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CHECK TECHNOLOGY ANNOUNCES THIRD QUARTER RESULTS

 CHECK TECHNOLOGY ANNOUNCES THIRD QUARTER RESULTS
 ST. PAUL, Minn., July 31 /PRNewswire/ -- Check Technology


Corporation (NASDAQ: CTCQ) today reported a fiscal 1992 third quarter net profit of $43,000, or $.01 per share, on revenues of $4,387,000 compared to a net profit of $443,000, or $.07 per share, on revenues of $4,925,000 during the comparable period in the previous year.
 For the nine month period ended June 30, 1992, the company reported a net profit of $467,000, or $.08 per share, on revenues of $14,443,000 compared to a net profit of $1,462,000, or $.24 per share, on revenues of $16,405,000 for the comparable period in the previous year.
 Research and development spending increase 148 percent and 76 percent for the quarter and year-to-date over the comparable periods in the prior year. This increased spending reflects the company's commitment to develop a new family of check production systems, focused on meeting the specific requirements of the United States check printing market, while continuing to provide an effective solution in international markets.
 Unrealized exchange gains for the quarter and nine months amounted to $90,000 and $214,000, respectively, compared with exchange losses in the prior periods of $21,000 and $25,000.
 The results for the quarter were significantly affected by the timing of customer orders. The company was unable to ship orders, totalling approximately $470,000, received at the end of the quarter. Results were also affected by expenses associated with the registration during the quarter of approximately 2,453,000 shares of company common stock for selling shareholders with the Securities and Exchange Commission. The registration was prepared at the request of such selling shareholders under agreements the company entered into when it sold its Series A and Series B Convertible Preferred Stock in 1986 and 1990.
 Check Technology Corporation is a manufacturer of computerized high- volume check and encoded document production systems serving the international financial printing industry as well as corporate customers seeking to manage more effectively their check disbursement functions. The company operates through sales offices at its corporate headquarters in the United States and at its subsidiaries in the United Kingdom, France, Spain and Australia.
 CHECK TECHNOLOGY CORPORATION
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Sales revenue $4,387 $4,925 $14,443 $16,405
 Income (loss) from
 system sales and service (83) 530 359 1,896
 Interest income (expense) 29 (4) 52 (15)
 Income (loss) before
 unrealized exchange gain
 (loss) and income taxes (54) 526 411 1,881
 Unrealized exchange gain (loss) 90 (21) 214 (25)
 Income before income taxes 36 505 625 1,856
 Income tax benefit (expense) 7 (62) (158) (394)
 Net income $43 $443 $467 $1,462
 Earnings per share $.01 $.07 $.08 $.24
 Weighted average number of
 shares and share equivalents
 outstanding 5,981,000 6,069,000 5,996,000 6,024,000
 CHECK TECHNOLOGY CORPORATION
 CONDENSED BALANCE SHEETS
 (In thousands, except per share data)
 6/30/92 9/30/91
 Cash & short-term investments $2,178 $1,601
 Accounts receivable - net 4,374 5,369
 Inventories 5,737 5,245
 Other current assets 681 670
 Total current assets 12,970 12,885
 Fixed assets 1,147 1,141
 -- $14,117 $14,026
 Current liabilities $2,844 $3,602
 Other liabilities 142 163
 Total liabilities 2,986 3,765
 Stockholders' equity 11,131 10,261
 -- $14,117 $14,026
 -0- 7/31/92
 /CONTACT: Paul Stephenson of Check Technology, 612-454-9300, ext. 208/
 (CTCQ) CO: Check Technology Corporation ST: Minnesota IN: SU: ERN


AL -- MN011 -- 5778 07/31/92 16:59 EDT
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Date:Jul 31, 1992
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