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FILENET REPORTS REVENUE AND EARNINGS FOR THE SECOND QUARTER OF 1992

 FILENET REPORTS REVENUE AND EARNINGS FOR THE SECOND QUARTER OF 1992
 COSTA MESA, Calif., July 24 /PRNewswire/ -- FileNet Corp. (NASDAQ-NMS: FILE) today reported revenue for its second quarter ended July 5, 1992, was $34.6 million, up 20 percent from the $28.8 million reported for the second quarter of 1991. Net income was $601,000, or 5 cents per share on 11.2 million shares outstanding, compared with $2.2 million, or 20 cents per share on 10.8 million shares outstanding, in the second quarter of 1991. FileNet shipped 22 systems and added 20 new customers during the quarter. Final results for the quarter are essentially the same as the estimated results previously reported.
 "As I indicated in our July 6, 1992, estimated results press release, revenue and earnings for the quarter were well below expectation as economic concerns delayed some prospective and existing customer orders worldwide," stated Ted Smith, president and chief executive officer. "As we expected, research and development, and selling, general and administrative expenses increased as we expanded our product development efforts and added a number of new positions to both our domestic and international sales organizations as part of our long-term growth plan.
 "While financial and economic concerns contributed to project delays in the United States, we are pleased with the number of new customers added worldwide. Many of these new customers are implementing initial applications with long-range plans to expand the use of image and WorkFlo(R) technology across many functional areas," Smith continued. "In addition, as I indicated in our earlier release, the overall attendance coupled with the number of new leads generated at the recent image industry trade show (AIIM) corroborates our view that the market continues to indicate strong long-term potential.
 "We continue to maintain a very strong financial position, with cash and investment balances of $25.9 million at quarter end and stockholders' equity of $82.5 million. We continue to fund our growth internally and have no significant debt," Smith concluded.
 FileNet Corp. manufactures and markets a family of integrated image and data processing systems that use optical disk technology and WorkFlo(R) software to electronically capture, store, transmit and manage document images, data and text for paper-intensive organizations. Headquartered in Costa Mesa, FileNet markets its products directly to end users through the company's sales offices in the United States, Canada, France, Germany and the United Kingdom. FileNet systems are sold in other countries by Ing. C. Olivetti & C., S.p.A,: Toyo Officemation Inc., a Mitsui company; and various distributors.
 For additional information on FileNet Corp. via fax (no cost), dial 1-800-PRO-INFO, code No. 065.
 -0- 7/24/92
 /CONTACT: Mark St. Clare, chief financial officer of FileNet, 714-966-3577; or Lise Needham of the Financial Relations Board, 415-986-1591, for FileNet/
 (FILE) CO: FileNet Corp. ST: California IN: CPR SU: ERN


GK -- NY032 -- 3002 07/24/92 11:35 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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