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PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1993 THIRD QUARTER RESULTS

 MINNEAPOLIS, Aug. 19 /PRNewswire/ -- Pattern Processing Technologies, Inc. (NASDAQ: PPRO) (PPT) today reported a net profit of $51,468, or 2 cents per share on revenues of $1,422,698 for the third quarter ended July 31, 1993. In the third quarter of fiscal year 1992, the company reported a net loss of $71,093, or 4 cents per share on revenues of $773,590.
 Total revenues for the nine months ended July 31, 1993 were $3,883,991 compared with $3,015,242 in the nine months ended July 31, 1992, an increase of 28 percent. The net profit for the nine- month period ended July 31, 1993 was $66,362 or 3 cents per share compared with a net profit of $210,446 or 11 cents per share in the nine-month period ended July 31, 1992.
 The third quarter revenue results represented record unit sales of 41 vision systems to 21 different customers, including 6 new customers. This is an increase in comparison with 19 vision systems sold in the prior years' third quarter. The company has now sold 485 vision systems since its inception in 1982.
 Although revenue results for the nine months ended July 31, 1993 are ahead of the prior years, and the company continues to experience positive customer acceptance of its Vision Process Controller (VPC) product line, the machine vision industry, while clearly growing, is intensely competitive and continues to be characterized by long-selling cycles and difficulty in projecting the specific time frames of future orders. As such, the company believes that it is reasonable to expect results to fluctuate on a quarter-to-quarter basis, while results on an annual basis are expected to continue to improve.
 Pattern Processing Technologies, Inc. designs, manufactures, markets and integrates machine vision-based automated inspection systems for manufacturing applications such as electronic and mechanical assembly verification, character verification, packaging integrity, surface flaw detection, and gauging and measurement tasks.
 Pattern Processing Technologies, Inc.'s common stock is traded on the NASDAQ system under the symbol PPRO.
 PATTERN PROCESSING TECHNOLOGIES, INC.
 Selected Financial Information
 (Unaudited)
 CONDENSED BALANCE SHEET 7/31/93 10/31/92
 ASSETS (Unaudited)
 Cash, equivalents and short
 term investments $1,048,382 $376,229
 Accounts receivable (net) 1,384,347 976,937
 Inventories 761,975 605,172
 Other current assets 14,049 67,458
 Total Current Assets 3,208,753 2,025,796
 Fixed assets (net) 273,477 278,522
 Other assets (net) 60,293 65,900
 Total Assets $3,542,523 $2,370,218
 LIABILITIES AND EQUITY
 Current liabilities $557,145 $523,760
 Long-term liabilities 13,640 13,640
 Preferred stock 280,328 475,342
 Common stock 213,127 175,439
 Capital in excess of par value 10,892,364 9,632,480
 Accumulated (deficit) (8,384,081) (8,450,443)
 Total equity 3,001,738 1,832,818
 Total liabilities and equity $3,572,523 $2,370,218
 CONDENSED STATEMENT OF OPERATIONS
 Third Quarter Ended Year-to-Date Ended
 7/31/93 7/31/92 7/31/93 7/31/92
 Total revenues $1,422,698 $773,590 $3,883,991 $3,015,242
 Cost of sales 636,005 338,767 1,715,104 1,322,751
 Gross margin 786,693 434,823 2,168,887 1,692,491
 Operating expenses 741,151 508,520 2,111,324 1,523,736
 Profit (loss)
 from operations 45,542 (73,697) 57,563 168,755
 Interest income 4,426 1,104 6,900 6,152
 Other income/expense 1,500 1,500 1,899 35,539
 Net profit/(loss) $51,468 $(71,093) $66,362 $210,446
 Earnings/(loss) per share $0.02 $(0.04) $0.03 $0.11
 Shares outstanding 2,264,139 1,743,971 2,321,780 1,927,808
 -0- 8/19/93
 /CONTACT: Joseph C. Christenson, president of Pattern Processing, 612-942-5747 or (fax) 612-942-5752/
 (PPRO)


CO: Pattern Processing Technologies, Inc. ST: Minnesota IN: SU: ERN

AL-DB -- MN006 -- 4271 08/19/93 11:07 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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