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SCIENTIFIC SOFTWARE-INTERCOMP INC. REPORTS RESULTS

 SCIENTIFIC SOFTWARE-INTERCOMP INC. REPORTS RESULTS
 DENVER, April 16 /PRNewswire/ -- Scientific Software-Intercomp


Inc. (NASDAQ: SSFT) today announced revenues of $25,021,000 and a net income of $1,074,000, or $0.23 per share, for the year ended Dec. 31, 1991. The 1991 revenues represent a 27 percent increase over revenues of $19,775,000 reported for the previous year, when the company reported a net loss of $7,009,000, or $1.87 per share.
 Dr. E.A. Breitenbach, chairman of the Denver-based provider of proprietary software and consulting services, described 1991 as the first year of reversal of the company's previous three-year trend of decreases in total revenues. He noted that this major improvement in both revenue and profitability was attributable to the first significant contribution to revenues of the company's new product, Sammi, and to a lesser extent, the Petroleum WorkBench, as well as increased demand for the company's traditional products and services, which were significantly enhanced over the last two years. Breitenbach indicated that license and maintenance revenues from the company's products increased 62 percent in 1991 and consulting and training revenues increased by 8 percent. In addition, he said that the company's backlog has continued to increase to a total backlog of approximately $11.9 million at the end of 1991 as compared to $9.7 million at the end of 1990.
 As part of the company's policy of adopting revenue recognition practices consistent with current developments in the software industry, the company began accounting in 1991 for combined software and service contracts as a single contract resulting in a constant gross margin over the term of the contract. As a result in the change of accounting, net income for 1991 was decreased by $746,000 or $.16 per share.
 Breitenbach also pointed out that the company continues to recover from cash flow difficulties that occurred in the first half of 1991 due to cash flow from operations being less than required expenditures for development and research in new products and development of marketing staff. Breitenbach said that while the period of economic difficulty is not over, the company believes that operating cash flow will continue to improve and that necessary debt or equity financing will be available to the company.
 Finally, Breitenbach said that the company expects increases in revenue and profitability during 1992 to be fueled by the company's new products and continued solid performance in the company's traditional products and services.
 Scientific Software-Intercomp Inc. has major offices in Denver, Houston, Calgary, Alberta, and London, with smaller offices in Santa Clara, Calif., Dallas, Boston, Caracas, Venezuela and Cairo, Egypt.
 SCIENTIFIC SOFTWARE-INTERCOMP INC.
 Consolidated Statement of Operations
 (In thousands, except per share amount)
 For the Year Ended
 Dec. 31,
 1991 1990
 Revenues $25,021 $19,775
 Costs and expenses 23,013 25,112
 Income (loss) from
 operations 2,008 (5,337)
 Other income
 (expense), net (635) (1,247)
 Income (loss) before
 income taxes 1,373 (6,584)
 Income taxes 299 425
 Net income (loss) $1,074 ($7,009)
 Income (loss) per share $0.23 ($1.87)
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 For the Years Ended,
 1991 1990
 Current assets:
 Cash and cash equivalents $509 $262
 Other current assets 11,644 9,556
 Total current assets 12,153 9,818
 Software, net 24,134 19,808
 Property & equipment, net 1,655 1,866
 Other assets 1,473 984
 Total $39,415 $32,476
 Current liabilities:
 Notes payable to bank $3,960 $1,765
 Other current liabilities 13,149 10,679
 Total current liabilities 17,109 12,444
 Long-term obligations 2,490 3,054
 Redeemable preferred stock 4,000 3,000
 Stockholders' equity 15,816 13,978
 Total $39,415 $32,476
 -0- 4/16/92
 /CONTACT: R.J. Hottovy of Scientific Software-Intercomp, 303-292-1111/
 (SSFT) CO: Scientific Software-Intercomp Inc. ST: Colorado IN: CPR SU: ERN


AL-DM -- LA022 -- 9393 04/16/92 14:45 EDT
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Date:Apr 16, 1992
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