Stock Watch

ALPHAREL INC. Business: Document systems Symbol: AREL Shares Outstanding: 11 million Market: OTC Closing Price on 6/8/92: $2.31 The Camarillo-based company makes equipment that electronically scans documents and drawings and converts them to computer images that can be stored, manipulated and retrieved on standard personal computers. One of Alpharel’s key markets is for large engineering drawings. Founded in 1981, the company was near bankruptcy by 1990 after failing to extend a contract with its biggest customer. But Alpharel has since recovered somewhat with the help of cost-cutting and new contracts from such companies as Caterpillar Inc. and Wisconsin Electric Power Co.

Period ending June 1989 Sept. 1989 Qtrly Profit (loss): ($2.5 million) ($2.4 million) % Change: N/A N/A Qtrly Revenue: $1.1 million $1.0 million % Change: +42% -41%

Period ending Dec. 1989 March 1990 Qtrly Profit (loss): ($5.2 million) ($313,000) % Change: N/A N/A Qtrly Revenue: $1.0 million $1.1 million % Change: -58% -8%

Period ending June 1990 Sept. 1990 Qtrly Profit (loss): ($77,000) $265,000 % Change: N/A N/A Qtrly Revenue: $1.3 million $1.4 million % Change: +18% +40%

Period ending Dec. 1990 March 1991 Qtrly Profit (loss): $278,000 $256,000 % Change: N/A N/A Qtrly Revenue: $1.5 million $1.6 million % Change: +50% +45%

Period ending June 1991 Sept. 1991 Qtrly Profit (loss): $403,000 $365,000 % Change: N/A +38% Qtrly Revenue: $1.5 million $1.8 million % Change: +15% +29%

Period ending Dec. 1991 March 1992 Qtrly Profit (loss): $359,000 $61,000 % Change: +29% -76% Qtrly Revenue: $1.7 million $1.4 million % Change: +13% -13%

N/A: Not applicable because of current, or prior year’s, loss. Period ending: June 1989 Stock Prices: Quarterly Highs: $1.75 Stock Prices: Quarterly Lows: $0.88 Period ending: Sept. 1989 Stock Prices: Quarterly Highs: $1.06 Stock Prices: Quarterly Lows: $0.38 Period ending: Dec. 1989 Stock Prices: Quarterly Highs: $0.88 Stock Prices: Quarterly Lows: $0.25 Period ending: March 1990 Stock Prices: Quarterly Highs: $0.75 Stock Prices: Quarterly Lows: $0.16 Period ending: June 1990 Stock Prices: Quarterly Highs: $0.50 Stock Prices: Quarterly Lows: $0.06 Period ending: Sept. 1990 Stock Prices: Quarterly Highs: $0.50 Stock Prices: Quarterly Lows: $0.19 Period ending: Dec. 1990 Stock Prices: Quarterly Highs: $0.88 Stock Prices: Quarterly Lows: $0.25 Period ending: March 1991 Stock Prices: Quarterly Highs: $2.25 Stock Prices: Quarterly Lows: $0.59 Period ending: June 1991 Stock Prices: Quarterly Highs: $2.44 Stock Prices: Quarterly Lows: $1.81 Period ending: Sept. 1991 Stock Prices: Quarterly Highs: $2.63 Stock Prices: Quarterly Lows: $1.63 Period ending: Dec. 1991 Stock Prices: Quarterly Highs: $2.63 Stock Prices: Quarterly Lows: $1.94 Period ending: March 1992 Stock Prices: Quarterly Highs: $4.25 Stock Prices: Quarterly Lows: $2.25 Source: Alpharel