STOCKREPORTS		 TENERA, Inc. ASE Symbol TNR
19-JUL-97 Industry:
Computer (Software & Services)		 Summary: TNR provides performance improvement and computerized maintenance management software and consulting for caiptal intensive industries.

Recent Price 0.13
52 Wk Range 1.00 - 0.13		 Yield Nil
12-Mo. P/E NM

Quantitative Evaluation:
Outlook (1 Lowest - 5 Highest)
NA
Fair Value
NA
Risk
HIGH
Earn/Div Rank
NR
Technical Evaluation:
BEARISH since 07/96
Rel. Strength Rank (1 Lowest - 99 Highest)
0
Insider Activity
NA

Business Profile 11-MAR-97

This company, converted from limited partnership form in mid-1995, provides integrated management, consulting and software solutions for utilities, the government, and large transportation corporations through offices in eight states. TNR has recently moved to expand its international presence with the signing of a multi-year strategic alliance agreement with British Rail Business Systems in London, to introduce the company's MCP, a leading computerized maintenance management systems software application for mass transit, into the U.K.'s rail market. Contracted backlog for active projects stood at $6.7 million at December 31, 1996, down 8.2% from the level at September 30, 1996.

Operation Review 11-MAR-97

Based on a preliminary report, revenues fell 6.0% in 1996, reflecting lower Power Services group and Transportation group activity, partly offset by a Rocky Flats contract that began in July 1995. Margins narrowed, on the lower volume; an operating loss of $1,367,000 contrasted with operating income of $1,223,000. Despite sharply higher interest income, and tax credits of $137,000, versus taxes at 25.4%, a net loss of $1,080,000 ($0.11 a share, on 2.3% more shares) contrasted with net income of $898,000 ($0.07).

Stock Performance 18-JUL-97n

In the past 30 trading days, TNR's shares have declined 80%, compared to a 7% rise in the S&P 500. Average trading volume for the past five days was 1,660 shares, compared with the 40-day moving average of 4,042 shares.

Key Stock Statistics

Dividend Rate/Share Nil
Shs. outstg. (M) 10.1
Avg. daily vol. (M) 0.006
Tang. Bk. Value/Share 0.48
Beta -0.48
Shareholders 500
Market cap. (B) $0.001
Inst. holdings 1%
Value of $10,000 invested 5 years ago:$ 666

Fiscal Year Ending Dec. 31

Revenue (Million $)
1997 1996 1995 1994 1993 1992
Q1 5.40 7.26 5.34 7.08 8.15 9.70
Q2 NA 6.04 5.66 6.42 7.44 9.70
Q3 NA 5.59 7.25 5.91 6.92 9.67
Q4 NA 5.13 7.29 4.20 6.83 8.97
Year NA 24.00 25.55 23.60 29.34 36.65

Earning Per Share ($)
1997 1996 1995 1994 1993 1992
Q1 Nil 0.01 0.02 0.02 Nil Nil
Q2 NA Nil 0.02 0.01 -0.05 0.05
Q3 NA -0.07 0.02 Nil -0.01 -0.03
Q4 NA -0.05 0.02 -0.16 0.02 0.06
Year NA -0.11 0.07 -0.13 -0.03 0.08

Dividend Data: In September 1991, the quarterly cash distribution was omitted.

Business Summary 11-MAR-97

TENERA Inc. (formerly TENERA L.P.) provides a wide range of professional services and software products to solve complex management, engineering, environmental and safety problems associated with the design, construction, licensing, operation, asset management and maintenance of power plants and large mass transit systems. Commercial environmental services were curtailed in mid-1993.

Revenues in recent years were derived as follows:

1995 1994 1993
Consulting & management services 86% 84% 84%
Environmental services --- --- 4%
Software services, systems & products 14% 16% 12%

In the area of consulting and management, TENERA provides services and software to assist its commercial electric power industry clients with respect to nuclear and fossil fuel plant operations and maintenance, nuclear safety and licensing, management audits, utility and project management, risk management, and certain environmental engineering tasks, and also provides expert witness and analysis support for regulatory and legal proceedings. For its governmental clients, TENERA provides the Department of Energy (DOE) and DOE prime contractors with assistance in devising, implementing, and monitoring strategies to upgrade from an operational, safety and environmental perspective at DOE owned nuclear reactor sites. For the mass transit area, TNR provides consulting services associated with the maintenance of customers' rolling stock, right-of-way and facilities.

To complement its professional services, TENERA offers a wide range of software services, products and systems, including data bases designed to support electric utilities and mass transit systems in such areas as regulatory compliance, facility operations, and equipment maintenance and data management related to management consulting, engineering, and environmental engineering requirements.

In 1995, TENERA provided services and software to more than 66 clients on over 150 different contracts. The largest customer, Kaiser-Hill Company LLC, accounted for about 31% of 1995 total revenues.

Important Developments

Oct. '96 TNR said it had successfully completed discussions and signed a multi-year strategic alliance agreement with British Rail Business Systems Ltd. of London, England, to introduce the company's MCP, a computerized maintenance management systems software application for mass transit, into the U.K.'s rail market. BR Business Systems, a supplier of information technology systems and services to the U.K. rail industry, will be TNR's exclusive distributor for MCP to the rail industry in the U.K. and the Republic of Ireland. The alliance allows the company to begin expansion into new international transportation markets.

Capitalization

Long Term Debt: None (12/96).

Per Share Data ($)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Tangible Bk. Val. 0.48 0.60 NA 0.65 0.67 0.60 0.99 0.87 1.00 1.34
Cash Flow -0.08 0.12 -0.09 0.01 0.12 -0.60 0.89 0.67 0.67 1.01
Earnings -0.11 0.07 -0.13 -0.03 0.08 -0.66 0.85 0.63 0.66 1.00
Dividends Nil Nil Nil Nil Nil 0.31 0.81 0.80 0.80 0.77
Payout Ratio Nil Nil Nil Nil Nil NM 95% 127% 121% 77%
Prices - High 1 7/16 1 7/8 1 11/16 3 1/8 3 3/4 8 5/8 7 7/8 6 3/4 7 3/4 8 1/2
- Low 5/8 1/2 1/2 1 1/4 1 1/16 1 3/8 5 3/8 5 7/8 5 3/4 3 1/8
P/E Ratio - High NM 27 NM NM 47 NM 9 11 12 9
- Low NM 7 NM NM 13 NM 6 9 9 3

Income Statement Analysis (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Revs. 24.0 25.5 23.6 29.3 36.6 44.1 51.2 41.8 31.8 36.2
Oper. Inc. -1.1 1.5 -1.3 -0.2 1.2 1.9 8.7 6.0 5.1 8.2
Depr. 0.3 0.3 0.4 0.4 0.4 0.6 0.4 0.4 0.1 0.1
Int. Exp. NA NA NA NA 0.0 0.1 0.1 Nil Nil Nil
Pretax Inc. -1.2 1.2 -1.2 -0.3 0.8 -6.3 8.3 5.8 6.0 9.0
Eff. Tax Rate NM 26% NM Nil Nil NM Nil Nil Nil Nil
Net Inc. -1.1 0.9 -1.2 -0.3 0.8 -6.4 7.9 5.8 6.0 9.0

Balance Sheet & Other Fin. Data (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Cash 4.0 1.5 1.9 1.6 0.5 1.9 1.1 2.6 5.2 13.9
Curr. Assets 7.6 9.7 8.1 8.7 10.3 12.8 19.3 16.0 16.5 21.5
Total Assets 7.9 10.1 8.6 9.3 11.1 13.4 19.9 16.7 17.2 21.6
Curr. Liab. 3.1 3.9 4.1 3.5 4.9 7.7 10.3 8.7 7.8 9.7
LT Debt Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Common Eqty. 4.9 6.2 4.5 5.8 6.2 5.7 9.3 8.0 9.4 11.9
Total Cap. 4.9 6.2 4.5 5.8 6.2 5.7 9.7 8.0 9.4 11.9
Cap. Exp. 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.1
Cash Flow -0.8 1.2 -0.8 0.1 1.2 -5.9 8.3 6.2 6.0 9.1

Curr. Ratio 2.5 2.5 2.0 2.5 2.1 1.7 1.9 1.8 2.1 2.2
% LT Debt of Cap. Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
% Net Inc.of Revs. NM 3.6 NM NM 2.2 NM 15.5 14.0 18.7 24.8
% Ret. on Assets NM 9.6 NA NA 6.5 NM 43.2 34.5 30.7 44.9
% Ret. on Equity NM NA NA NA 13.4 NA 91.6 67.2 56.0 NA

Data as orig. reptd.; bef. results of disc. opers. and/or spec. items. Per share data adj. for stk. divs. as of ex-div. date. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.

Office--One Market, Spear Tower, Suite 1850, San Francisco, CA 94105-1018. Organized--in Delaware in 1986. Tel--(415) 536-4744. Chrmn, Pres, CEO & COO--M. D. Thomas. VP, CFO, Secy & Investor Contact--J. R. Hazarian. Dirs--S. T. Cheng, W. A. Hasler, M. D. Thomas, G. L. Turin, B. L. Williams. Transfer Agent & Registrar--Chase Trust Co. of California, SF. Empl-- 268. S&P Analyst: M.I.


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