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GEONEX ANNOUNCES THIRD QUARTER RESULTS

 ST. PETERSBURG, Fla., Aug. 13 /PRNewswire/ -- Geonex Corporation (NASDAQ: GEOX) announced today the results for the third quarter ended June 30, 1993.
 Geonex Corporation ("Geonex" or the "company") completed the first nine months of FY 1993 during a period of decreased demand in the traditional utility and municipal markets. The company continues to experience deferral of work orders from major customers reducing revenue as compared to prior years. The company is also experiencing pressure on proposal pricing and increased competition resulting from tighter spending budgets among its existing and prospective clients.
 Significant contracts awarded this year include the City of Calgary, Fairfax County, Virginia, British Ordinance Survey, Department of State, Department of Defense, Asian Development Bank, and the U.S. Army Corps of Engineers-Kansas City District. The company has also received contract extensions from the Egyptian Survey Authority and the Pakistan Water and Power Development Authority.
 Revenues for the three-month period ended June 30, 1993 were $14,282,000, compared to $14,406,000 for the prior year period. Revenues from the international segment comprised 36 percent of total revenues for the quarter compared to 26 percent for the prior period. Domestic revenue decreased primarily due to economic conditions in the utility market.
 Gross profit margin for the three-month period was a profitable 17.9 percent of revenue compared to a 4.8 percent loss in the prior year period.
 Selling, general and administrative expenses were 22.8 percent of revenue in the three-month period ended June 30, 1993 as compared to 32 percent in the prior year period. The company's cost reduction programs and administrative cuts will continue through the remaining fiscal year.
 The operating loss for the three-month period was $701,000 compared to a $5,298,000 loss in the prior year period.
 Interest expense for the three-month period ended June 30, 1993 was 2.4 percent of revenue as compared to 2.9 percent for the prior year period.
 The company's short-term cash requirements are funded through cash from operations and bank borrowings pursuant to various credit agreements with its domestic and foreign banks. Borrowings under these short term credit agreements decreased to $5,412,000 at June 30, 1993 from $7,531,000 at Sept. 30, 1992.
 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. Geonex also offers laboratory analysis of air and water quality, and hazardous site surveying.
 GEONEX CORPORATION
 For the three months ended
 (In Thousands)
 June 30, June 30,
 1993 1992
 Revenues $ 14,282 $ 14,406
 Gross Profit 2,557 (685)
 Operating Income (Loss) (701) (5,298)
 Net Income (Loss) $ (940) $ (5,013)
 E.P.S. $ (.21) $ (1.13)
 Weighted Average Number of
 Shares Outstanding 4,516 4,440
 For the nine months ended
 (In Thousands)
 June 30, June 30,
 1993 1992
 Revenues $ 39,387 $ 42,990
 Gross Profit (Loss) 6,989 (889)
 Operating Income (Loss) (1,990) (13,296)
 Net Income (Loss) $ (3,265) $ (12,562)
 E.P.S. $ (.72) $ (2.83)
 Weighted Average Number of
 Shares Outstanding 4,516 4,440
 -0- 8/13/93
 /CONTACT: H.A. Moshell of Geonex Corporation, 813-823-3300/
 (GEOX)


CO: Geonex Corporation ST: Florida IN: SU: ERN

RC-AW -- FL006 -- 2670 08/13/93 15:52 EDT
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Date:Aug 13, 1993
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