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ULTIMAP ANNOUNCES SECOND QUARTER RESULTS

 ULTIMAP ANNOUNCES SECOND QUARTER RESULTS
 ST. PAUL, Minn., Sept. 16 /PRNewswire/ -- Ultimap Corporation


(NASDAQ: UMAP) today announced the results of the second quarter and six months ended July 31, 1992.
 ULTIMAP CORPORATION
 Three Months Ended Six Months Ended
 7/31/92 7/31/91 7/31/92 7/31/91
 Revenues $405,202 $209,425 $1,109,911 $567,850
 Loss before
 extraordinary
 item $(961,472) $(1,063,246) $(1,722,213) $(1,603,366)
 Extraordinary
 item,
 forgiveness
 of indebtedness -- 423,578 -- $423,578
 Net loss $(961,472) $(639,668) $(1,722,213) $(1,179,788)
 Net loss per
 common share
 before
 extraordinary
 item $(0.19) $(0.75) $(0.37) $(1.78)
 Extraordinary item -- $0.30 -- $0.47
 Net loss per
 common share $(0.19) $(0.45) $(0.37) $(1.31)
 Weighted average
 number of common
 shares
 outstanding(a) 5,013,835 1,413,994 4,697,219 901,268
 (a) adjusted to reflect the company's 1-for-2 reverse stock split on April 9, 1992.
 Detailed statements of operations for the three and six months ended July 31, 1991 and 1992 and the balance sheets as of July 31, 1992 and Jan. 31, 1992 follow.
 As discussed in a prior announcement, the company had expected an improvement in local government budgets as the nation emerged from recession, however, 1993 budgets, presented in July, make it apparent that such improvement is not occurring. Robert Bro, the company's president said, "While both year-to-date and current quarter results are improved over the prior year, we now believe, for the short term that upcoming local government budgets will be similar to the July budgets, causing the company's revenues to fall short of expectations. We continue to believe in the prospects for long-term growth in the local government market for GIS products and services," he added. "But in light of current budgetary problems we are being very cautious."
 Ultimap Corporation is a leading supplier of geographic information products and services, providing solutions that meet critical management needs of local governments and utilities.
 ULTIMAP CORPORATION
 Balance Sheets
 (Unaudited)
 ASSETS 1/31/92 7/31/92
 Current assets:
 Cash and cash equivalents $525,513 $1,150,086
 Accounts receivable,
 net of allowance for
 doubtful accounts of
 $82,000 and $38,247 758,639 377,289
 Inventory 87,279 2,450
 Prepaid expenses 191,832 157,647
 Total current assets 1,563,263 1,687,472
 Other assets:
 Equipment, furniture and
 fixtures, at cost, less
 accumulated depreciation
 of $469,944 and $564,096 350,229 285,876
 Capitalized software costs,
 less accumulated
 amortization of $73,850 and
 $108,515 56,415 74,920
 Software rights, less accumulated
 amortization of $214,725
 and $327,345 932,326 819,706
 -- 1,338,970 1,180,502
 -- $2,902,233 2,867,974
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $167,205 137,520
 Accrued expenses 273,188 197,684
 Accrued payroll and commissions 32,795 --
 Deferred maintenance revenue 128,804 157,074
 Current portion of notes payable 161,557 13,924
 Total current liabilities 763,549 506,202
 Notes payable long term 1,206,885 1,200,558
 Commitments and contingencies:
 Stockholders' equity
 Common stock, no par value,
 10,000,000 authorized; 5,538,832
 and 4,368,332 issued and outstanding
 at July 31 and Jan. 31, 1992,
 respectively; 5,000,000 undesignated
 shares authorized none issued
 and outstanding 11,021,740 12,973,368
 Accumulated deficit (10,089,941) (11,812,154)
 Total stockholders' equity 931,799 1,161,214
 -- $2,902,233 $2,867,974
 ULTIMAP CORPORATION
 Statements of Operations
 (Unaudited)
 Three Months Ended Six Months Ended
 7/31/92 7/31/91 7/31/92 7/31/91
 Revenues:
 Hardware sales $140,661 $29,714 $457,303 $125,859
 Software license sales 25,957 -- 67,324 52,455
 Services 238,584 179,711 585,284 389,536
 Total revenues 405,202 209,425 1,109,911 567,850
 Costs and expenses:
 Cost of product sold:
 Hardware sales 102,820 24,941 330,128 97,876
 Software license sales 85,218 85,767 163,392 193,187
 Services 21,598 48,626 56,791 115,831
 Total cost of
 revenue 209,636 159,334 550,311 406,894
 Selling, general and
 administrative 1,130,052 645,551 2,228,044 1,292,875
 Interest expense 26,986 6,757 53,769 10,418
 Reorganization items -- 461,029 -- 461,029
 Total costs and
 expenses 1,366,574 1,272,671 2,832,124 2,171,216
 Loss before
 extraordinary item (961,472) (1,063,246) (1,722,213) (1,603,366)
 Extraordinary item,
 forgiveness of
 indebtedness -- 423,578 -- 423,578
 Net loss $(961,472) $(639,668) $(1,722,213)$(1,179,788)
 Net loss per common share:
 Net loss per common
 share before
 extraordinary item $(0.19) $(0.75) $(0.37) $(1.78)
 Extraordinary item -- 0.30 -- 0.47
 Net loss per
 common share $(0.19) $(0.45) $(0.37) $(1.31)
 Weighted average number of
 common shares
 outstanding 5,013,835 1,413,994 4,697,219 901,268
 -0- 9/16/92
 /CONTACT: John F. Kennedy, chief financial officer of Ultimap, 612-688-1500/
 (UMAP) CO: Ultimap Corporation ST: Minnesota IN: SU: ERN


AL -- MN006 -- 0225 09/16/92 15:03 EDT
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