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KNOWLEDGEWARE REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 1992

 KNOWLEDGEWARE REPORTS FINANCIAL RESULTS
 FOR FOURTH QUARTER AND FISCAL YEAR 1992
 ATLANTA, Aug. 10 /PRNewswire/ -- KnowledgeWare, Inc. (NASDAQ-NMS: KNOW) today reported revenues and net income for the quarter and year ended June 30, 1992.
 Revenues for the fourth quarter of fiscal 1992 were $34,036,000, compared with $40,305,000 reported in the same period last year. Net income for the quarter totaled $2,288,000 or $.19 per share, compared to fiscal 1991 fourth quarter net income of $5,263,000 or $.41 per share. Fourth quarter earnings marked the third consecutive quarter of profitability since the company's loss in the first quarter.
 Revenues for fiscal 1992 were $115,084,000, compared with $124,277,000 in the year-earlier period. Net income was $260,000, or $.02 per share, compared with $15,328,000 or $1.22 per share in fiscal 1991.
 IBM, KnowledgeWare's largest customer, accounted for product license fee revenues of $9,395,000 for the year and $6,975,000 for the quarter ended June 30, 1992, compared to $11,883,000 and $1,844,000 for the corresponding periods in 1991.
 The backlog of product license and professional services contract revenue across a number of KnowledgeWare customers at June 30 was approximately $10 million.
 "We began fiscal year 1992 with considerable challenges," said KnowledgeWare Chairman and CEO Fran Tarkenton. "We have responded to those challenges and demonstrated our ability to make tough decisions. Despite a $0.42 per share loss in the first quarter, we turned the situation around and posted three consecutive profitable quarters, ending the year profitably. The fourth quarter of fiscal 1992 was the second-largest revenue quarter in KnowledgeWare's history. As we look forward to FY 1993, we have an experienced management team, new products and services, and a strong vision for the future of our company.
 "We accomplished a great deal this past year," Tarkenton continued. "We released two new generator products, acquired LTI and Viewpoint adding four market-ready products and two development projects to our portfolio, assimilated technologies from Quinsoft and UDM Technology, invested significantly in the ongoing development of the Application Development Workbench (ADW) product line, established a professional services organization, and distributed a variety of maintenance releases to existing products.
 "In preparation for FY 1993, we have expanded the management team dedicated to supporting our distributors in the international marketplace, established a Silicon Valley development lab so that we can take advantage of the talent in that high technology corridor, and almost doubled the size of our R&D staff," Tarkenton summarized.
 Asked to look ahead to fiscal year 1993, KnowledgeWare President and Chief Operating Officer Donald P. Addington said: "We have worked with more than 4,000 companies since the introduction of our first CASE tool in 1985, and we want to leverage that experience and our understanding of our customers' problems into a broader application development solutions focus. This year we will be emphasizing professional services and development solutions in addition to integrated CASE for new application development.
 "Our Application Development Workbench tools will continue to be our flagship product line and Release 2.7, which we expect to distribute by calendar year end, is rich with new features and functions," said Addington. "Supplementing the existing products, we have announced an Ada generator targeted at the federal government market and the ADW/Maintenance Workstation, both scheduled for release in FY 1993.
 "We see five key areas of focus for FY 1993," Addington continued. "In addition to maintaining our leadership in the I-CASE business and continuing to strengthen our partnership with IBM as we evolve AD/Cycle to meet the needs of our customers, we believe that strong professional services, best-of-breed component tools and services, and strategic partnerships are important building blocks for continued growth."
 KnowledgeWare currently markets and supports more than 24 individual software products 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 fiscal year-end, KnowledgeWare had shipped more than 90,000 products worldwide. KnowledgeWare is a member of the IBM Alliance for AD/Cycle, and is also involved in various technology licensing and development projects with IBM.
 KNOWLEDGEWARE, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except share data) (Unaudited)
 ASSETS 6/30/92 6/30/91
 Current assets:
 Cash and cash equivalents $ 40,125 $ 41,417
 Trade accounts receivable:
 Receivable from related parties 4,636 14,501
 Other, net 20,882 26,670
 Prepaid expenses and other current
 assets 3,166 2,818
 Prepaid income taxes and income
 taxes receivable 3,903 ---
 Deferred income tax benefits 5,208 3,351
 Total current assets 77,920 88,757
 Property and equipment:
 Leasehold improvements 5,208 4,710
 Furniture and fixtures 16,754 13,299
 Computers and related equipment and
 software 20,531 14,942
 Total 42,493 32,951
 Less: accumulated depreciation and
 amortization 15,787 8,673
 Total 26,706 24,278
 Other assets:
 Acquired and developed software, net 23,928 5,353
 Other 627 1,490
 Total 24,555 6,843
 Total $129,181 $119,878
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Trade accounts payable $ 3,888 $ 6,748
 Deferred revenues 25,247 19,997
 Accrued expenses and other current
 liabilities 11,109 8,848
 Accrued compensation and payroll taxes 6,601 5,099
 Commissions payable to related parties 878 1,230
 Income taxes payable --- 3,111
 Total current liabilities 47,723 45,033
 Deferred income taxes 4,616 634
 Shareholders' equity:
 Common stock, without par value --
 100,000,000 shares authorized;
 11,814,545 and 11,658,099 shares
 issued and outstanding in 1992
 and 1991, respectively 50,796 48,425
 Retained earnings 26,046 25,786
 Total shareholders' equity 76,842 74,211
 Total $129,181 $119,878
 KNOWLEDGEWARE, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data) (Unaudited)
 3 mos. ended 6/30/92 6/30/91
 Revenues:
 Software product license $25,493 $33,715
 Service agreement 7,199 4,635
 Consulting, education and other 1,344 1,955
 Total $34,036 $40,305
 Costs and expenses:
 Cost of revenues 3,729 5,110
 Selling and marketing 17,967 18,884
 General and administrative 2,902 4,317
 Research and development 5,403 4,305
 Total 30,001 32,616
 Income (loss) from operations 4,035 7,689
 Interest income (expense), net 349 666
 Income before income taxes 4,384 8,355
 Provision for income taxes 2,096 3,092
 Net income $ 2,288 $ 5,263
 Net income per common share $ .19 $ .41
 Weighted average number of common
 and common equilavent shares
 outstanding 12,305 12,889
 Year ended 6/30/92 6/30/91
 Revenues:
 Software product license $ 81,885 $102,403
 Service agreement 26,147 15,191
 Consulting, education and other 7,052 6,683
 Total 115,084 124,277
 Costs and expenses:
 Cost of revenues 15,305 16,749
 Selling and marketing 64,181 57,474
 General and administrative 15,633 14,552
 Research and development 21,003 13,997
 Total 116,122 102,772
 Income (loss) from operations (1,038) 21,505
 Interest income (expense), net 1,955 2,826
 Income before income taxes 917 24,331
 Provision for income taxes 657 9,003
 Net income $ 260 $ 15,328
 Net income per common share $ .02 $ 1.22
 Weighted average number of common
 and common equilavent shares
 outstanding 12,210 12,547
 -0- 8/10/92
 /CONTACT: Rick Gossett of KnowledgeWare, 404-231-8575, ext. 2138/
 (KNOW) CO: KnowledgeWare, Inc. ST: Georgia IN: CPR SU: ERN


BR-BN -- AT007 -- 8739 08/10/92 18:24 EDT
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