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KNOWLEDGEWARE ANNOUNCES THIRD QUARTER RESULTS

 KNOWLEDGEWARE ANNOUNCES THIRD QUARTER RESULTS
 ATLANTA, April 27 /PRNewswire/ -- KnowledgeWare, Inc.


(NASDAQ-NMS: KNOW) today announced financial results for the quarter ended March 31.
 Revenues for the quarter totaled $26,803,000 and net income was $1,509,000, or $.12 per share. This compares with revenues of $30,797,000 and net income of $4,399,000 or $.35 per share reported in the third quarter of fiscal 1991. In the second quarter of fiscal 1992, the company reported net income of $1,335,000 or $.11 per share.
 For the nine months ended March 31, the company reported revenues of $81,048,000 and a net loss of $2,028,000 or $.17 per share, primarily due to a net loss of $4,872,000 or $.42 per share recorded in the quarter ended Sept. 30, 1991. For the first nine months of fiscal 1991, revenues totaled $83,972,000 and net income was $10,065,000 or $.81 per share.
 KnowledgeWare Chairman and Chief Executive Officer Francis A. Tarkenton said the company's profitability in the third quarter of fiscal 1992 was primarily the result of expense reduction programs implemented during the previous quarter. "Although sales are down from second quarter, we remained profitable due to prudent expense management, which will also enable us to take advantage of economic recovery as it occurs."
 KnowledgeWare President and Chief Operating Officer Donald P. Addington said he was enthusiastic about the company's new products announced during the third quarter. "This quarter has been very busy for KnowledgeWare. We hosted 1,600 attendees from 32 countries at the fifth annual International User Conference, where we made several significant product announcements.
 "The Construction Workstation - GUI, scheduled for release fourth quarter, is a new product which will address several major trends in application development -- graphical user interfaces for client/server and cooperative processing. We also announced our redevelopment strategy, KnowledgeWare's answer to the market's need to maintain and enhance existing legacy applications.
 "Demonstrations of the 2.7 version of the Application Development Workbench(R) (ADW)(TM), currently in beta testing, illustrated the increased functionality for our integrated CASE products. We are optimistic about these products based on initial customer response."
 KnowledgeWare develops, markets and supports computer-aided software engineering (CASE) tools for use by information systems development professionals. KnowledgeWare markets its products from field sales and support offices throughout the United States and through international distributors in 32 countries. At third quarter end, KnowledgeWare had shipped more than 80,000 products worldwide. KnowledgeWare is a member of the IBM(R) Alliance for AD/Cycle(TM), and is also involved in various technology licensing and joint development projects with IBM.
 KNOWLEDGEWARE, INC.
 Condensed Consolidated Balance Sheets
 (In thousands, except share data) (Unaudited)
 ASSETS 3/31/92 6/30/91
 Current assets:
 Cash and cash equivalents $ 35,475 $ 41,417
 Trade accounts receivable:
 Receivable from related parties 4,493 14,501
 Other, net 17,292 26,670
 Inventories 925 1,913
 Prepaid expenses and other current
 assets 2,229 905
 Prepaid income taxes 4,655 ---
 Deferred income tax benefits 3,351 3,351
 Total current assets 68,420 88,757
 Property and equipment:
 Leasehold improvements 5,230 4,710
 Furniture and fixtures 16,846 13,299
 Computers and related equipment
 and software 18,798 14,942
 Total 40,874 32,951
 Less: accumulated depreciation and
 amortization 13,577 8,673
 Total 27,297 24,278
 Other assets:
 Acquired and developed software, net 16,819 5,353
 Other 607 1,490
 Total 17,426 6,843
 Total $113,143 $119,878
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Trade accounts payable $ 2,630 $ 6,748
 Deferred revenues 22,036 19,997
 Accrued expenses 10,225 8,848
 Accrued compensation and payroll taxes 3,351 5,099
 Commissions payable to related parties 799 1,230
 Income taxes payable --- 3,111
 Total current liabilities 39,041 45,033
 Deferred income taxes 634 634
 Shareholders' equity:
 Common stock, without par value --
 100,000,000 shares authorized;
 11,807,293 and 11,658,099 shares
 issued and outstanding on March 31,
 1992, and June 30, 1991, respectively 49,710 48,425
 Retained earnings 23,758 25,786
 Total shareholders' equity 73,468 74,211
 Total $113,143 $119,878
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data) (Unaudited)
 3 mos. ended 3/31/92 3/31/91
 Revenues:
 Software product license $18,001 $24,650
 Service agreement 7,034 4,076
 Consulting and education 1,760 1,699
 Product development agreement 8 372
 Total 26,803 30,797
 Costs and expenses:
 Cost of revenues 3,409 3,546
 Selling and marketing 13,244 13,762
 General and administrative 2,878 3,769
 Research and development 5,047 3,448
 Total 24,578 24,525
 Income (loss) from operations 2,225 6,272
 Interest income (expense), net 313 711
 Income (loss) before income taxes 2,538 6,983
 Provision (credit) for income taxes 1,029 2,584
 Net income (loss) $ 1,509 $ 4,399
 Net income (loss) per common share $ .12 $ .35
 Weighted average number of common
 and common equilavent shares
 outstanding 12,504 12,482
 9 mos. ended 3/31/92 3/31/91
 Revenues:
 Software product license $56,392 $68,688
 Service agreement 18,948 10,556
 Consulting and education 5,562 3,986
 Product development agreement 146 742
 Total 81,048 83,972
 Costs and expenses:
 Cost of revenues 11,576 12,220
 Selling and marketing 46,214 38,590
 General and administrative 12,731 10,235
 Research and development 15,600 9,111
 Total 86,121 70,156
 Income (loss) from operations (5,073) 13,816
 Interest income (expense), net 1,606 2,160
 Income (loss) before income taxes (3,467) 15,976
 Provision (credit) for income taxes (1,439) 5,911
 Net income (loss) $(2,028) $10,065
 Net income (loss) per common share $ (.17) $ .81
 Weighted average number of common
 and common equilavent shares
 outstanding 12,178 12,433
 -0- 4/27/91
 /CONTACT: Rick Gossett of KnowledgeWare, 404-231-8575/
 (KNOW) CO: KnowledgeWare, Inc. ST: Georgia IN: CPR SU: ERN


BN-EA -- AT016 -- 3452 04/27/92 18:16 EDT
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