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ULTIMAP ANNOUNCES THIRD QUARTER RESULTS

 ST. PAUL, Minn., Dec. 15 /PRNewswire/ -- Ultimap Corporation of St. Paul (NASDAQ: UMAP) today announced the results of the third quarter and nine months ended Oct. 31, 1992.
 Three Months Ended Nine Months Ended
 10/31/92 10/31/91 10/31/92 10/31/91
 Revenues $442,749 $520,456 $1,552,660 $1,088,305
 Loss before
 extraordinary item (868,587) (696,433) (2,590,800) (2,299,799)
 Extraordinary item,
 forgiveness of
 indebtedness -- -- -- 423,578
 Net loss $(868,587) $(696,688)$(2,590,800)$(1,876,221)
 Net loss per common
 share before
 extraordinary item $(.16) $(.49) $(.52) $(2.55)
 Extraordinary item -- -- -- $.47
 Net loss per common
 share $(.16) $(.49) $(.52) $(2.08)
 Weighted average number
 of common shares
 outstanding(a) 5,538,832 1,413,994 4,979,805 901,268
 (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 nine months ended Oct. 31, 1991 and 1992 and the balance sheets as of Oct. 31, 1992 and Jan. 31, 1992 follow.
 As discussed in a September announcement, the company took action to reduce expenses when the expected improvement in local government budgets, did not occur. Robert Bro, the company's president, said, "During the third quarter we reduced our workforce and refocused our selling efforts on our customer base to further aid the development of their digital base-maps. These activities were directed at maximizing the likelihood of success in the present environment of budgetary pressures."
 Revenue for the third quarter reflects the continued support of our customer base and their investment in the development of these base-maps. Impact of staff and operating expense reductions will be realized fully in the fourth quarter of the fiscal year. The company anticipates that its next generation software development underway since the fall of 1991 will be released in late April 1993, ahead of schedule.
 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 10/31/92 1/31/92
 Current Assets:
 Cash and cash equivalents $351,134 $525,513
 Accounts receivable, net of allowance
 for doubtful accounts of
 $38,247 and $82,000 478,975 758,639
 Inventory 5,100 87,279
 Prepaid expenses 174,334 191,832
 Total current assets 1,009,543 1,563,263
 Other Assets:
 Equipment, furniture and fixtures, at cost,
 less accumulated depreciation of
 $607,077 and $469,944 $310,558 $350,229
 Capitalized software costs, less
 accumulated amortization of
 $127,355 and $73,850 56,080 56,415
 Software rights, less accumulated
 amortization of $383,655 and $214,725 763,396 932,326
 -- 1,130,034 1,338,970
 -- 2,139,577 2,902,233
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $223,276 $167,205
 Accrued expenses 202,167 273,188
 Accrued payroll and commissions 95,890 32,795
 Deferred maintenance revenue 147,265 128,804
 Current portion of notes payable 91,092 161,557
 Total current liabilities 759,690 763,549
 Notes payable long term 1,119,591 1,206,885
 Commitments and contingencies -- --
 Stockholders' equity:
 Common stock, no par value, 10,000,000
 authorized; 4,368,332 and 5,538,832
 issued and outstanding at Jan. 31 and
 Oct. 31, 1992, respectively; 5,000,000
 undesignated shares authorized
 none issued and outstanding 12,941,036 11,021,740
 Accumulated deficit (12,680,740) (10,089,941)
 Total stockholders' equity 260,296 931,799
 -- $2,139,577 $2,902,233
 ULTIMAP CORPORATION
 STATEMENT OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 10/31/92 10/31/91 10/31/92 10/31/91
 Revenues:
 Hardware sales $175,354 $273,058 $632,657 $398,917
 Software license sales 28,643 45,375 95,967 92,830
 Services 238,752 202,023 824,036 596,558
 Total revenues 442,749 520,456 1,552,660 1,088,305
 Costs and expenses:
 Cost of product sold:
 Hardware sales 123,481 218,146 453,609 316,023
 Software license sales 76,924 76,841 240,316 270,083
 Services 29,486 37,544 86,277 153,375
 Total cost of revenue 229,891 332,531 780,202 739,481
 Selling, general and
 administrative 1,057,054 864,687 3,285,098 2,157,507
 Interest expense 24,391 19,671 78,160 30,087
 Reorganization items -- -- -- 461,029
 Total costs and
 expenses 1,311,336 1,216,889 4,143,460 3,388,104
 Loss before
 extraordinary item (868,587) (696,433)(2,590,800)(2,299,799)
 Extraordinary item,
 forgiveness of
 indebtedness -- -- -- 423,578
 Net loss $(868,587) $(696,433)(2,590,800)(1,876,221)
 Net loss per common
 share:
 Net loss per common
 share before
 extraordinary item $(.16) $(.49) $(.52) $(2.55)
 Extraordinary item -- -- -- $.47
 Net loss per common share $(.16) $(.49) $(.52) $(2.08)
 Weighted average number
 of common shares
 outstanding 5,538,832 1,413,994 4,979,805 901,268
 -0- 12/15/92
 /CONTACT: John F. Kennedy, chief financial officer for Ultimap, 612-688-1500/
 (UMAP)


CO: Ultimap Corporation ST: Minnesota IN: SU: ERN

KH -- MN013 -- 7435 12/15/92 17:23 EST
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Date:Dec 15, 1992
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