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INTERNATIONAL TOTALIZATOR SYSTEMS ANNOUNCES 1991 FOURTH QUARTER AND YEAR-END RESULTS

 INTERNATIONAL TOTALIZATOR SYSTEMS ANNOUNCES
 1991 FOURTH QUARTER AND YEAR-END RESULTS
 CARLSBAD, Calif., Feb. 19 /PRNewswire/ -- International Totalizator Systems Inc.(R) (ITS) (NASDAQ: ITSI) recorded net income of $1.7 million, or $.18 per share, on $29.5 million in revenue for the fiscal year ended Dec. 31, 1991. These results compare with a net loss of $2.5 million, or $.28 per share, on $20.7 million in revenue recorded in the fiscal year ended Dec. 31, 1990.
 Results for the quarter ended Dec. 31, 1991, were net income of $642,000, or $.07 per share, on $6.2 million in revenue. The same quarter in fiscal 1990 yielded a net loss of $3.1 million, or $.34 per share, on a negative $.9 million in revenue.
 The increase in revenue in 1991 over that of 1990 resulted from a higher level of contract volume and the negotiated completion of a major contract with a Taiwan customer. Gross profit improved because of a better mix of business combined with minimal growth in other cost of sales. Engineering, research and development expenses in 1991 declined more than 50 percent, as compared to 1990, principally because of the substantial completion of the automated ticket and boarding pass printer/reader and DATAMARK(R) 20 development efforts. Selling, general and administrative expenses increased approximately $351,000 on a year-to-year basis; such expenses declined as a percent-to-sales from 31 percent in 1990 to 23 percent in 1991. In 1991, the provision for taxes was $532,000 vs. a $314,000 tax credit for the prior year.
 Backlog in 1991 at year-end totalled $19.4 million. Approximately $9.5 million of that total is expected to be recognized in 1992. Backlog totalled $22.2 million at the end of the prior fiscal year.
 INTERNATIONAL TOTALIZATOR SYSTEMS INC.
 Statements of Operations
 (Thousands of dollars, except per share amounts)
 (Unaudited)
 Three months ended 12 months ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues $6,210 ($895) $29,491 $20,723
 Net income (loss) $642 ($3,106) $1,701 ($2,538)
 Earnings per common share $.07 ($.34) $.18 ($.28)
 -0- 2/19/92
 /CONTACT: Karen Patchen of International Totalizator Systems, 619-931-4027/
 (ITSI) CO: International Totalizator Systems Inc. ST: California IN: CPR SU: ERN


JL-EH -- SD004 -- 0264 02/19/92 08:02 EST
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Publication:PR Newswire
Date:Feb 19, 1992
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