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INTERNATIONAL TOTALIZATOR SYSTEMS REPORTS THIRD QUARTER RESULTS

   INTERNATIONAL TOTALIZATOR SYSTEMS REPORTS THIRD QUARTER RESULTS
    CARLSBAD, Calif., Nov. 5 /PRNewswire/ -- International Totalizator Systems Inc.(R)(NASDAQ-NMS: ITSI) posted $50,000 in pre- tax income for the nine-month period ended Sept. 30, 1992.  However, because of the Australian tax rate effecting the company's subsidiary, the nine-month period resulted in a net loss of $134,000, or $.01 per share on $15.9 million in revenue.  For the nine months ended Sept. 30, 1991, the company recorded net income of $1.1 million, or $.11 per share, on $23.2 million in revenue.
    For the three months ended Sept. 30, 1992, the company recorded a net loss of $214,000, or $.03 per share, on $4.7 million in revenue vs. net income of $195,000, or $0.02 per share, on revenues of $6.7 million in the third quarter of 1991.
    The quarterly and year-to-date results reflect a lower level of contract volume throughout those periods combined with the capital- intensive change in the company's business mix.  Influencing the third quarter specifically was an acceleration of costs toward the completion of a new lottery-ticketing terminal and the write-off of $100,000 in project costs related to a potential contract for an off- track wagering system with the state of Connecticut.  The company was informed by state officials in September that negotiations would not result in a contract, but some expenses had already been incurred in anticipation of the company meeting the state's deadline for installation if a contract had resulted.
    Approximately $2 million in orders were booked in the third quarter of 1992, bringing the total year-to-date to nearly $25 million.  Backlog at quarter-end was approximately $14 million, of which, approximately $5 million is expected to be recognized by year end.  Subsequent to the current fiscal year, the company's backlog will not solely be indicative of revenues to be recognized in future periods.  Upon the implementation of new service contracts in the first and second quarters of 1993 in Papua, New Guinea and the Republic of Georgia, respectively, those revenues will be recognized as received on a monthly basis, therefore creating a stream of revenue for the first time in the company's history.
    The company expects to post a marginal profit for its 1992 fiscal year, resulting in two consecutive years of profitability. Preliminarily, the company anticipates to report the results of the fourth quarter and for its fiscal year end in February 1993.
    International Totalizator Systems Inc. trades on the NASDAQ National Market System as ITSI.  The company provides ticket- processing systems and equipment and data-management systems.
               INTERNATIONAL TOTALIZATOR SYSTEMS INC.
                       Statement of Operations
                             (Unaudited)
           (Thousands of dollars except per share amounts)
                          Three months ended    Nine months ended
                             Sept. 30,                Sept. 30,
                          1992        1991         1992      1991
    Revenues            $4,722      $6,787      $15,955    $23,281
    Pre-tax income       ($214)       $195          $50     $1,177
    Net income           ($264)       $213        ($134)    $1,059
    Net income per
     common share        ($.03)       $.02        ($.01)      $.11
    -0-                       11/5/92
    /CONTACT:  Karen Patchen, manager-investor relations of International Totalizator Systems, 619-931-4027/
    (ITSI) CO:  International Totalizator Systems Inc. ST:  California IN:  CPR SU:  ERN BP -- SD004 -- 7730 11/05/92 12:45 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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