The P300 component was elicited by an auditory oddball paradigm in 55 normal adults from a wide age range: 19 patients with dementia, 17 patients with depression, and 15 patients with schizophrenia. Normal P300 latency at a given age was predicted by using an age regression equation that had been calculated on the basis of the entire normal sample. Using this procedure, an abnormal delay in latency (greater than 2 SD) was found in approximately 80% of the dementia patients. However, when normal latency was predicted with a slightly greater degree of reliability according to separate equations for adults younger and older than 63 years, an abnormal delay in P300 was found to be less sensitive and specific to dementia. Suggestions for enhancing the diagnostic utility of the P300 component are proposed.