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SORICON CORP. REPORTS 1992 RESULTS

 BOULDER, Colo., April 1 /PRNewswire/ -- Soricon Corp. (NASDAQ: SRCC, SRCCW) today announced 1992 financial results.
 The company had revenues of $5,172,246 for the year ended Dec. 31, 1992, an increase of 62 percent from 1991 revenues of $3,197,046.
 The increase was because of the increased sales of the company's check and document reader products to major retail stores, including Target Stores, Safeway Stores, Ames Department Stores and Nordstrom Inc.
 However, net loss for the year was $3,051,593, or $3.75 per share, compared to a net loss of $2,748,494, or $5.10 per share, for the same period in 1991. Per share calculations were based on weighted average common and equivalent shares of 813,971 for 1992 and 539,128 for 1991.
 Contributing to the net loss were approximately $1.1 million of charges relating to inventory adjustments, warranty reserves, expensing Velocity PLUS(TM) software development costs (as opposed to capitalizing over a period of years), and write-offs of capitalized assets and software costs relating to Soricon's development of a magnetic check reader. The product development was discontinued last year after the company acquired a magnetic CheckReader(TM) product line from Fargo Electronics Inc. of Eden Prairie, Minn. No additional write-offs are expected in 1993.
 "Retailers in the United States accept approximately $6.6 billion in uncollectible or fraudulent checks each year. Check verification using a data base of customer payment histories empowers retailers to turn down high-risk payments and reduce losses. Soricon's check readers will be in strong demand as more and more businesses realize the economic benefits of reducing these losses," said Neville Vere Nicoll, president of Soricon.
 "As a result of retailers' growing interest in Soricon's point- of-sale check verification products and the acquisition of the CheckReader(TM) product line, the company is poised for significant growth in 1993," he added.
 Based in Boulder, Soricon Corp. is a leading supplier of check verification products. The current primary markets for the company's products are point-of-sale check verification for retailers, check and document processing for banks at the teller window and other businesses which process large numbers of documents, such as postal services, utility companies and other public agencies.
 -0- 4/1/93
 /CONTACT: Shirley Thompson, president of Carl Thompson Associates, 303-494-5472, for Soricon/
 (SRCC SRCCW)


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

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Publication:PR Newswire
Date:Apr 1, 1993
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