technologies subsidiary's software product development to $650 thousand in the third quarter, and $1.3 million in the first nine months of 1997 compared to $139 thousand and $396 thousand for the same periods a year ago.

As a part of the Company's ongoing efforts to control the significant amount of resources required by the Company's technologies subsidiary, the Board of Directors announced that, effective immediately, Michael Thomas

For other people named Michael Thomas, see Michael Thomas (disambiguation).
Michael Lauriston Thomas (born August 24 1967) is an English former footballer.
 will be focusing his efforts exclusively on that subsidiary. In that connection, Mr. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM).

The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs
 has resigned from the Board and as Chief Executive Officer of the Company and will now be assisting the Board on a full time basis in maximizing the Company's investment in the technologies subsidiary. Members of senior management will assume Mr. Thomas' other responsibilities.

Statements contained in this press release which are not historical facts are forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include fluctuations in customer demand, the timing and acceptance of new product introductions, and the availability of additional investment capital on terms favorable fa·vor·a·ble  
1. Advantageous; helpful: favorable winds.

2. Encouraging; propitious: a favorable diagnosis.

 to the Company, or at all. Additional risks are detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.

Form 10-K

See 10-K.
 filed on March 27, 1997.

TENERA Inc. provides performance improvement and computerized computerized

adapted for analysis, storage and retrieval on a computer.

computerized axial tomography
see computed tomography.
 maintenance management software and consulting for U.S. Government agencies and capital asset intensive industries. TENERA is a provider of creative and effective solutions to operational problems leading to improve performance for its clients through offices in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Colorado and Connecticut Connecticut, state, United States
Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W).
. -0-
             (In thousands, except per share amounts)

                           Qtr Ended             Nine Months Ended
                      9/30/97     9/30/96       9/30/97     9/30/96

Revenue              $  5,240    $  5,586      $ 15,332    $ 18,878
Direct Costs            3,228       3,651         9,392      12,230
General and
 Expenses               2,209       2,595         6,580       7,207
Software Development
 Costs                    662         139         1,315         395
Other Income               14          --            35          21
Special Item               --          --            --         250
  Operating Loss         (845)       (799)       (1,920)       (683)
Interest Income, Net       23          43            96         118
  Net Loss Before
    Income Tax
    Benefit          $   (822)       (756)       (1,824)       (565)
Income Tax Benefit         --         (76)         (139)         --
Net Loss             $   (822)   $   (680)     $ (1,685)   $   (565)
Net Loss per Share   $  (0.08)   $  (0.07)     $  (0.17)   $  (0.06)
Wtd. Average Shares
 O/S                   10,123      10,192        10,123      10,267


Assets                                   At 9/30/97    At 12/31/96

Cash and Cash Equivalents               $     1,457    $     3,964
Accounts Receivable, Net                      3,809          3,119
Other Current Assets                            326            534
  Total Current Assets                        5,592          7,617
Property and Equipment, Net                     403            323
  Total Assets                          $     5,995    $     7,940

Liabilities and Stockholders' Equity

Accounts Payable                        $       901    $     1,026
Accrued Compensation and Related
 Expenses                                     1,902          2,036
  Total Current Liabilities                   2,803          3,062
Total Shareholders' Equity                    3,192          4,878
  Total Liabilities and
   Shareholders' Equity                 $     5,995    $     7,940


Jeffrey Hazarian/James Robison, 415/536-4744
COPYRIGHT 1997 Business Wire
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Publication:Business Wire
Date:Nov 7, 1997
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