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CHECKMATE ELECTRONICS REPORTS THIRD QUARTER RESULTS

 ROSWELL, Ga., Oct. 26 /PRNewswire/ -- Checkmate Electronics, Inc. (NASDAQ-NMS: CMEL) today reported results for the third quarter and nine months ended Sept. 30.
 Revenue for the quarter increased to $4,445,000 over third quarter revenue of $846,000 a year ago. Net income rose to $704,000, or $0.23 per share for the quarter as compared with a net loss of $42,000, or a loss of ($0.01) per share the same quarter a year ago.
 Revenue for the nine-month period ended Sept. 30 increased to $13,487,000, compared with revenue of $2,384,000 the same period last year. Net income amounted to $2,346,000, or $0.77 per share for the nine-month period as compared with a net loss of $50,000, or a loss of ($0.02) per share for the same period last year.
 Management noted that during the third quarter, Checkmate Electronics received an order from R.H. Macy & Company to install CMR 400 readers in its New York and New Jersey Macy's department store locations prior to the 1993 Christmas season. Recently, the company successfully completed a common stock offering of 2,415,000 shares, including an over-allotment of 315,000 shares which was exercised by the underwriters. The proceeds from the offering are expected to be approximately $18 million. Earnings per share results for the third quarter and nine-month period ended Sept. 30 do not reflect the increase in outstanding shares from the recent common stock offering.
 Checkmate Electronics designs, manufactures and markets MICR (magnetic ink character recognition) readers, analyzers and other related products. The company's primary product, MICR check readers, utilizes patented technology to read the magnetic ink characters that are encoded on checks, travelers checks and other documents and automatically input the information into the user's data processing system. The check readers also measure the magnetic signal strength of the magnetic characters to assure that the characters conform to applicable MICR quality standards for MICR systems, thereby helping eliminate fraud by detecting most counterfeit and visually altered documents. Checkmate markets its products to a broad base of customers including major mass retail merchandisers, supermarkets, convenience stores, independent retailers, banks and other financial institutions throughout the United States.
 CHECKMATE ELECTRONICS, INC.
 (Unaudited Financial Highlights)
 (In thousands, except per share data)
 3 mos. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues $4,445 $ 846 $13,487 $ 2,384
 Income from operations 761 5 2,507 81
 Income (loss) before income
 taxes 704 (42) 2,346 (50)
 Net income (loss) 704 (42) 2,346 (50)
 Net income per share .23 (.01) .77 (.02)
 Wtd. avg. shares outstanding 3,070 2,764 3,045 2,764
 NOTE: Earnings per share computations for the third quarter and nine-month period ended Sept. 30 do not reflect the increased number of shares outstanding resulting from the company's recent common stock offering.
 -0- 10/26/93
 /CONTACT: Raymond J. Homa, president & CEO, Checkmate Electronics, 404-641-1140, or Janice J. Kuntz of A. Brown-Olmstead Associates, 404-659-0919, for Checkmate Electronics/
 (CMEL)


CO: Checkmate Electronics, Inc. ST: Georgia IN: CPR SU: ERN

BN-RA -- AT002 -- 6720 10/26/93 08:36 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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