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CHECK TECHNOLOGY CORPORATION ANNOUNCES IMPROVED FIRST QUARTER RESULTS

 ST. PAUL, Minn., Feb 8 /PRNewswire/ -- Check Technology Corporation (NASDAQ-NMS: CTCQ) today reported net income for the fiscal 1993 first quarter of $245,000, or $.04 per share, on revenues of $5,612,000 compared to a net loss of $37,000, or $.01 per share, on revenues of $4,341,000 during the comparable period last year.
 Before the effects of unrealized currency exchange losses and taxes, income for the quarter rose to $491,000 compared to a loss of $120,000 in the comparable period last year. The unrealized currency exchange losses arose because of the significant strengthening of the dollar against foreign currencies during the quarter. Stockholders' equity was affected as well as a result of these currency fluctuations.
 Research and development spending for the quarter increased 59 percent to $647,000 compared to $408,000 in the comparable period in the prior year. The increase reflects the company's commitment to develop a new family of check production systems aimed at increasing the company's domestic market share, while continuing to provide effective solutions in international markets.
 Sales of printing equipment in the quarter amounted to $2,475,000 compared to $1,384,000 in the comparable period last year. These included sales into Mexico, Nigeria and Turkey as well as the first sale to a former Eastern Bloc country, Lithuania.
 Jay Herman, president and chief executive officer, commented: "We are pleased with the start we have made to the year, both in terms of revenues and profitability. These results have been achieved while continuing to fund the development of our next generation of check production systems at increased levels."
 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 and Australia.
 CHECK TECHNOLOGY CORPORATION
 Three Months Ended
 12/31/92 12/31/91
 Sales:
 Printing equipment $2,475,000 $1,384,000
 Maintenance, spares and supplies 3,137,000 2,957,000
 Net sales 5,612,000 4,341,000
 Income (loss) from system sales
 and service 476,000 (138,000)
 Interest income 15,000 18,000
 Income (loss) before unrealized
 exchange and income taxes 491,000 (120,000)
 Unrealized exchange gain (loss) (206,000) 133,000
 Income before income taxes 285,000 13,000
 Income tax expense 40,000 50,000
 Net income (loss) $245,000 $(37,000)
 Earnings (loss) per share $.04 $(.01)
 Weighted average number of shares and
 share equivalents outstanding 6,003,000 5,984,000
 CONDENSED BALANCE SHEETS
 12/31/92 9/30/92
 Cash and cash equivalents $2,862,000 $2,636,000
 Accounts receivable - net 4,325,000 4,790,000
 Inventories 5,047,000 5,553,000
 Other current assets 649,000 670,000
 Total current assets 12,883,000 13,649,000
 Fixed assets 1,092,000 1,113,000
 -- $13,975,000 $14,762,000
 Current liabilities $3,096,000 $3,589,000
 Other liabilities 116,000 94,000
 Total liabilities 3,212,000 3,683,000
 Stockholders' equity 10,763,000 11,079,000
 -- $13,975,000 $14,762,000
 -0- 2/8/93
 /CONTACT: Paul Stephenson of Check Technology Corporation, 612-454-9300, ext. 208/
 (CTCQ)


CO: Check technology Corporation ST: Minnesota IN: CPR SU: ERN

KH -- MN015 -- 4280 02/08/93 16:50 EST
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Date:Feb 8, 1993
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