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ENERGY RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS

 ENERGY RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS
 DANBURY, Conn., Aug. 31 /PRNewswire/ -- Energy Research Corporation


(NASDAQ: ERCC and BSE: ERC) today reported its results of operations for the third quarter ended July 31, 1992.
 The results of operations and a summary balance sheet are detailed below:
 RESULTS OF OPERATIONS
 (In thousands, except per share data)
 Three months
 Period ended July 31 1992 1991
 Revenues $4,404 $3,064
 Net income before income taxes $ (23) $ 71
 Net income (loss) $ (13) $ 38
 Earnings per share $ .00 $ .01
 Weighted average common and
 common equivalent shares
 outstanding 3,259,027 2,996,793
 Nine months
 Period ended July 31 1992 1991
 Revenues $11,242 $8,156
 Net income before income taxes $ (148) $ 10
 Net income (loss) $ (82) $ 7
 Earnings per share $ .03 $ .00
 Weighted average common and
 common equivalent shares
 outstanding 3,019,212 3,002,851
 BALANCE SHEET
 (in thousands)
 Assets
 Period ended 7/31/92 10/31/91
 Current assets $10,890 $ 4,653
 Property, plant &
 equipment, net $ 8,947 $ 8,499
 Other assets $ 1,064 $ 1,012
 Total assets $20,901 $14,164
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Period ended 7/31/92 10/31/91
 Current liabilities $ 2,848 $ 2,170
 Other long-term debt $ 6,834 $ 6,303
 Other long-term liabilities $ 348 $ 571
 Shareholders' equity $10,871 $ 5,120
 Total liabilities and
 Stockholders' equity $20,901 $14,164
 The Company did experience non-recurring costs of approximately $60,000 during the third fiscal quarter of 1992. These costs were associated with the Company's initial public stock offering and the Fleet Bank, N.A. refinancing.
 Energy Research Corporation, located in Danbury and Torrington, Conn., is engaged in the commercialization of highly efficient and environmentally advantageous electric power generation equipment for utilities using its Direct Fuel Cell Technology and in the development of advanced electric storage batteries.
 -0- 8/31/92
 /CONTACT: Louis P. Barth of Energy Research Corp., 203-792-1460; or Nick Kilsby of Donley Communications, 212-751-6126, for Energy Research Corp./
 (ERCC) CO: Energy Research Corporation ST: Connecticut IN: OIL SU: ERN


LR -- NY034 -- 4900 08/31/92 11:00 EDT
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Date:Aug 31, 1992
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