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ULTIMAP ANNOUNCES FOURTH-QUARTER AND YEAR-END RESULTS

 ULTIMAP ANNOUNCES FOURTH-QUARTER AND YEAR-END RESULTS
 MINNEAPOLIS, April 15 /PRNewswire/ -- Ultimap(R) Corporation


(NASDAQ: UMAPQ) announced today its results of operations for the fourth quarter and year ended Jan. 31, 1992.
 Three Months Ended Year Ended
 1/31/92 1/31/91 1/31/92 1/31/91
 Revenues $914,118 $211,319 $2,002,423 $3,771,666
 Loss before
 extraordinary item (665,183) (2,972,012) (2,964,982) (4,225,774)
 Extraordinary item --
 forgiveness of in-
 debtedness --- 718,016 423,578 718,016
 Net loss $(665,183) $(2,253,996) $(2,541,404)$(3,507,758)
 Net loss per common
 share before
 extraordinary item $(.15) $(8.00) $(1.12) $(12.06)
 Extraordinary item --- 1.97 0.16 2.04
 Net loss per common
 share $(.15) $(6.03) $(0.96) $(10.02)
 Weighted average number
 of shares
 outstanding (a) 4,368,385 371,258 2,649,074 350,192
 (a) Adjusted to reflect the company's 1-for-10 and 1-for-2 reverse stock splits on July 8, 1991 and April 9, 1992, respectively.
 Detailed statements of operations for the year ended Jan. 31, 1992 and 1991 and balance sheets as of Jan. 31, 1992 and 1991 follow.
 ULTIMAP CORPORATION
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Years Ended
 1/31/92 1/31/91
 Revenues:
 Hardware sales $841,551 $1,838,651
 Software license sales 312,054 815,194
 Services 848,818 1,117,821
 Total revenues $2,002,423 $3,771,666
 Costs and expenses:
 Hardware sales 697,210 1,390,421
 Software license sales 357,030 653,750
 Services 217,324 455,512
 Total cost of revenue $1,271,564 $2,499,683
 Selling, general and
 administrative 3,201,695 3,618,619
 Interest expense 33,117 34,340
 Reorganization items
 Write-off of goodwill --- 906,391
 Professional fees 65,418 451,000
 Provision for uncollectable
 accounts --- 290,000
 Write-off of capitalized
 software --- 197,407
 Loss on executory contracts 56,550 ---
 Common stock issued for
 services 356,996 ---
 Interest income (17,935) ---
 Total reorganization items 461,029 1,844,798
 Total costs and expenses $4,967,405 $7,997,440
 Loss before extraordinary
 item (2,964,982) (4,225,774)
 Extraordinary item -- gain
 on forgiveness of
 indebtedness 423,578 718,016
 Net loss $(2,541,404) $(3,507,758)
 Net loss per common share:
 Loss per common share
 before extraordinary item $(1.12) $(12.07)
 Extraordinary item $0.16 $2.05
 Net loss per common share $(0.96) $(10.02)
 Weighted average number of
 common shares outstanding
 (notes A and B) 2,649,074 350,192
 ULTIMAP CORPORATION BALANCE SHEETS
 (Unaudited)
 1/31/92 1/31/91
 ASSETS
 Current assets
 Cash and cash equivalents $525,513 $72,515
 Accounts receivable, net of
 allowance for doubtful accounts
 of $81,847 and $295,000 758,639 1,055,036
 Inventory 87,279 111,540
 Prepaid expenses 191,832 82,568
 Deposit --- 75,000
 Total Current Assets 1,563,263 1,396,659
 Other assets:
 Equipment, furniture and fixtures,
 at cost, less accumulated
 depriciation of $220,723 and
 $116,954 303,708 264,881
 Equipment under capital lease, less
 accumulated amortization of
 $249,221 and $193,529 46,521 106,363
 Capitalized software costs, less
 accumulated amortization of
 $73,850 and $10,550 56,415 119,715
 Software rights, less accumulated
 amortization of $214,725 at
 Jan. 31, 1992 932,326 1,014,001
 Software license, less accumulated
 amortization of $225,555 at
 Jan. 31, 1991 --- 84,074
 Other assets --- 3,490
 -- 1,338,970 1,592,524
 Total assets $2,902,233 $2,989,183
 LIABILITIES AND STOCKHOLDERS'
 EQUITY (DEFICIENCY IN ASSETS)
 Current Liabilities:
 Accounts payable $167,205 $52,937
 Accrued expenses 273,188 519,255
 Accrued payroll and commissions 32,795 61,186
 Deferred maintenance revenue 128,804 133,728
 Current portion of notes payable 161,557 ---
 Total current liabilities 763,549 767,106
 Liabilities subject to compromise --- 2,570,995
 Notes payable long term 1,206,885 ---
 Commitments and contingencies --- ---
 Stockholders' equity (Deficiency
 in assets) --- ---
 Common stock, no par value,
 authorized 15,000,000. 5,000,000
 without designation at Jan. 31,
 1992 issued and outstanding
 4,368,385 and 371,231 at Jan.
 31, 1992 and 1991,
 respectively 11,021,740 7,199,619
 Accumulated deficit (10,089,941) (7,548,537)
 -- 931,799 (348,918)
 Total stockholders'equity (Defiency
 in assets) $2,902,233 $2,989,183
 -0- 4/15/92
 /CONTACT: John Kennedy of Ultimap, 612-688-1500/
 (UMAPQ) CO: Ultimap Corporation ST: Minnesota IN: CPR SU: ERN


KH -- MN015 -- 8989 04/15/92 17:58 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Apr 15, 1992
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