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INTERNATIONAL TOTALIZATOR SYSTEMS ANNOUNCES RESULTS OF FIRST QUARTER

INTERNATIONAL TOTALIZATOR SYSTEMS ANNOUNCES RESULTS OF FIRST QUARTER
 CARLSBAD, Calif., May 13 /PRNewswire/ -- International Totalizator Systems Inc.(R) (NASDAQ-NMS: ITSI) recorded for the quarter ended March 31, 1992, net income of $14,000 or $.001 per share, on $5 million in revenue, compared to the first quarter of 1991 with net income of $401,000, or $.042 per share, on revenues of $8.7 million.
 The change in revenue from the prior year is largely the result of lower contract volume. Partially offsetting the effects of the lower revenue were reductions in research and development expenses.
 Backlog at March 31, 1992, was approximately $20.6 million, $10.6 million of which is expected to be completed in 1992. Nearly $4.6 million in orders were booked in the first quarter of 1992.
 In the second and third fiscal quarters of 1992, the company anticipates lower revenues associated with the contract volume in those periods. In the next six months, the start-up costs associated with the implementation of a national lottery in Papua, New Guinea, are expected to negatively impact the company's working capital. It is anticipated that revenues generated from the lottery will commence in the latter part of 1992 and continue during the 10-year term of the contract.
 INTERNATIONAL TOTALIZATOR SYSTEMS INC.
 Statement of Operations
 (Unaudited)
 (Thousands of dollars except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $4,957 $8,691
 Income $14 $401
 Earnings per common share $.001 $.042
 International Totalizator Systems Inc. trades on the NASDAQ National Market System as ITSI. The company provides customized ticketing, transaction processing and data management solutions for computerized pari-mutuel wagering, on-line lotteries and automated travel ticket printing.
 -0- 5/13/92 R
 /CONTACT: Karen Patchen of International Totalizator Systems, 619-931-4027/
 (ITSI) CO: International Totalizator Systems Inc. ST: California IN: CPR SU: ERN


DM-JL -- SD001 -- 9513 05/13/92 09:11 EDT
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Date:May 13, 1992
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