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APPLIED RESEARCH CORPORATION ANNOUNCES SIX MONTH RESULTS

 LANDOVER, Md., Jan. 21 /PRNewswire/ -- Applied Research Corporation (PHLX: ARL.X) announced today its results for the six months ended Nov. 30, 1992.
 The company's revenues for the six months ended Nov. 30, 1992, were $3,536,636 compared to revenues of $2,954,661 for the six months ended Nov. 30, 1991. This $581,975 increase in revenues is attributed to increased revenues of $533,389 contributed by Applied Research of Maryland, Inc. (ARM), the company's wholly owned subsidiary operating in a predominantly government contract environment, coupled with product sales of $48,586 by ARSoftware Corporation (ARSoftware), the company's wholly owned subsidiary formed in April 1992.
 The company incurred a net loss for the six months ended Nov. 30, 1992, of $24,789 compared to a net profit of $41,988 for the six months ended Nov. 30, 1991. Improved operating results of ARM coupled with interest cost reductions of $16,087 were not sufficient to offset the loss generated by ARSoftware.
 The company's revenues for the quarter ended Nov. 30, 1992, were $1,684,641 compared to revenues of $1,494,687 for the quarter ended Nov. 30, 1991. ARM's revenues for the quarter increased $163,709 while ARSoftware sales of Scientific Word contributed positively to an overall increase in revenues for the quarter of $189,954.
 The company recorded a net loss for the quarter ended Nov. 30, 1992, of $34,150 compared to a net profit of $15,150 for the quarter ended Nov. 30, 1991. ARM posted a profit for the quarter of $31,635 compared to $15,150 during the same quarter a year ago. Increased direct costs of services contributing to an improved margin coupled with interest cost reductions during the current quarter of $6,441 attributed to the substantial improvement in ARM's bottom line. However, the improvement in ARM's overall profitability was offset by ARSoftware's net loss for the quarter of $65,785.
 Three Months Ended Six Months Ended
 Nov. 30 Nov. 30
 In thousands 1992 1991 1992 1991
 Contract Revenue $1,685 $1,495 $3,537 $2,955
 Operating Income (17) 43 11 95
 Net Income (Loss) (34) 15 (25) 42
 Net Income (Loss)
 per common share $(0.01) $ -- $(0.01) $ 0.01
 Formed in 1979, Applied Research Corporation is a high technology company specializing in research and development, technical support services and software development. The company's strengths are in the atmospheric sciences, space sciences, geophysics and computer related services. The company's clients include NASA Goddard Space Flight Center, NASA Johnson Space Center, Hughes Aircraft, Department of Energy, Ford Aerospace, National Institutes of Health, GE Astro- Space Division, Naval Research Laboratory, Advanced Computer Concepts, Martin Marietta, Lockheed, the University of Colorado, the University of California at San Diego, the University of Delaware and the University of Maryland.
 -0- 1/21/93
 /CONTACT: James H. Blackman of Applied Research Corporation, 303-680-4686/
 (ARL.X)


CO: Applied Research Corporation ST: Maryland IN: CPR SU: ERN

MH -- DC005 -- 7374 01/21/93 11:41 EST
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Date:Jan 21, 1993
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