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TRICONEX REPORTS RECORD REVENUE, EARNINGS FOR THIRD QUARTER, NINE MONTHS OF 1992

 TRICONEX REPORTS RECORD REVENUE, EARNINGS FOR
 THIRD QUARTER, NINE MONTHS OF 1992
 IRVINE, Calif., October 13, 1992 -- Triconex Corp. (NASDAQ: TCNX) today reported that revenue rose 14 percent and net income rose 30 percent in the third quarter ended Sept. 30, 1992. In the nine month period, revenue rose 39 percent and net income rose 85 percent, compared with last year's period. Revenue and income set new Triconex quarterly records for both the quarter and nine-month periods.
 Revenue was $7,312,000 in the third quarter of 1992, compared with revenue of $6,416,000 last year. Net income was $1,126,000, or $0.22 a share, vs. $869,000, or $0.25 a share last year. Weighted average common shares outstanding totaled 5,200,000 in the 1992 period vs. 3,500,000 in 1991, the increase resulting from Triconex's initial public offering in March 1992.
 Revenue in the nine months of 1992 was $21,276,000, compared with $15,306,000 last year. Net income was $3,135,000, or $0.66 a share, vs. $1,699,000, or $0.50 a share, in 1991.
 William K. Barkovitz, chairman and chief executive officer, said, "Despite difficult economic conditions worldwide, we maintained a gross margin of 50 percent for both the quarter and the nine-month period, up slightly from last year's quarter and equal to the nine months of 1991."
 Barkovitz said that the company's business continued to have a broad geographic base, with 56 percent of the current quarter's revenue shipped for installation outside the United States and Canada. He reported that significant orders received during the quarter, which will generate revenue in subsequent periods, included an offshore platform project for Shell in Malaysia, bringing to five the total Shell orders in the Southeast Asia region. Other orders included the second 1992 order from the Philippines, a TRICON system for a Caltex refinery and an order representing Triconex's initial penetration into the Eastern Europe market, a system for a Polish chemical plant, he said.
 He reported that Triconex has formed a joint venture, effective Oct. 1, with Oiltools International Ltd., a Singapore-based oil services company. The joint venture, Oiltools-Triconex Systems Ltd., will have systems integration capability, enabling it to provide turnkey control systems to end users. It will act as a Triconex sales agent, through Oiltools-affiliated companies, in designated Southeast Asian countries, he said.
 Barkovitz said that Triconex plans to formally announce the first of its planned next generation of products at the Instrument Society of America trade show in Houston, beginning Oct. 19. The new product, which will complement Triconex's existing product line, will allow the company to penetrate new markets that can utilize smaller control systems.
 Triconex is a worldwide leader in the development of fault- tolerant triple modular redundant (TMR) safety and control systems used in critical industrial process applications, principally in the chemical, refining, oil and gas production and electric utility industries. The company's proprietary systems are used to control a variety of high-risk safety applications, such as emergency shutdown systems, burner management systems, fire and gas monitoring systems and turbine control systems.
 Triconex's customers include many major chemical companies, such as Dow, DuPont, Elf Aquitaine, Hoechst Celanese and Union Carbide, as well as many of the largest petroleum exploration and refining companies, including Chevron, Exxon, Mobil, Royal Dutch Shell and Saudi Aramco. The company has an installed base of more than 550 systems at more than 100 plant sites in 30 countries throughout North and South America, Europe, Australia, Asia and Africa.
 TRICONEX CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30, Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenue $7,312 $6,416 $21,276 $15,306
 Cost of sales 3,668 3,276 10,717 7,650
 Gross margin $3,644 $3,140 $10,559 $7,656
 Operating expenses:
 Research and
 development 735 632 2,199 1,758
 Sales, general
 and administrative 1,902 1,467 5,344 3,833
 Total operating
 expenses $2,637 $2,099 $7,543 $5,591
 Operating income 1,007 1,041 3,016 2,065
 Interest and other
 income (expense), net 289 (39) 587 (106)
 Income before
 income taxes 1,296 1,002 3,603 1,959
 Provision for
 income taxes 170 133 468 260
 Net income $1,126 $869 $3,135 $1,699
 Per share data:
 Earnings per share $0.22 $0.25 $0.66 $0.50
 Pro forma earnings
 per share prior to
 utilization of net
 operating loss $0.16 $0.18 $0.47 $0.35
 Weighted average
 number of shares
 outstanding 5,174,008 3,498,244 4,714,839 3,426,209
 TRICONEX CORP. AND SUBSIDARY
 Consolidated Balance Sheet
 (Unaudited)
 (In thousands)
 Sept. 30, June 30, Dec. 31,
 1992 1992 1991
 Assets
 Cash 19,455 16,867 318
 Accounts receivable, net 4,284 5,519 3,822
 Inventory, net 2,236 2,572 3,188
 Other current assets 392 523 362
 Total current assets 26,367 25,481 7,690
 Total fixed assets 1,408 1,191 972
 Total assets 27,775 26,672 8,662
 Liabilities and shareholders' equity
 Accounts payable and accruals 2,834 2,856 2,925
 Other current liabilities 0 0 1,026
 Total current liabilities 2,834 2,856 3,951
 Total long-term liabilities 7 17 36
 Shareholders' equity
 Common stock 38,276 38,266 21,153
 Additional paid in capital 1,127 1,127 1,127
 Retained deficit (14,469) (15,594) (17,605)
 Total shareholders' equity 24,934 23,799 4,675
 Liabilities and shareholders' equity 27,775 26,672 8,662
 -0- 10/13/92
 /CONTACT: Charles W. McBrayer, CFO of Triconex, 714-768-3709; or Tom Wick or William Coffin of the Financial Relations Board, 818-783-2400, for Triconex/
 (TCNX) CO: Triconex Corp. ST: California IN: OIL CHM SU: ERN


LS-JB -- LA010 -- 9142 10/13/92 09:05 EDT
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