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ULTIMAP ANNOUNCES THIRD QUARTER RESULTS

 ULTIMAP ANNOUNCES THIRD QUARTER RESULTS
 ST. PAUL, Minn., Dec. 16 /PRNewswire/ -- Ultimap Corporation


(NASDAQ: UMAPQ), today announced results of the third quarter and nine months ended Oct. 31, 1991.
 ULTIMAP CORPORATION
 Three Months Ended Nine Months Ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Revenues $520,456 $1,606,405 $1,088,305 $3,560,347
 Loss before
 extraordinary item (696,433) (289,074) (2,299,799) (1,253,762)
 Extraordinary item,
 forgiveness of
 indebtedness --- --- 423,578 ---
 Net loss $(696,433) $(289,074) $(1,876,221) $(1,253,762)
 Net loss per common
 share before
 extraordinary item $(.08) $(.39) $(.55) $(1.83)
 Extraordinary item --- --- .10 ---
 Net loss per
 common share $(.08) $(.39) $(.45) $(1.83)
 Weighted average number
 of common shares
 outstanding (a) 8,736,825 742,517 4,139,365 686,186
 (a) Adjusted to reflect the company's 1-for-10 reverse stock split on July 8, 1991.
 Detailed statements of operations as of and for the three and nine months ended Oct. 31, 1991, and 1990, and balance sheets as of Oct. 31 and Jan. 31, 1991, follow.
 "Ultimap Corporation, which operated in Chapter 11 from December 1990 to July 1991 was negatively affected in our year-to-date revenue as a result of customer's reluctance to place new orders during that period. Since July, however, revenues and new orders have steadily increased with third quarter revenue 148 percent greater than second quarter. The third quarter reflects our return to the market and highlights Ultimap's commitment to our customers in governments and utilities. We are very pleased with the reception that our solution- based message has received. Geographic information system users customers want answers to questions and problems, not just hardware and software," said Bob Bro, Ultimap's president.
 "We are now combining geographic and attribute information with easy to use methodologies to help solve the problems of city and county governments," he continued. "We feel that by helping to create the digital base maps and custom applications, our customers will become productive much more quickly, which will accelerate the implementation of GIS throughout these organizations."
 Ultimap is a leading supplier of geographic information systems, including both products and services, providing solutions that meet critical management needs of governments and utilities.
 ULTIMAP CORPORATION
 (Formerly Ultimap International Corporation, and Subsidiary)
 Statements of Operations (Unaudited)
 Three Months Ended Nine Months Ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Revenues:
 Hardware sales $273,058 $893,014 $398,917 $1,872,572
 Software license sales 45,375 327,653 92,830 787,997
 Services 202,023 385,738 596,558 899,778
 Total revenues 520,456 1,606,405 1,088,305 3,560,347
 Costs and expenses:
 Cost of products sold:
 Hardware sales 218,146 692,352 316,023 1,368,961
 Software license sales 76,841 168,378 270,083 454,619
 Services 37,544 149,562 153,375 366,797
 Total cost of
 products sold 332,531 1,010,292 739,481 2,190,377
 Selling, general and
 administrative 864,687 882,701 2,157,507 2,609,936
 Interest expense 19,671 2,486 30,087 13,796
 Reorganization items -- -- 461,029 --
 Total costs
 and expenses 1,216,889 1,895,479 3,388,104 4,814,109
 Loss before
 extraordinary item (696,433) (289,074) (2,299,799) (1,253,762)
 Extraordinary item, forgiveness
 of indebtedness -- -- 423,578 --
 Net loss $(696,433) $(289,074) (1,876,221) (1,253,762)
 Net loss per common share:
 Net loss per common
 share before
 extraordinary item $(.08) $(.39) $(.55) $(1.83)
 Extraordinary item -- -- .10 --
 Net loss per common share $(.08) $(.39) $(.45) $(1.83)
 Weighted average number of common
 shares outstanding(a) 8,736,825 742,517 4,139,365 686,186
 (a) Adjusted to reflect the company's 1-for-10 reverse stock split on July 8, 1991. BALANCE SHEETS (unaudited)
 10/31/91 1/31/91
 ASSETS
 Current assets:
 Cash and cash equivalents $1,481,706 $72,515
 Accounts receivable, net of allowance
 for doubtful accounts of $165,000 and
 $295,000, respectively 277,167 1,055,036
 Inventory 130,127 111,540
 Prepaid expenses 189,779 82,568
 Deposit -- 75,000
 Total current assets 2,078,780 1,396,659
 Other assets:
 Equipment, furniture and fixtures,
 at cost, less accumulated depreciation
 of $185,681 and $116,954 302,603 264,881
 Equipment under capital lease, less accumulated
 amortization of $235,352 and $193,529 60,390 106,363
 Capitalized software costs, less accumulated
 amortization of $58,025 and $10,550 72,240 119,715
 Software rights, less accumulated
 amortization of $158,415 at Oct. 31, 1991 988,636 1,014,000
 Software license, less accumulated
 amortization of $225,555 at Jan. 31, 1991 -- 84,075
 Other assets 872 3,490
 -- 1,424,741 1,592,524
 -- $3,503,521 2,989,183
 Liabilities and stockholders' equity (deficiency in assets)
 Current liabilities:
 Current portion of notes payable 365,410 --
 Accounts payable 147,601 52,937
 Accrued expenses 182,158 519,255
 Accrued payroll and commissions 94,107 61,186
 Deferred maintenance revenue 153,414 133,728
 Total current liabilities 942,690 767,106
 Notes payable, less current portion 1,127,672 --
 Liabilities subject to compromise -- 2,570,995
 Stockholders' equity (deficiency in assets)
 Preferred stock 1,000,000 shares authorized,
 none issued
 Common stock $.01 par value; authorized
 30,000,000 shares; 10,000,000 without
 designation at Oct. 31, 1991, and 12,000,000
 shares at Jan. 31, 1991, issued and
 outstanding, 8,736,825 (and 742,517 shares
 at Jan. 31, 1991 87,368 7,425
 Additional paid-in capital 10,770,552 7,192,194
 Accumulated deficit (9,424,761) (7,548,537)
 Total stockholders' equity (deficiency
 in assets) 1,433,159 (348,918)
 -- $3,503,521 $2,989,183
 -0- 12/16/91
 /CONTACT: John Kennedy of Ultimap Corporation, 612-688-1500/
 (UMAPQ) CO: Ultimap Corporation ST: Minnesota IN: CPR SU: ERN


KH -- MN020 -- 2714 12/16/91 17:42 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Dec 16, 1991
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