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GEONEX REPORTS THIRD QUARTER RESULTS

 GEONEX REPORTS THIRD QUARTER RESULTS
 ST. PETERSBURG, Fla., Aug. 18 /PRNewswire/ -- Geonex Corporation


(NASDAQ: GEOX) reported today results for the third quarter ended June 30, 1992.
 Revenue for the quarter was $13,663,000 vs. $17,484,000 during the third quarter of 1991. The decrease occurred primarily in the utility market as a result of the current economic climate. The company has focused its efforts on finding incremental revenue from other sources. Recent booking activity indicates some positive results from this effort.
 Geonex Corporation implemented a re-engineering program during the third quarter. The program is designed to return the company to profitability at the current revenue level by improving production efficiencies and reducing overhead and administrative expenditures.
 The company incurred a $7.3 million re-engineering charge during the third quarter as a part of its program that is aimed at substantially reducing corporate expenditures. The charge includes, but is not limited to, severance packages and facility consolidation expenses, write down of inventory, project initiation expenses and the establishment of appropriate reserves.
 "We are cautiously optimistic about returning to profitability in the first quarter of FY 93," said Harold F. Flynn, chairman and chief executive officer. As a result of the re-engineering, management believes the company has substantially put behind it losses caused by problem contracts. The re-engineering will benefit the high level of work assignments how in house by reducing both direct and indirect costs.
 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
 Comparative Nine-Month data:
 Q1/Q2/Q3 FY91 Q1/Q2/Q3 FY92
 Revenues $49,141,000 $42,990,000
 Operating Profit (Loss) 4,388,000 (13,697,000)
 Net Income (Loss) 1,764,000 (11,567,000)
 E.P.S. $0.49 ($2.61)
 Weighted Average Number
 of Shares Outstanding 3,627,000 4,440,000
 Comparative Three-Month data:
 Q3 FY91 Q3 FY92
 Revenues $17,484,000 $13,663,000
 Operating Profit (Loss) 1,668,000 (9,939,000)
 Net Income (Loss) 720,000 (8,844,000)
 E.P.S. $0.19 ($1.97)
 Weighted Average Number
 of Shares Outstanding 3,843,000 4,495,000
 -0- 8/18/92 R
 /CONTACT: H. A. Moshell of Geonex, 813-823-3300/
 (GEOX) CO: Geonex Corporation ST: Florida IN: SU: ERN


AW-JJ -- FL009 -- 1102 08/18/92 16:54 EDT
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Date:Aug 18, 1992
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