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COGNITRONICS REPORTS THIRD QUARTER NET INCOME ROSE 298 PERCENT, EQUAL TO 11 CENTS VS. 3 CENTS

 COGNITRONICS REPORTS THIRD QUARTER NET INCOME ROSE
 298 PERCENT, EQUAL TO 11 CENTS VS. 3 CENTS
 STAMFORD, Conn., Oct. 23 /PRNewswire/ -- Cognitronics Corporation (AMEX: CGN) said its third quarter net income rose 298 percent on a revenue rise of 14 percent over the same quarter in 1991.
 Third quarter net income of this leading manufacturer of voice processing equipment totaled $346,000, or $.11 per share, up from $87,000, or $.03 per share, for the 1991 third quarter.
 Per share amounts for the 1991 three-month and nine-month periods have been restated to reflect the three-for-two stock split declared in June, 1992.
 Revenues for the 1992 third quarter were $4.6 million, up 14 percent from $4.1 million for the 1991 third quarter.
 "The 298 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 50 percent in the third quarter, all of which is attributable to increased sales of our McIAS (TM) voice processing systems," he added.
 For the nine months ended Sept. 30, 1992, net income increased 151 percent to $1,484,000, or $.46 per share, from $591,000, or $.18 per share, in 1991, primarily for the same reasons as the third quarter increase.
 Revenues for the nine-month period were $15.0 million in 1992, up 22 percent from $12.3 million in 1991.
 "Voice processing selling expenses in the 1992 nine-month period increased 45 percent over the same period in 1991 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 in the fourth quarter.
 "Yesterday, we took a major step in our corporate strategy to expand our business through the $2.6 million acquisition of Dacon Electronics Plc. It is expected that the transaction will be completed within three weeks," Flanigan said. "It will add a line of incoming call management products and a direct presence in the European market for the first time."
 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 manufactures precision machined parts and electromechanical assemblies.
 COGNITRONICS CORPORATION
 Summary of Results
 Periods Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $4,636,000 $4,077,000 $14,974,000 $12,296,000
 Inc. bef. extraord.
 credit 346,000 78,000 1,484,000 567,000(A)
 Extraordinary
 credit (B) -- 9,000 -- 24,000
 Net income 346,000 87,000 1,484,000 591,000(A)
 Inc. per share(C):
 Inc. bef. extraord.
 credit $.11 $.03 $.46 $.17(A)
 Extraord. credit(B) -- -- -- .01
 Net income $.11 $.03 $.46 $.18(A)
 Wtd. avg. no. of
 shares outstg. 3,233,237 3,219,663 3,201,326 3,249,354
 (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 nine-month periods have been restated to reflect the three-for-two stock split declared in June 1992.
 -0- 10/23/92
 /CONTACT: Harold F. Mayer, vice president of Cognitronics, 203-327-5307/
 (CGN) CO: Cognitronics Corporation ST: Connecticut IN: TLS SU: ERN


SM-PS -- NY014 -- 4060 10/23/92 10:28 EDT
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Date:Oct 23, 1992
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