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COGNITRONICS REPORTS SECOND QUARTER NET INCOME ROSE 112 PERCENT, EQUAL TO 17 CENTS VS. 8 CENTS

 COGNITRONICS REPORTS SECOND QUARTER NET INCOME
 ROSE 112 PERCENT, EQUAL TO 17 CENTS VS. 8 CENTS
 STAMFORD, Conn., July 29 /PRNewswire/ -- Cognitronics Corporation (AMEX: CGN) said its second quarter net income rose 112 percent on a revenue rise of 22 percent over the same quarter in 1991.
 Second quarter net income of this leading manufacturer of voice processing equipment totaled $536,000, or $.17 per share, up from $253,000, or $.08 per share, for the 1991 second quarter.
 Per share amounts for the 1991 three-month and six-month periods have been restated to reflect the 3-for-2 two stock split declared in June, 1992.
 Revenues for the 1992 second quarter were $5.2 million, up 22 percent from $4.3 million for the 1991 second quarter.
 "The 112 percent increase in net income occurred primarily because of the divestiture of the optical scanning and image processing product line at the end of 1991 and substantially higher sales of our voice processing products, partially offset by a loss in the machined parts segment," said Matthew J. Flanigan, chairman and president.
 "Sales of voice processing products increased 38 percent in the second quarter, all of which is attributable to increased sales of our McIAS (TM) voice processing systems," he added.
 Sales order backlog at the end of the second quarter totaled $10.8 million, up 13 percent from the end of 1991, the company noted, primarily because of a volume contract for McIAS systems entered into in the second quarter.
 For the six months ended June 30, 1992, net income was $1,138,000, or $.36 per share, versus $504,000, or $.15 per share, in 1991. Included in the 1991 first half income was an after-tax, nonrecurring insurance recovery of $43,000, or $.01 per share.
 Revenues for the six-month period were $10.3 million in 1992, up 26 percent from $8.2 million in 1991.
 "Voice processing selling expenses in the 1992 first half increased 50 percent over the 1991 first half primarily reflecting the increase in the sales staff we put in place since mid-1991 and higher sales commissions," he said. "In order to penetrate further into the commercial end-user and international voice processing markets, we are continuing to add to our sales and research and development staffs which will result in higher expenses for the remainder of the year."
 Cognitronics is a leading manufacturer and supplier of voice processing equipment, including telephone network announcement products and interactive voice response (IVR) systems, to telephone operating companies, original equipment manufacturers and commercial end-users. Cognitronics also manufacturers precision machined parts and electromechanical assemblies.
 COGNITRONICS CORPORATION
 Summary of Results
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Revenues $5,208,000 $4,258,000 $10,338,000 $8,219,000
 Income before
 extraord. credit 536,000 249,000 1,138,000 489,000(A)
 Extraordinary
 credit (B) -- 4,000 -- 15,000
 Net income $ 536,000 $ 253,000 $ 1,138,000 $ 504,000(A)
 Income per share (C):
 Income before
 extraord. credit $.17 $.08 $.36 $.15(A)
 Extraord. credit (B) -- -- -- --
 Net income $.17 $.08 $.36 $.15(A)
 Weighted average
 number of shares
 outstanding 3,216,287 3,256,927 3,187,043 3,265,776
 (A) -- Includes an after-tax, nonrecurring insurance recovery of $43,000, or $.01 per share.
 (B) -- Benefit resulting from the utilization of operating loss carryforwards.
 (C) -- Per share amounts for the 1991 three-month and six-month periods have been restated to reflect the three-for-two stock split declared in June 1992.
 -0- 7/29/92
 /CONTACT: Harold F. Mayer of Cognitronics, 203-327-5307/
 (CGN) CO: Cognitronics Corporation ST: Connecticut IN: TLS SU: ERN


SM -- NY035 -- 4503 07/29/92 10:30 EDT
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Date:Jul 29, 1992
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