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 TORONTO, Nov. 22 /PRNewswire/ -- Promis Systems Corporation Ltd. (TSE: PSW) today announced its third quarter results. Promis Systems reports in U.S. dollars.
 For the third quarter ended Sept.30, 1993, the company reported revenues of $4.5 million, an increase of 45.5 percent over last year's third quarter revenues of $3.1 million. However, the company incurred losses of $860,000 ($0.17 per share) compared to 1992's third quarter loss of $78,000 ($0.08 per share). For the nine months ended Sept. 30, 1993, revenues of $11.2 million increased 16.5 percent over last year's nine months revenues of $9.6 million. Loss for the nine months ended Sept.30, 1993, was $2.0 million ($0.39 per share) compared to a modest profit of $66,000 ($0.07 per share) during the same period in 1992. The nine months results include the operations of the company's subsidiary Palette Systems Corporation, acquired in the second quarter, as well as the amortization of the goodwill and intangible properties associated with this purchase.
 Revenues were higher during the quarter compared to last year. However, the company continued to experience longer cycles in selling to new industry sectors. Of particular note is the uncertain climate in the pharmaceutical industry as a result of government initiatives to contain costs in the health care industries in the United States and certain European countries. The company was fortunate in the third quarter to secure more than US$2 million in important new orders from Apple Computer Inc., Siemens Pacesetter Inc., Fujitsu, Digital Equipment Corporation and BTR Sensym. The Apple, Siemens Pacesetter and Digital orders reflect continuing success in the company's strategy to diversify its market base.
 "Results for the third quarter were impacted by longer than expected sales cycles in the new targeted industry sectors, as well as increased spending to maintain and enhance the existing product line and the cost of increased engineering development efforts," said Elliot Wassarman, president and chief executive officer. "We are encouraged by the size of the company's qualified sales pipeline, which now stands at $42 million, compared to $31 million at June 30. The majority of prospects are in new industry sectors, reflecting the early success of a key corporate strategy."
 On Nov. 3, 1993, the company concluded the purchase of the MADEMA(TM), a leading-edge technology in the finite scheduling software market. This new product suite, which will be marketed by the company both as an integrated and point solution, will complement and expand the Promis product offering.
 The revenues for the nine months ended Sept. 30, 1993, are ahead of last year's results by 16.5 percent as they include revenues of the PALETTE(R) product for the last two quarters since acquisition. While revenues were higher than last year, they were not sufficient to absorb the increased expenses committed earlier to support the product and market expansion thrust.
 Since its formation, Promis Systems Corporation Ltd. has become a predominant supplier of plant floor management software and manufacturing execution systems. Currently, more than 1,200 PROMIS and PALETTE software modules are installed in 17 countries at over 180 leading manufacturing sites. The company's PROMIS, PALETTE and MADEMA software helps businesses solve manufacturing challenges including time to market, quality, regulatory compliance, competitiveness, productivity and customer service. The company is headquartered in Toronto with 21 sales and support locations throughout North America, Europe and Asia.
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 /NOTE TO EDITORS: When referring to the companies, use Promis Systems Corporation, Promis, Palette Systems Corporation or Palette (initial cap only). When referring to the products, use PROMIS, PALETTE or MADEMA in all caps. PROMIS, PALETTE and MADEMA are registered trade- marks or trade-marks of Promis Systems Corporation Ltd. All other trademarks are those of their respective owners./
 /CONTACT: Elliot Wassarman, president and chief executive officer of Promis Systems Corp. Ltd., 416-960-0960/

CO: Promis Systems Corporation Ltd. ST: Ontario IN: CPR SU: ERN

PS -- NY052 -- 4630 11/22/93 12:26 EST
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Publication:PR Newswire
Date:Nov 22, 1993

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