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STATE OF THE ART INC. CONTINUES EARNINGS INCREASES WITH 50 PERCENT GAIN IN FIRST QUARTER

 STATE OF THE ART INC. CONTINUES EARNINGS INCREASES
 WITH 50 PERCENT GAIN IN FIRST QUARTER
 IRVINE, Calif., April 15 /PRNewswire/ -- Accounting software developer State Of The Art Inc. (NASDAQ: SOTA) today reported that net income for the three months ended March 31, 1992, increased 50 percent to $1,215,000, equal to $0.13 per share, compared with $810,000, or $0.10 per share, in the first quarter of the previous year. Revenue for the same period increased 28 percent to $4,702,000 for the quarter, while pre-tax income increased 51 percent reaching $2,008,000, representing a 43 percent pre-tax profit.
 "Our increase in revenue this quarter reflects continued growth in virtually every revenue category as well as both of our distribution channels," said David S. Samuels, chairman and chief executive officer. "Most exciting, however, is the fact that new Authorized Reseller and Software Consultant relationships increased 91 percent this quarter when compared to the first quarter last year, indicating a continued and strengthening interest in our company's products and services."
 The release of the company's 15th M-A-S 90(R) EVOLUTION/2(TM) accounting software module -- Point of Sale, for retail businesses, contributed only slightly to standard product sales during the quarter as it began shipping during the last week of March.
 The company's common stock outstanding increased 20 percent over the prior year due to the successful completion of an initial public offering of 3,450,000 shares of common stock at an initial public offering price at $9 per share on May 23, 1991. State Of The Art's stock closed at $14 per share on Tuesday, April 14.
 Founded in 1981, State Of The Art develops and markets high-end accounting software for microcomputers. The company's product line, M-A-S 90 EVOLUTION/2, can be integrated into a comprehensive accounting solution for virtually any size or type of business and is available in all three industry standard operating environments: single-user DOS, Network and UNIX. The company's Authorized Resellers and Software Consultants, located throughout the United States and Canada, are comprised of over 4,600 public accounting firms and 700 professional value-added resellers (VARs). End-user list prices for most of the company's general accounting and vertical market applications begin at $799 and $999.
 State Of The Art and the M-A-S 90 EVOLUTION/2 product line have received numerous industry awards. The company was ranked number seven out of "The 200 Best Small Companies in America" by Forbes, and BusinessWeek included it among the publication's "High-Tech Hotshots," a listing of the 25 fastest growing startups in the nation. In addition, PCWeek placed State Of The Art as the number one business software companyoducts polled.
 M-A-S 90 EVOLUTION/2 has been rated as the number one general ledger accounting package priced between $500 and $1,000 by PCWeek. Other M-A-S 90 EVOLUTION/2 awards include receiving the highest overall score in the VARBUSINESS "1991 Accounting Software Report Card;" a readers' survey in Computers in Accounting named the product line the most popular high-end solution with end-users; achieving a four star rating in Software Digest's "Ratings Report;" and earning the "All Star Software Award" from CPA micro report.
 STATE OF THE ART INC.
 Corporate Fact Sheet
 April 15, 1992
 Description of business: Develops, produces, markets and
 supports high-end microcomputer
 accounting software.
 Corporate address: 56 Technology
 Irvine, CA 92718
 Telephone: 714-753-1222
 Trading information: (NASDAQ: SOTA)
 9,244,513 shares outstanding
 IPO-to-date volume: 21,871,000 shares
 as of March 31, 1992
 IPO-to-date price range: $6.25 to
 $16.50 as of March 31, 1992.
 Current price: $14
 Key ratios: Current ratio: 18.3,
 ROE: 20 pct.
 ROA: 18 pct.
 Officers: Chairman and CEO:
 David S. Samuels
 VP Finance and CFO:
 Joseph R. Armstrong
 STATE OF THE ART INC.
 Income Statement
 (In thousands, except per share amounts)
 Three-months ended
 (First Quarter)
 March 31,
 1992 1991
 Revenue $4,702 $3,681
 Cost of revenues 768 628
 Gross profit 3,934 3,053
 Operating expenses 2,148 1,827
 Operating income 1,786 1,226
 Other income 222 108
 Income before taxes 2,008 1,334
 Income taxes 793 524
 Net income $1,215 $810
 Earnings per share $0.13 $0.10
 Weighted average common
 shares and equivalents 9,437 7,879
 STATE OF THE ART INC.
 Balance Sheets
 (In thousands)
 March 31, Dec. 31,
 1992 1991
 Assets:
 Cash and cash equivalents $23,663 $22,676
 Accounts receivable 764 971
 Inventory 748 670
 Other current assets 339 195
 Total current assets 25,514 24,512
 Equipment 1,355 1,376
 Capitalized costs 1,540 1,188
 Other assets 193 232
 Total $28,602 $27,308
 Liabilities and Shareholders' equity:
 Current liabilities $1,398 $2,162
 Non-current liabilities 964 811
 Total liabilities 2,362 2,973
 Shareholders' equity 26,240 24,335
 Total $28,602 $27,308
 -0- 4/15/92
 /CONTACT: Joseph R. Armstrong, CFO of State Of The Art, 714-753-1222/
 (SOTA) CO: State Of The Art Inc. ST: California IN: CPR SU: ERN


JL-KJ -- LA006 -- 8537 04/15/92 09:33 EDT
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