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SYNTELLECT ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 SYNTELLECT ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
 PHOENIX, Jan. 28 /PRNewswire/ -- Syntellect Inc. (NASDAQ: SYNL), a


leading supplier of interactive voice response systems, announced results of operations for the fourth quarter and the year ended Dec. 31, 1991.
 Net revenues for the fourth quarter were $8.6 million, up 18 percent from the previous quarter and up 8 percent from the same quarter last year. Net income for the fourth quarter was $389,000 or $.05 per share, compared to net income of $238,000 or $.03 per share, for the comparable quarter in 1990.
 For the year ended Dec. 31, 1991, the company reported a net loss of $2.1 million, or $.25 per share, on net revenues of $28.9 million. This compares to net income of $4.5 million, or $.56 per share, on 1990 revenues of $36.2 million. Revenues attributable to IBM in 1991 were $1.9 million, or 81 percent lower than 1990 OEM sales to IBM of $10.0 million.
 Philip Chapman, executive vice president and chief financial officer, reported that, "In the fourth quarter, Syntellect showed continued strong signs of recovery from the impact of sharply reduced IBM OEM revenues at the end of 1990, and the domestic economic downturn which strongly affected the company from the end of 1990 through the first half of 1991. Solid financial progress was made during the fourth quarter with improvements particularly evident in revenue performance, gross margins, cash balance, accounts receivable and inventories."
 According to Thomas Emerson, chairman and chief executive officer, "The business and the IVR market opportunity as a whole, appear to be showing real signs of improvement as our traditional markets begin to emerge from the recession and resume spending capital dollars to offset recurring labor costs. During the fourth quarter, the company saw record sales performances from both its domestic non-OEM and international business segments. It is also becoming clear that the strategic investments that the company made this past year in new market development are beginning to bear fruit in the domestic and foreign marketplaces.
 "As we look forward," added Chapman, "we anticipate that continued improvement in revenues coupled with firm control of operating expenses should yield increasingly profitable financial results."
 The following statement summarizes Syntellect's quarterly and year- to-date results of operations for the periods ended Dec. 31, 1991, and 1990 (in thousands, except per share amounts):
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net revenues:
 Net product revenues $7,538 $7,255 $25,021 $33,601
 Maintenance services 1,053 732 3,838 2,628
 Total net revenues 8,591 7,987 28,859 36,229
 Costs and expenses:
 Cost of revenues 2,398 2,542 9,040 12,601
 Selling, general and
 administrative 4,851 4,411 18,102 15,896
 Research and
 development 1,325 1,256 5,380 4,730
 Total costs
 and expenses 8,574 8,209 32,522 33,227
 Operating income (loss) 17 (222) (3,663) 3,002
 Interest income, net 372 520 1,586 1,705
 Income (loss) before
 income taxes 389 298 (2,077) 4,707
 Income taxes, net of
 tax benefit --- 60 --- 170
 Net income (loss) $389 $238 ($2,077) $4,537
 Net income (loss) per
 common and equivalent
 share $.05 $.03 ($.25) $.56
 Shares used in per share
 calculations 8,263 8,417 8,164 8,061
 SYNTELLECT INC. AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 Dec. 31, 1991, and Dec. 31, 1990
 (In thousands)
 1991 1990
 Assets
 Current assets:
 Cash and short-term investments $27,920 $24,763
 Receivables, net 7,541 9,318
 Inventories 7,409 10,840
 Prepaid expenses 315 264
 Total current assets 43,185 45,185
 Property and equipment, net 4,817 4,918
 Other assets, net 918 1,071
 Total $48,920 $51,174
 Liabilities and Shareholders' Equity
 Current liabilities:
 Accounts payable and
 accrued liabilities $2,788 $2,904
 Customer deposits 295 188
 Income taxes payable --- 109
 Deferred revenue 1,742 1,261
 Current portion of
 long-term obligations 37 119
 Total current liabilities 4,862 4,581
 Long-term obligations,
 less current portion 18 66
 Shareholders' equity 44,040 46,527
 Total $48,920 $51,174
 -0- 1/28/92
 /CONTACT: Philip Chapman, executive VP and CFO, or Evon Theis (investors) of Syntellect, 602-789-2800/
 (SYNL) CO: Syntellect Inc. ST: Arizona IN: CPR SU: ERN


CH-AL -- LA016 -- 4380 01/28/92 16:01 EST
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