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QUESTECH, INC., REPORTS EARNINGS

 QUESTECH, INC., REPORTS EARNINGS
 FALLS CHURCH, Va., Nov. 15 /PRNewswire/ -- QuesTech, Inc.


(NASDAQ: QTEC), reported a 4 cents per share profit for the quarter just ended. It compares to identical earnings per share from the last quarter and 6 cents per share for the same quarter in 1990. The corporation reported revenues of $9,725,000 for the third quarter, compared to $9,204,600 for the second quarter and $11,572,700 from the third quarter of 1990.
 The chairman and chief executive officer, Vincent L. Salvatori, stated that this is the seventh consecutive quarter of profitability, and even though procurements have been slowed down due to Desert Storm and the failure of Congress to pass the defense bill, QuesTech's funded backlog has increased 40 percent from the same time a year ago.
 QuesTech, Inc., and Subsidiaries
 Condensed Consolidated Balance Sheets
 Assets
 Sept. 30, Dec. 31,
 1991 1990
 (Unaudited) (Note)
 Current Assets
 Cash and cash equivalents $ 158,600 $ 594,000
 Accounts receivable 10,368,000 9,801,800
 Inventories 34,400 54,300
 Prepaid expenses and other 406,400 359,900
 Deferred income taxes 710,800 729,100
 Total current assets $11,678,200 $11,539,100
 Equipment and Leasehold Improvements
 - at cost less accumulated
 depreciation and amortization 1,652,400 2,386,300
 Goodwill Less Accumulated
 Amortization of $760,100 and
 $644,100, respectively 2,176,500 2,292,500
 Other Assets 670,000 668,600
 Total Assets $16,177,100 $16,886,500
 NOTE: The balance sheet at Dec. 31, 1990, has been derived from the audited financial statements at that date.
 Liabilities and Stockholders' Equity
 Sept. 30, Dec. 31,
 1991 1990
 (Unaudited) (Note)
 Current Liabilities
 Line of Credit $ 2,119,800 $ --
 Current maturities of
 long-term obligations payable 446,700 335,900
 Accounts payable 808,000 1,501,800
 Accrued liabilities 4,687,600 5,416,800
 Income taxes
 Currently payable 166,300 912,000
 Deferred -- --
 Total current liabilities $ 8,228,400 $ 8,166,500
 Long-Term Obligations 348,700 383,000
 Other Long-Term Obligations 752,900 1,037,400
 Subordinated Note 645,800 870,000
 Deferred Gain 493,900 768,700
 Deferred Rent Credit 1,202,100 1,352,300
 Total Liabilities $11,671,800 $12,577,900
 Stockholders' Equity
 Common stock -- authorized
 3,000,000 shares of $.05 par
 value, issued 1,578,000 shares,
 outstanding 1,568,000 shares
 at Sept. 30, 1991,
 and Dec. 31, 1990 78,900 78,900
 Additional paid in capital 2,722,700 2,722,700
 Retained earnings 1,738,700 1,540,300
 Less Treasury Stock at cost (30,000) (30,000)
 Cumulative translation adjustment (5,000) (3,300)
 Total Stockholders' Equity $ 4,505,300 $ 4,308,600
 Total Liabilities
 and Stockholders' Equity $16,177,100 $16,886,500
 NOTE: The balance sheet at Dec. 31, 1990, has been derived from the audited financial statements at that date.
 Consolidated Statements of Earnings (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 Restated Restated
 Revenues $9,725,500 $11,572,700 $28,460,300 $37,190,500
 Operating expenses
 Salaries, wages
 and employee
 benefits 5,513,000 6,180,700 16,995,900 20,984,900
 Other operating
 expenses 4,001,700 4,856,700 10,747,300 14,940,600
 Total operating
 expenses $9,514,700 $11,037,400 $27,743,200 $35,925,500
 Income from
 continuing
 operations 210,800 535,300 717,100 1,265,000
 Other income
 (expense)
 Interest expense (86,200) (127,000) (342,800) (591,500)
 Earnings before
 income taxes and
 discontinued
 operations $124,600 $408,300 $374,300 $673,500
 Provision for
 income taxes 58,500 187,800 175,900 309,800
 Earnings from
 continuing
 operations $ 66,100 $220,500 $198,400 $363,700
 Discontinued
 operations -- (133,600) -- (133,600)
 Net earnings $ 66,100 $ 86,900 $198,400 $230,100
 Earnings (loss)
 per share
 From continuing
 operations $0.04 $0.14 $0.13 $0.23
 From discontinued
 operations -- (0.08) -- (0.08)
 Total $0.04 $0.06 $0.13 $0.15
 Weighted average
 number of common
 shares outstanding 1,568,000 1,576,415 1,568,000 1,576,415
 -0- 11/15/91
 /CONTACT: Vincent L. Salvatori, chairman and CEO, QuesTech, Inc., 703-760-1000/
 (QTEC) CO: QuesTech, Inc. ST: Virginia IN: ARO SU: ERN DC -- DC008 -- 1535 11/15/91 12:15 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 15, 1991
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