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IRT ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER, FISCAL 1992

 IRT ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER, FISCAL 1992
 SAN DIEGO, Feb. 4 /PRNewswire/ -- IRT Corp. (AMEX: IX) today announced record revenues of $5.7 million and earnings from operations of $141,000 for the third quarter of fiscal 1992, ended Dec. 29, 1991. After preferred dividends, net income was $73,000 or 1 cent per share. By comparison, IRT reported revenues of $4.7 million and earnings from operations of $107,000 in the third quarter of fiscal 1991. After preferred dividends, net income was $38,000, or 1 cent per share, in that period.
 For the first nine months of fiscal 1992, IRT's revenues totaled $14.9 million, with a loss from operations of $525,000. After preferred dividends, the company reported a loss of $732,000, or 14 cents per share. In the first nine months of fiscal 1991, the company's revenues totaled $15.0 million, with earnings from operations of $475,000. After preferred dividends, net income was $318,000, or 6 cents per share, for the first nine months of fiscal 1991.
 IRT's backlog at the end of the third quarter of fiscal 1992 was $4,478,000. This compares with backlog of $3,675,000 at the end of the second quarter of fiscal 1992 and $5,632,000 at the end of the third quarter of fiscal 1991.
 "After a difficult first quarter, IRT's financial results have steadily improved throughout fiscal 1992," said Clifford V. Brokaw, chairman of the board. "Third quarter revenue was a company record, exceeding the previous quarter's revenue by over 10 percent. We were also delighted to return to profitable operations." Brokaw also stated that, while the third quarter's operating performance represented a significant improvement over prior quarters, earnings from operations had been adversely impacted by large one-time expenditures associated with the search for a new president and his relocation to San Diego.
 Headquartered in San Diego, IRT Corp. is a major supplier of industrial real-time X-ray systems, with more than 500 systems installed, and is the technology leader in automated X-ray inspection systems with computerized defect recognition capability. The company develops and manufactures inspection and process monitoring systems, including integrated systems for aerospace, automotive, electronics and ordnance applications. IRT also operates a commercial radiation processing facility that provides high energy electron beam processing for many commercial applications. The company's newest line of business is the SECURE(TM) 1000, a security scanning system used to detect concealed metallic and nonmetallic objects on individuals.
 IRT CORP.
 Results of Third Quarter of Fiscal Years 1992 and 1991
 Ended Dec. 29, 1991 and Dec. 30, 1990
 (000s Omitted)
 Third quarter Fiscal year-to-date
 FY 1992 FY1991 FY 1992 FY 1991
 Revenues $5,701 $4,683 $14,911 $15,038
 Cost of
 revenues 2,820 2,225 7,709 7,596
 Gross margin 2,881 2,458 7,202 7,442
 Operating
 expense 2,542 2,158 7,141 6,415
 Operating income
 (loss) before
 interest and
 other expense 339 300 61 1,027
 Interest expense 203 157 619 497
 Other (income)/
 expense (5) 36 (33) 55
 Net income (loss)
 before dividend $141 $107 ($525) ($475)
 Preferred dividend 68 69 207 157
 Net income (loss)
 applicable to
 common share-
 holders $73 $38 ($732) $318
 Per share net
 income (loss) $0.01 $0.01 ($0.14) $0.06
 Weighted average
 shares out-
 standing 5,332,034 5,296,441 5,296,441 5,296,384
 -0- 2/4/92
 /CONTACT: Vicki L. Foote of IRT, 619-450-4343, ext. 402/
 (IX) CO: IRT Corp. ST: California IN: SU: ERN


KJ-JL -- SD001 -- 6545 02/04/92 09:31 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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