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GEONEX ANNOUNCES CUTBACK OF WORKFORCE

 GEONEX ANNOUNCES CUTBACK OF WORKFORCE
 ST. PETERSBURG, Fla., Jan. 3 /PRNewswire/ -- Geonex Corporation


(NASDAQ: GEOX) announced today a cut-back of approximately 9 percent of its direct and indirect workforce. The effects of the continuing economic recession have been to spread the company's assignments, especially utility and municipal assignments, over a longer period of time. This will result in a flattening of estimated revenues and a lowering of anticipated earnings for Fiscal Year 1992, mainly impacting the first and second quarters. Geonex is well positioned for continued growth, albeit at a near-term pace slower than originally expected.
 Geonex, based in St. Petersburg, Fla., is the world's largest commercial supplier of digital maps and maps utilizing advanced photo and image interpretation. Digital mapping data bases created by Geonex allow telephone, electric, gas and water utilities to combine detailed engineering records with geographic information to facilitate the design, construction, management and maintenance of their physical assets. Photo and image interpretation allows Geonex to use data obtained from satellites or aerial photographs to create digital and traditional maps. Photogrammetry permits Geonex to create extremely accurate three-dimensional digital data bases for navigation, including use by missile guidance systems. Geonex also offers laboratory analysis of air and water quality, and hazardous site surveying.
 -0- 1/3/92
 /CONTACT: Henry Moshell of Geonex Corporation, 813-823-3300/
 (GEOX) CO: Geonex Corporation ST: Florida IN: SU: PER


AW-SS -- FL003 -- 6428 01/03/92 10:23 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 3, 1992
Words:236
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