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IRT CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER, FISCAL 1993

 SAN DIEGO, Feb. 17 /PRNewswire/ -- IRT Corporation (AMEX: IX) today announced revenues from continuing operations of $4.7 million, and after tax income of $305,000 for the third quarter of fiscal year 1993, ended Jan. 3, 1993. After preferred dividend, net income for the company's common shareholders was $240,000, or 4 cents per share for the third quarter in fiscal 1993 from $72,000, or 1 cent per share for the same period a year ago. Revenues from continuing operations for the third quarter of fiscal 1992 were $5.2 million.
 For the first nine months of fiscal 1993, IRT's revenues from continuing operations totaled $13.2 million, with after tax income of $805,000. After preferred dividend, net income for the company's common shareholders was $610,000, or 11 cents per share, compared to a net loss of $733,000, or 14 cents per share for the same period a year ago. In the first nine months of fiscal 1992, the company's revenues from continuing operations totaled $12.5 million.
 The financial results for fiscal 1992 have been restated to reflect the discontinued operations.
 IRT's order backlog at the end of the third quarter of fiscal 1993 was $5.7 million, as compared to backlog at the end of the last quarter of $2.6 million, and backlog at the end of the third quarter of last fiscal year of $4.0 million.
 "We are pleased with our third consecutive quarter of increasing profits and solid net income," said Peter W. Sognefest, president and CEO. "We are confident that IRT has the momentum for sustained growth."
 In addition to the healthy backlog level, Mr. Sognefest mentioned some other factors that give him optimism for fiscal 1994 which begins April 1, 1993:
 -- At the recent NEPCON (National Electronics Packaging Conference) West '93 tradeshow in Anaheim last week, IRT's first public demonstration of its latest advanced x-ray machine-vision systems for electronics inspection (the CXI-3600 and CXI-5600) were greeted with enthusiasm by IRT's growing list of blue-chip customers.
 -- The SECURE(TM) personnel scanner line, which received its first quantity order and was issued a patent for its technology in January 1993, will make its initial revenue contribution early next year.
 -- The significant strategic investments and operating improvements of the current year will likely continue to yield positive results.
 The company also reported that it is exploring ways to raise additional capital to address working capital and bank loan pressures and fund its future growth. The company stated that it is presently in violation of certain of the financial covenant and principal repayment provisions of its loan agreements, but its senior lender has allowed IRT to continue borrowing under its secured line-of-credit. While no assurances can be offered that the parties can reach a mutually acceptable agreement, the company reported that it has entered into discussions with its lenders concerning the waiver of defaults and/or the amendment of loan provisions to allow IRT the opportunity to raise additional capital and regain compliance with its agreements.
 IRT's state-of-the-art x-ray systems and radiation services serve three growing markets:
 -- Manufacturing Inspection (automated process control and quality assurance inspection for miniaturized integrated circuits and circuit board assemblies, and airbag components).
 -- Radiation Processing (principal medical products sterilization, gemstone colorization and semiconductor enhancement).
 -- Security Systems (personnel scanners which detect metallic and non-metallic objects; i.e., plastic explosives, weapons and drugs).
 Major customers include Delco Electronics (General Motors), IBM, NEC, Eli Lilly, Northern Telecom and Siemens.
 IRT CORPORATION
 Summary Results of Third Quarter and First Nine Months
 of Fiscal Years 1993 and 1992
 Ended Jan. 3, 1993 and Dec. 29, 1991
 FY 1993 FY 1992
 Third Quarter Ended 1/3/93 and 12/29/91
 Revenues $4,693,000 $5,178,000
 Income (loss) after provision
 for taxes from continuing operations 305,000 542,000
 Income (loss) from discontinued opers. -- (401,000)
 Net income (loss) before preferred div. 305,000 141,000
 Weighted average shares outstanding 5,590,365 5,332,034
 Net income (loss) per common share $.04 $.01
 Nine Months Ended 1/3/93 and 12/29/91
 Revenues $13,221,000 $12,552,000
 Income (loss) after provision
 for taxes from continuing operations 805,000 1,139,000
 Income (loss) from discontinued opers. -- (1,664,000)
 Net income (loss) before preferred div. 805,000 (525,000)
 Weighted average shares outstanding 5,536,348 5,296,411
 Net income (loss) per common share $.11 $(.14)
 NOTE: Results for fiscal 1992 have been restated to reflect the discontinuation of the company's standard manual systems business.
 IRT CORPORATION
 Detailed Results of Third Quarter and First Nine Months
 of Fiscal Years 1993 and 1992
 Ended Jan. 3, 1993 and Dec. 29, 1991
 (000's Omitted)
 Third Quarter Fiscal Year to Date
 FY 1993 FY 1992 FY 1993 FY 1992
 Revenues $4,693 $5,178 $13,221 $12,552
 Cost of revenues 2,240 2,403 5,906 5,678
 Gross margin 2,453 2,775 7,315 6,874
 Operating expense 1,797 2,054 5,566 5,252
 Operating income (loss) from
 continuing operations 656 722 1,749 1,622
 Interest expense 180 184 592 516
 Other (income/expense) 12 (4) 35 (33)
 Income (loss) from continuing
 opers. bef. provs. for taxes 464 542 1,122 1,139
 Provisions for taxes 159 -- 317 --
 Inc. (loss) from discont. opers. -- (401) -- (1,664)
 Net inc. (loss) bef. pfd. div. 305 141 805 (525)
 Div. requirement on pfd. stock 65 69 195 208
 Net income (loss) applicable to
 common shareholder 240 (72) 610 (733)
 Net income (loss) per com. shr.:
 Continuing operations $0.04 $0.09 $0.11 $0.17
 Discontinued operations -- (0.08) -- (0.31)
 Net inc. (loss) per com. shr. 0.04 0.01 0.11 (0.14)
 Weighted average shares
 outstanding 5,590,365 5,332,034 5,536,348 5,296,441
 NOTE: Results for fiscal 1992 have been restated to reflect the discontinuation of the company's standard manual systems business.
 -0- 2/17/93
 /CONTACT: Robert S. Gruber, consultant, 212-628-2554, or Kathleen E. Terry, 619-622-8800, both for IRT Corporation/
 (IX)


CO: IRT Corporation ST: California IN: SU: ERN

PS -- NY012 -- 7164 02/17/93 09:07 EST
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Date:Feb 17, 1993
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