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TRICONEX REPORTS RECORD EARNINGS FOR SECOND QUARTER, FIRST HALF OF 1992

 TRICONEX REPORTS RECORD EARNINGS
 FOR SECOND QUARTER, FIRST HALF OF 1992
 IRVINE, Calif., July 21 /PRNewswire/ -- Triconex Corp., (NASDAQ: TCNX) today reported that net income rose 128 percent in the second quarter ended June 30, 1992, compared with last year's second quarter, and 140 percent in the first half of 1992, compared with the first half of 1991.
 Revenue in the second quarter of 1992 was $6,956,000, a 43 percent increase over revenue of $4,857,000 in the 1991 quarter. Operating income was $945,000 in the 1992 quarter, 65 percent above operating income of $574,000 in the 1991 quarter. Net income grew 128 percent to $1,067,000, or $0.21 per share, compared with net income of $469,000, or $0.14 per share, in the second quarter of 1991.
 In the six months ended June 30, 1992, revenue grew 57 percent to $13,964,000, compared with revenue of $8,890,000 in the first six months of 1991. Operating income was 40 percent higher in the six months of 1992, totaling $4,906,000, vs. $3,492,000 in the 1991 period. Net income rose 140 percent to $1,995,000, or $0.45 per share, compared to $830,000, or $0.24 per share, in the 1991 period.
 William K. Barkovitz, chairman and chief executive officer, said that sales continued to have a broad geographic base, with 45 percent of revenue in the second quarter of 1992 shipped for installation outside North America. Domestic sales during the quarter included over $750,000 to a major new petrochemical customer, he said.
 Barkovitz said that continuing strict cost controls limited the increase in operating costs in the second quarter to 27 percent, compared with the 1991 quarter, while revenue climbed 43 percent. He noted that aggressive materials management reduced product inventory by 20 percent from the 1991 quarter.
 Order activity strengthened in the second quarter of 1992, with new orders slightly exceeding revenues, Barkovitz said.
 Triconex is a worldwide leader in the development of fault- tolerant triple modular redundant (TMR) safety and control systems used in critical industrial process applications, principally in the chemical, refining, oil and gas production and electric utility industries. The company's proprietary systems are used to control a variety of high-risk safety applications, such as emergency shutdown systems, burner management systems, fire and gas monitoring systems and turbine control systems.
 Triconex distributes its safety and control systems both domestically and internationally through its own direct sales force and through numerous distribution arrangements. The company has an installed base of over 550 systems at more than 100 plant sites in 30 countries throughout North and South America, Europe, Australia, Asia and Africa.
 Triconex's customers include many major chemical companies, such as Dow, DuPont, Elf Aquitaine, Hoechst Celanese and Union Carbide, as well as many of the largest petroleum exploration and refining companies, including Chevron, Exxon, Mobil, Royal Dutch Shell and Saudi Aramco.
 TRICONEX CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenue $6,956 $4,857 $13,964 $8,890
 Cost of sales 3,549 2,347 7,049 4,374
 Gross margin $3,407 $2,510 $6,915 $4,516
 Operating expenses:
 Research and
 development 731 620 1,464 1,126
 Sales, general & admin. 1,731 1,316 3,442 2,366
 Total operating
 expenses $2,462 $1,936 $4,906 $3,492
 Operating income: 945 574 2,009 1,024
 Interest & other income
 (expense), net 281 (33) 284 (67)
 Income before income
 taxes 1,226 541 2,293 957
 Provision for income
 taxes 159 72 298 127
 Net income $1,067 $469 $1,995 830
 Per share data:
 Earnings per share $0.21 $0.14 $0.45 $0.24
 Pro forma earnings
 per share prior to
 utilization of net
 operating loss $0.15 $0.10 $0.32 $0.18
 Weighted average number
 of shares
 outstanding 5,173,219 3,443,115 4,467,608 3,390,192
 -0- 7/21/92
 /CONTACT: Charles W. McBrayer, CFO of Triconex, 714-768-3709; or William F. Coffin or Tom Wick of FRB, Los Angeles, 818-783-2400, for Triconex/
 (TCNX) CO: Triconex Corp. ST: California IN: CHM SU: ERN


AL -- LA009 -- 1135 07/21/92 09:06 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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