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CONVERGENT SOLUTIONS, INC. ANNOUNCES SALES AND EARNINGS FOR YEAR ENDED SEPT. 30

 LAURENCE HARBOR, N.J., Dec. 24 /PRNewswire/ -- Convergent Solutions, Inc. (NASDAQ: CSOL), a company primarily engaged in developing and marketing software products, reported that revenues of the company for the year ended Sept. 30, 1992 were $9,017,828 compared with $6,550,683 for the prior fiscal year. The net loss for the year ended Sept. 30, 1992 was $3,434,616 ($.66 per share) compared with a net loss increase in revenues is principally attributable to an increase in customer software contracts. The increase in the net loss is principally attributable to restructuring charges of approximately $4,900,000 which reflect management's assessment of (i) the future net realizable value of previously capitalized software costs and (ii) the company's investment in lease residuals of certain computer equipment with a leasing company currently in Chapter 11 bankruptcy. The net loss in fiscal 1991 was primarily the result of a writeoff associated with the discontinuance of the company's CoFac product.
 Revenues of the company for the fourth quarter of fiscal 1992 were $2,331,000 compared with $2,065,000 for the fourth quarter of fiscal 1991. The net loss for the fourth quarter of fiscal 1992 was $3,901,000 ($.75 per share) compared with a net loss of $489,000 ($.10 per share) for the fourth quarter of fiscal 1991.
 CONVERGENT SOLUTIONS, INC.
 Condensed Earnings Summary
 Year Quarter
 Periods ended Sept. 30 1992 1991 1992 1991
 Revenues $9,017,828 $6,550,683 $2,331,000 $2,065,000
 Expenses 13,465,550 8,934,604 7,457,000 2,218,000
 Income (loss) before
 income taxes (4,447,722)(2,383,921)(5,126,000) (153,000)
 Income tax provision
 (benefit) (1,013,106) (230,958)(1,225,000) 336,000
 Net income (loss) (3,434,616)(2,152,963)(3,901,000) (489,000)
 Earnings (loss) per common
 and common equivalent
 share (.66) (.41) (.75) (.10)
 Weighted average common
 and common equivalent
 shares 5,188,298 5,293,157 5,188,000 5,293,000
 -0- 12/24/92
 /CONTACT: Vincent Galano, chairman of the board of Convergent Solutions Inc., 908-290-0090/
 (CSOL)


CO: Convergent Solutions, Inc. ST: New Jersey IN: SU: ERN

LD-AH -- NY015 -- 9873 12/24/92 15:06 EST
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Date:Dec 24, 1992
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