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IDAN SOFTWARE INDUSTRIES-I.S.I. REPORTS RESULTS

 TEL-AVIV, Israel, June 2 /PRNewswire/ -- Idan Software Industries- I.S.I. Ltd. (NASDAQ: IDANF) announced today financial results for the year ended Dec. 31, 1992 and the first quarter ended March 31, 1993.
 For the year ended Dec. 31, 1992, sales were NIS 39,153 (US $14,166), net losses were NIS 485,915 (US $175,801) and net losses per share were NIS 0.05 (US $0.02). For the year ended Dec. 31, 1991, sales were NIS 53,594 (US $19,390), net losses were NIS 1,622,199 (US $586,903), and net losses per share were NIS 0.25 (US $0.096). These figures are based on the exchange rate of 1 U.S. dollar to NIS 2.764 as at Dec. 31, 1992.
 Results of operations of Idan during 1992 and 1991 reflect the effective termination of Idan's computer business in 1991 and the related termination of its research and development program and termination of employment of substantially all of its employees.
 As previously announced, pursuant to agreements entered into in April 1992, in June 1992 Idan acquired 17.79 percent of the ordinary shares of Elitec Industries (77) Ltd. and in September 1992 Idan exercised options to acquire additional Elitec shares, so that, at Dec. 31, 1992, Idan owned 23.11 percent of the outstanding Elitec shares. Accordingly, the results of operations of Elitec were not consolidated with results of operations of Idan for the year ended Dec. 31, 1992. Elitec together with its subsidiaries provides telecommunication services and products in Israel. Elitec shares are traded on the Tel Aviv Stock Exchange.
 During January 1993, Idan exercised additional options to purchase shares of Elitec and as of Jan. 10, 1993 owned 50.01 percent of the outstanding shares of Elitec. Accordingly, for the three months ended March 31, 1993, results of operations of Elitec were consolidated with the results of operations of Idan. However, results of operations of Elitec for the three months ended March 31, 1992 were not consolidated with the results of operations of Idan for the same period.
 For the three months ended March 31, 1993, sales were NIS 2,929,248 (US $1,058,254), net income was NIS 454,368 (US $164,151), and net earnings per share were NIS 0.03 (US $0.01). For the three months ended March 31, 1992, sales were NIS 406 (US $147), net losses were NIS 105,039 (US $37,948) and net losses per share were NIS 0.02 (US $0.006). These figures are based on the exchange rate of 1 U.S. dollar to NIS 2.768 as at March 31, 1993.
 Idan, through its direct and indirect subsidiaries, is a provider of telecommunication services and products.
 IDAN SOFTWARE INDUSTRIES -- I.S.I. LTD.
 Consolidated Income Statement Data
 (Unaudited)
 Three months ended Adjusted Convenience translation
 March 31 New Israeli Shekels (NIS) into U.S. dollars ($)
 1993 1992 1993 1992
 Net sales 2,929,248 406 1,058,254 147
 Net profit
 (loss) 454,368 (105,039) 164,151 (37,948)
 Net earnings
 (loss) per
 share 0.03 (0.02) 0.01 (0.006)
 Weighted average
 number of shares
 outstanding 18,100,000 6,355,000 18,100,000 6,355,000
 Consolidated Balance Sheet Data
 (Unaudited)
 Period ended Adjusted Convenience translation
 March 31 New Israeli Shekels (NIS) into U.S. Dollars ($)
 1993 1992 1993 1992
 Working
 capital 8,215,749 1,617,607 2,968,117 584,396
 Shareholders'
 equity 23,940,219 1,745,693 8,648,923 630,669
 IDAN SOFTWARE INDUSTRIES -- I.S.I. LTD.
 Consolidated Income Statement Data
 Year ended Adjusted Convenience translation
 Dec. 31 New Israeli Shekels (NIS) into U.S. dollars ($)
 1992 1991 1992 1991
 Net sales 39,153 53,594 14,166 19,390
 Net loss (485,915) 1,622,199 (175,801) (586,902)
 Loss per share 0.05 0.25 0.02 0.096
 Weighted average
 number of shares
 outstanding 10,313,333 6,355,000 10,313,333 6,355,000
 Consolidated Balance Sheet Data
 Period ended Adjusted Convenience translation
 Dec. 31 New Israeli Shekels (NIS) into U.S. dollars ($)
 1992 1991 1992 1991
 Working
 capital 1,443,698 1,659,070 522,322 600,242
 Shareholders'
 equity 7,021,489 1,782,979 2,540,335 645,072
 -0- 6/2/93
 /CONTACT: Gad Goldstein of Idan Software Industries - I.S.I. Ltd., 011-972-3-563-3030/
 (IDANF)


CO: Idan Software Industries-I.S.I. Ltd. ST: IN: CPR SU: ERN

WB-OS -- NY079 -- 4643 06/02/93 17:17 EDT
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Date:Jun 2, 1993
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