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NESTOR REPORTS RESULTS

 NESTOR REPORTS RESULTS
 PROVIDENCE, R.I., MAY 19 /PRNewswire/ -- Nestor, Inc (NASDAQ: NEST)


announced operating results for the third quarter and first nine months of fiscal 1992, ended March 31. Revenues for the quarter rose 55 percent over the comparable period last year to $842,817, and were up 24 percent for the nine months to more than $1.8 million.
 "There have been some important recent developments that shed light on Nestor's revenues and improved operating results for the quarter," stated David Fox, president and chief executive officer. "These revenues represent licensing of new customers and engineering work on existing contracts, all of which are expected to lead to a stream of royalties when our customers introduce new products using our technology. Most encouraging is the fact that three major engineering contracts have been extended by customers on the basis of our technical success. These are Poqet Computer, who is using our NestorWriter(TM) handwriting recognition in their new palm-top, pen-based computer; DARPA, who is funding our development with Intel Corporation of a neural-network chip; and Westinghouse Corporation, who is using NestorReader(TM) intelligent character recognition in a new system for postal applications.
 "In this quarter, revenues from engineering and licensing of NestorReader to systems integrators were large enough to recover almost all of our direct investment in product development during the past nine months. Of the 55 licenses issued to new customers during the first nine months of the fiscal year, 30 were issued during the last quarter. Some of these customers have already introduced new products that read machine- and hand-printed characters on faxes and other documents.
 "Our loss for the quarter was about $240,000, down sharply from the $629,000 loss in the preceding quarter. Nearly $70,000 of the current quarter's loss was attributable to our former subsidiary, NestorEurope, in which we sold our controlling interest to our partner, Dassault Electronique, on March 30, 1992. In the future, we will not be consolidating NestorEurope's results with ours. We believe that our reduced losses and smaller burn rate should contribute to the success of the private placement we began in April."
 All Nestor products are based on the company's proprietary neural- network technology, which operates as adaptive information-processing systems that "learn" from experience. These products can be taught to recognize complex configurations of data, and to interpret patterns.
 NESTOR INC
 Selected Operating Results
 (unaudited)
 Three months ended
 March 31 1992 1991
 Total Revenues $842,817 $544,241
 Net Income (Loss) (241,294) (244,950)
 Net Income (Loss)
 Per Share ($0.04) ($0.04)
 Weighted Average Number
 of Shares Outstanding 6,796,602 6,689,577
 Nine months ended
 March 31 1992 1991
 Total Revenues $1,827,154 $1,477,859
 Net Income (Loss) 1,482,303 (703,179)
 Net Income (Loss)
 Per Share ($0.22) ($0.11)
 Weighted Average Number
 of Shares Outstanding 6,780,024 6,689,398
 -0- 5/19/92
 /CONTACT: David Fox of Nestor, 401-331-9640, or Burton Arkin of Arkin Associates, 212-599-2369, for Nestor/ CO: Nestor Inc. ST: Rhode Island IN: SU: ERN


SH -- NY011 -- 1658 05/19/92 08:57 EDT
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Publication:PR Newswire
Date:May 19, 1992
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