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QUESTECH REPORTS 1992 SECOND QUARTER RESULTS

 QUESTECH REPORTS 1992 SECOND QUARTER RESULTS
 FALLS CHURCH, Va., Aug. 19 /PRNewswire/ -- QuesTech, Inc.


(NASDAQ: QTEC) reported its financial results for the first half of 1992. The company's revenues for six months ended June 30, 1992, were $21.6 million, and $11.0 million for the second quarter of 1992, a 15 percent and 19 percent respective increase compared with the same periods last year.
 Income from continuing operations was $231,200 for the second quarter and $456,400 for the six months ended June 30, 1992. This is a 9 percent reduction from the same six month period in 1991. The company incurred increased legal costs and continued to invest in its long-term marketing program.
 Net earnings for the second quarter and the six months ended June 30, 1992, were $81,000 and $155,000, an 18 percent and 17 percent increase respectively, compared with the same periods in 1991. The increase in net earnings was due to the combined impact of stringent cost controls, revenue growth and interest expense savings made possible by reduced borrowing needs.
 Earnings per share rose to $.10 per share, a $0.02 improvement when compared with the six months ended in 1991.
 Vincent L. Salvatori, chairman and CEO, said: "We are tempering our optimism with extreme caution toward the political uncertainties surrounding the defense contracting environment. So far, the funding for intelligence and R&D programs, in which we specialize, have not been curtailed by the government.
 "We enjoy an excellent reputation with our customers that has developed over the years. We are weathering intense competition and expect it to increase, and we believe the government's present trend to award contracts on 'best value' rather than 'lowest cost' is to the benefit of all."
 QuesTech, Inc., and Subsidiaries
 Condensed Consolidated Balance Sheets
 Assets
 June 30, Dec. 31,
 1992 1991(A)
 (Unaudited)
 Current Assets
 Cash and cash equivalents $ 220,600 $ 540,900
 Accounts receivable 8,139,300 10,375,900
 Inventories 58,200 84,600
 Prepaid expenses and other 332,800 221,400
 Deferred income taxes 474,400 504,300
 Total current assets $ 9,225,300 $11,727,100
 Equipment and Leasehold Improvements
 - at cost less accumulated
 depreciation and amortization
 of $9,068,500 and $8,699,000
 respectively 1,350,800 1,454,600
 Goodwill Less Accumulated
 Amortization of $876,000 and
 $798,700, respectively 2,060,600 2,137,900
 Other Assets 690,200 681,300
 Total Assets $13,326,900 $16,000,900
 Liabilities and Stockholders' Equity
 June, 30, Dec. 31,
 1992 1991(A)
 (Unaudited)
 Current Liabilities
 Line of Credit $ -- $ 707,200
 Current maturities of
 long-term obligations payable 221,500 402,600
 Accounts payable 618,100 1,696,000
 Accrued liabilities 5,466,800 5,862,800
 Income taxes
 Currently payable -- 7,000
 Deferred -- --
 Total current liabilities $ 6,306,400 $ 8,675,600
 Long-Term Obligations 177,800 289,500
 Indebtedness to Related Parties 490,900 648,500
 Subordinated Note 518,300 603,400
 Deferred Rent Credit 1,063,000 1,171,500
 Total Liabilities $ 8,556,400 $11,388,500
 Stockholders' Equity
 Common stock -- authorized
 3,000,000 shares of $.05 par
 value, issued 1,578,000 shares,
 outstanding 1,568,000 shares
 at June 30, 1992, and Dec. 31, 1991 78,900 78,900
 Additional paid in capital 2,722,700 2,722,700
 Retained earnings 1,998,900 1,843,900
 Less Treasury Stock at cost (30,000) (30,000)
 Cumulative translation adjustment -- (3,100)
 Total Stockholders' Equity $ 4,770,500 $ 4,612,400
 Total Liabilities
 and Stockholders' Equity $13,326,900 $16,000,900
 (A) The balance sheet at Dec. 31, 1991 has been derived from the audited financial statements at that date. The accompanying notes are an integral part of these statements.
 Consolidated Statements of Earnings (Unaudited)
 Three Months Ended June 30,
 1992 1991
 Revenues $10,978,100 $ 9,204,600
 Operating expenses
 Salaries, wages and employee benefits 6,506,700 5,862,700
 Other operating expenses 4,240,200 3,031,400
 Total operating expenses $10,746,900 $ 8,894,100
 Income from continuing operations 231,200 310,500
 Other income (expense)
 Interest expense (78,500) (181,300)
 Earnings before income taxes and
 discontinued operations $ 152,700 $ 129,200
 Provision for income taxes 71,700 60,800
 Earnings from continuing operations $ 81,000 $ 68,400
 Discontinued operations -- --
 Net earnings $ 81,000 $ 68,400
 Earnings per share $ 0.05 $ 0.04
 Weighted average number of common
 shares outstanding 1,568,000 1,568,000
 Consolidated Statements of Earnings (Unaudited)
 Six Months Ended June 30,
 1992 1991
 Revenues $21,594,500 $18,734,800
 Operating expenses
 Salaries, wages and employee benefits 12,221,100 11,482,900
 Other operating expenses 8,917,000 6,745,600
 Total operating expenses $21,138,100 $18,228,500
 Income from continuing operations 456,400 506,300
 Other income (expense)
 Interest expense (164,100) (256,600)
 Earnings before income taxes and
 discontinued operations $ 292,300 $ 249,700
 Provision for income taxes 137,300 117,400
 Earnings from continuing operations $ 155,000 $ 132,300
 Discontinued operations -- --
 Net earnings $ 155,000 $ 132,300
 Earnings per share $ 0.10 $ 0.08
 Weighted average number of common
 shares outstanding 1,568,000 1,568,000
 The accompanying notes are an integral part of these statements.
 -0- 8/19/92
 /CONTACT: Vincent L. Salvatori, chairman and CEO, QuesTech, 703-760-1005/
 (QTEC) CO: QuesTech, Inc. ST: Virginia IN: CPR SU: ERN


DS-MP -- DC005 -- 1209 08/19/92 08:35 EDT
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