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SORICON CORP. ANNOUNCES RECORD THIRD QUARTER RESULTS

 Company Reports First Profitable Quarter in History; Nine-Month
 Revenue Up 63 Percent, Surpassing Revenue for All of Fiscal 1992
 BOULDER, Colo., Nov. 15 /PRNewswire/ -- Soricon Corp. (NASDAQ: SRCC, SRCCW), a leading provider of check and document readers, today announced third quarter and nine-month results for the period ended Sept. 30, 1993.
 In its first ever profitable quarter, the company reported net income of $121,000, or 3 cents per share, as compared to a net loss of $192,000, or 31 cents per share, in the comparable quarter a year ago. Revenue for the quarter increased 25 percent to $3,102,000 from $2,490,000 in the third quarter last year.
 On the strength of its third quarter profit, Soricon narrowed its net loss at the nine-month point to $861,000, or 48 cents per share, compared to a net loss of $1,384,000, or $2.20 per share, a year ago. Revenue at nine months increased 63 percent to $5,879,000 from $3,617,000 in the same period last year. The nine-month revenue mark also surpasses the $5,172,000 in revenue Soricon reported for all of fiscal 1992.
 "The management team has worked diligently to implement a strategy that would bring Soricon to profitability," said Neville Vere Nicoll, president. "We're pleased our strategic planning has begun to pay off, and we anticipate a strong fourth quarter followed by continued improvement in our fiscal 1994 financial results." Vere Nicoll said the strong expectations are based on Soricon's growing backlog, which was a record $5,000,000 entering the fourth quarter.
 Soricon Corp. is a fast-growing provider of innovative products to the rapidly expanding transaction automation industry. The company is the U.S. market leader in designing, manufacturing, and marketing check and document readers for retail point-of-sale and financial point-of- transaction applications.
 SORICON CORP.
 Results Recap
 (Thousands except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net revenues $3,102 $2,490 $5,879 $3,617
 Cost of revenues 1,973 2,035 3,660 3,003
 Gross profit 1,129 455 2,219 614
 Research and
 development 266 166 690 525
 SG&A 735 450 2,287 1,413
 Total operating
 expenses 1,001 616 2,977 1,938
 Operating loss 128 (161) (758) (1,324)
 Interest expense, net 7 31 103 60
 Income (loss)
 before taxes 121 (192) (861) (1,384)
 Provision for
 income taxes 0 0 0 0
 Net income (loss) $121 ($192) ($861) ($1,384)
 Net income (loss)
 per share $.03 ($.31) ($.48) ($2.20)
 Shs. used in per
 share calc. 4,064,151 627,781 1,775,555 627,781
 SORICON CORP.
 Balance Sheet Recap
 (Thousands)
 Sept. 30, Dec. 31,
 1993 1992
 Assets
 Cash $273 $255
 Accounts receivable, net 1,893 669
 Inventories, net 2,758 1,340
 Other current assets 123 16
 Total current assets 5,047 2,280
 Total non current assets 1,906 2,002
 Total assets $6,953 $4,282
 Liabilities
 Accounts payable $1,551 $848
 Accrued expenses & other payables 1,268 924
 Notes payable 92 480
 Total current liabilities 2,911 2,252
 Long-term liabilities --- 46
 Total shareholders' equity 4,042 1,984
 Total liabilities &
 shareholders' equity $6,953 $4,282
 -0- 11/15/93
 /CONTACT: David A. Kempf, CFO of Soricon, 303-440-2800; or Beth Lawrence of Pfeiffer Public Relations, 303-393-7044/
 (SRCC)


CO: Soricon Corp. ST: Colorado IN: SU: ERN

LM-LS -- LA010 -- 4205 11/15/93 08:35 EST
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Publication:PR Newswire
Date:Nov 15, 1993
Words:582
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