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GALAGRAPH REPORTS NET PROFIT FOR 1991

 GALAGRAPH REPORTS NET PROFIT FOR 1991
 TEL AVIV, Isreal, May 12 /PRNewswire/ -- Galagraph Limited


(NASDAQ: GALAF) announced today that it had recorded a net profit of $714,987 on sales of $6,042,155 for the year ended Dec. 31, 1991, as compared with a net loss of $1,294,497 on sale of $3,548,394 for the year ended Dec. 31, 1990. The results for the year ended Dec. 31, 1991 reflect a substantial increase in sales (up 70 percent) accompanied by a moderate increase in expenditures (up 12 percent).
 Galagraph explained that, due to its acquisition (as of Dec. 31, 1991) of the Heat Exchanger and Electronics Heat Dissipation Equipment Division from TAT-Aero-Equipment Industries, Ltd., the principal shareholder of the company, the historical financial statements of the division have been combined with the historical financial statements of the company, so that the financial statements of the company for all periods prior to Dec. 31, 1991, have been revised to reflect the combined financial position, results of operations and cash flows of the company and the division. Consequently, the results of operations for the company for the year ended Dec. 31, 1991 included the results of the operations of the division for 1991.
 Galagraph is a computer systems company concentrating in three areas of specialty: graphics and video systems; display simulation and testing systems; and military and transportation systems. As of Dec. 31, 1991, as a result of an acquisition from its principal stockholder, Galagraph entered into the business of producing and marketing heat exchangers and electronic heat dissipation equipment mainly for aircraft.
 Galagraph also designs and develops graphics integrated with video and video digitization controllers for the same platforms. These products are used especially in OEM applications.
 Galagraph is involved in the development of special real-time display recording, simulation and test systems as a subcontractor of certain Israeli industries as well as Military Measurement Systems and Automotive Fleet Control Systems for "Dan," one of the largest public transportation companies in Isreal.
 -0- 5/12/92
 /CONTACT: Shlomo Ostersetzer, chairman of Galagraph Limited, 972-3-455-563 (in Isreal)/
 (GALAF) CO: Galagraph Limited ST: IN: CPR SU: ERN


SM-AH -- NY082 -- 9250 05/12/92 15:28 EDT
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Publication:PR Newswire
Date:May 12, 1992
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