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SYMTEK SYSTEMS INC. REPORTS SUBSTANTIAL LOSSES FOR FISCAL YEAR ENDED MARCH 31, 1993

 SAN DIEGO, July 15 /PRNewswire/ -- SymTek Systems Inc. (NASDAQ: SYMK) today announced revenues of $27,055,000, and a net loss of $6,557,000, or $4.24 per share, for the fiscal year ended March 31, 1993, compared with revenues of $42,133,000, and a net loss of $1,873,000, or $1.25 per share, for the previous fiscal year. The increase in losses was due in part to writedown for inventory obsolescence and excess costs associated with the company's research and development activities, particularly with respect to its Versapak product line.
 SymTek had previously announced that it had reached an agreement with its bank regarding the extension of its $3,000,000 revolving credit facility to July 31, 1993. The company continues to engage in discussions with various lenders in order to provide necessary financing to replace the company's existing bank line and to pursue alternative financing arrangements and additional capital resources, but no definitive agreements have been reached to date.
 The company anticipates a return to modest profitability for the first quarter, which ended June 30, 1993. The company had previously announced an increase in backlog in excess of $11,000,000 as of June 30, 1993, compared to $5,600,000, as of the same period during 1992. This increased activity in bookings, together with substantial reductions in the company payroll and operating expenses because of the company's cost-reduction program should result in larger revenues during the company's second fiscal quarter.
 SymTek Systems Inc. manufactures and sells electro-mechanical handlers that heat or cool integrated circuits to precise temperatures, place them into position for testing and sort them based on test results. The market for the company's products is driven by worldwide capacity increases for semiconductors, as well as the continually changing packages that house the integrated circuits.
 -0- 7/15/93
 /CONTACT: Ray Twigg, president, or Lowell W. Giffhorn, VP-finance, of SymTek Systems, 619-674-6800; or Tom Gable or Kris Lichter of The Gable Group, 619-234-1300, for SymTek Systems/
 (SYMK)


CO: SymTek Systems Inc. ST: California IN: CPR SU: ERN

BP -- SD003 -- 2085 07/15/93 14:46 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
Words:354
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