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IRT TO RELOCATE HEADQUARTERS; SAVES $800,000 PER YEAR; MOVE TO NEW BUILDING IMPROVES COST, SPACE AND TIME EFFICIENCIES

 IRT TO RELOCATE HEADQUARTERS; SAVES $800,000 PER YEAR;
 MOVE TO NEW BUILDING IMPROVES COST, SPACE AND TIME EFFICIENCIES
 SAN DIEGO, Aug. 26 /PRNewswire/ -- IRT Corp. (AMEX: IX) today announced it has signed a five-year lease agreement with Manufacturers Life Insurance Co. for its new headquarters at 6020 Cornerstone Court in Sorrento Mesa. IRT will combine its corporate departments at the new facility by early October 1992. The new building is considerably closer to IRT's manufacturing and radiation processing units.
 "I'm pleased we were able to complete the company's objective of moving to more cost-effective space, which will dramatically decrease the company's annual cash expenditures for rent by approximately $800,000, beginning in December 1992," said Peter W. Sognefest, president and chief executive officer. "The expense reduction on the financial statements, however, on an ongoing basis will be $400,000 per year. The P&L improvement is less than the cash flow improvement because the company had a deferred gain that was being amortized over the life of the previous lease."
 IRT's main offices were moved to the Torrey Pines area of San Diego in the early 1980s when the company's business was providing custom inspection systems, neutron radiography and radiation effects analysis and testing services, primarily to agencies of the federal government.
 "In the past six years, we have refocused IRT to provide top commercial, Fortune 50 companies with advanced process control and inspection systems for their production lines and with commercial radiation processing services," said Clifford V. Brokaw III, chairman. "The current environment forces us to seek the most productivity and value for each dollar. This substantial move is representative of that philosophy in every way."
 IRT makes computerized x-ray machine-vision systems used for manufacturing inspection and security and offers radiation processing services for commercial applications. The company is based in San Diego.
 -0- 8/26/92
 /CONTACT: Catherine Boyle, 619-450-4343, ext. 430, or Kathleen Terry, 619-450-4343, ext. 323, both of IRT/
 (IX) CO: IRT Corp. ST: California IN: CPR SU:


BP-KJ -- SD001 -- 3380 08/26/92 10:32 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
Words:342
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