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QUESTECH REPORTS THIRD QUARTER RESULTS

 FALLS CHURCH, Va., Nov. 19 ~PRNewswire~ -- QuesTech, Inc. (NASDAQ: QTEC) reported financial results for the period ended Sept. 30, 1992. Revenues rose 22 percent to $34,883,400 for the nine-month period and 37 percent to 13,288,900 for the quarter, compared to last year.
 Approximately 89 percent of the revenues were generated by QuesTech Research Division, the company's largest division, which deals primarily with intelligence and R&D contracts. Operating expenses increased at a slightly faster pace than revenues, primarily due to direct costs and B&P expenditures. Nevertheless, the pre-tax earnings for the quarter were $211,700 and for nine months $504,000; increases of 70 percent and 35 percent for the comparative quarters and nine-month periods last year. This was due to reduced interest cost made possible by minimized bank borrowings.
 Earnings per share rose to 17 cents per share, an increase of 3 cents when compared to the nine months ended in 1991.
 Vincent L. Salvatori, chairman and CEO, said: "We are pleased at the continued growth of the company at a time most of the defense industry is downsizing. This growth is a measure of the acceptance of the skills, talents and performance of our people in all areas of the corporation. It was their dedication and teamwork that lead to an increase in profitability. We must be cautious concerning the future because of the uncertainty in the defense contracting environment."
 QUESTECH, INC.
 Consolidated Statements of Earnings (Unaudited)
 Three Months Ended Sept. 30,
 1992 1991
 Revenues $13,288,900 $ 9,725,500
 Operating expenses
 Salaries, wages and employee benefits 5,834,000 5,513,000
 Other operating expenses 7,213,500 4,001,700
 Total operating expenses $13,047,500 $ 9,514,700
 Income from continuing operations 241,400 210,800
 Other income (expense)
 Interest expense (29,700) (86,200)
 Earnings before income taxes $ 211,700 $ 124,600
 Provision for income taxes 99,600 58,500
 Net earnings $ 112,100 $ 66,100
 Earnings per share $ 0.07 $ 0.04
 Weighted average number of common
 shares outstanding 1,568,000 1,568,000
 Consolidated Statements of Earnings (Unaudited)
 Nine Months Ended Sept. 30,
 1992 1991
 Revenues $34,883,400 $28,460,300
 Operating expenses
 Salaries, wages and employee benefits 18,055,100 16,995,900
 Other operating expenses 16,130,500 10,747,300
 Total operating expenses $34,185,600 $27,743,200
 Income from continuing operations 697,800 717,100
 Other income (expense)
 Interest expense (193,800) (342,800)
 Earnings before income taxes $ 504,000 $ 374,300
 Provision for income taxes 236,900 175,900
 Net earnings $ 267,100 $ 198,400
 Earnings per share $ 0.17 $ 0.13
 Weighted average number of common
 shares outstanding 1,568,000 1,568,000
 (A) The accompanying notes are an integral part of these statements.
 QUESTECH, INC., AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 Assets
 Sept. 30, Dec. 31,
 1992 1991(A)
 (Unaudited)
 Current Assets
 Cash and cash equivalents $ 129,300 $ 540,900
 Accounts receivable 9,627,700 10,375,900
 Inventories 58,100 84,600
 Prepaid expenses and other 219,200 221,400
 Deferred income taxes 498,600 504,300
 Total current assets $10,532,900 $11,727,100
 Equipment and Leasehold Improvements
 -- at cost less accumulated
 depreciation and amortization
 of $9,277,600 and $8,699,000,
 respectively 1,232,300 1,454,600
 Goodwill Less Accumulated
 Amortization of $914,600 and
 $798,700, respectively 2,022,000 2,137,900
 Other Assets 659,700 681,300
 Total Assets $14,446,900 $16,000,900
 QUESTECH, INC., AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 Liabilities and Stockholders' Equity
 Sept. 30, Dec. 31,
 1992 1991(A)
 (Unaudited)
 Current Liabilities
 Line of Credit $ -- $ 707,200
 Current maturities of
 long-term obligations payable 207,100 402,600
 Accounts payable 1,745,600 1,696,000
 Accrued liabilities 5,448,600 5,862,800
 Income taxes
 Currently payable 24,700 7,000
 Deferred 99,100 --
 Total current liabilities $ 7,525,100 $ 8,675,600
 Long-Term Obligations 130,300 289,500
 Other Long-Term Obligations 421,000 648,500
 Subordinated Note 479,200 603,400
 Deferred Credits 1,008,700 1,171,500
 Total Liabilities $ 9,564,300 $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 Sept., 30, 1992, and
 Dec. 31, 1991 78,900 78,900
 Additional paid in capital 2,722,700 2,722,700
 Retained earnings 2,111,000 1,843,900
 Less Treasury Stock at cost (30,000) (30,000)
 Cumulative translation adjustment -- (3,100)
 Total Stockholders' Equity $ 4,882,600 $ 4,612,400
 Total Liabilities
 and Stockholders' Equity $14,446,900 $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.
 -0- 11~19~92
 ~CONTACT: Vincent L. Salvatori, chairman and CEO, QuesTech, 703-760-1005~
 (QTEC)


CO: QuesTech, Inc. ST: Virginia IN: CPR SU: ERN

DS -- DC004 -- 2693 11~19~92 08:55 EST
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Date:Nov 19, 1992
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