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APPLIED INNOVATION INCORPORATED ANNOUNCES RECORD RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 1992

 APPLIED INNOVATION INCORPORATED ANNOUNCES RECORD RESULTS
 FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 1992
 WORTHINGTON, Ohio, Oct. 28 /PRNewswire/ -- Applied Innovation Incorporated (NASDAQ: AINN) today announced record net income of $352,491 for the three months ended Sept. 30, 1992, compared to $151,365 for the same period one year ago, an increase of 132 percent. Revenues for the third quarter of 1992 totaled $1,561,271 versus $748,846 for the same period in 1991. Sales were up sharply for the third quarter and the company also benefited from a significant increase in development revenues. Earnings per share more than doubled for the most recent quarter, increasing to 15 cents compared to six cents for the same period last year.
 Results for the first nine months of 1992 exceeded 1991's full-year performance. Revenues totaled $3,301,343 for the nine months ended Sept. 30, 1992 versus $2,179,485 for the similar period in 1991. Year- to-date net income rose 53 percent to $612,985 for the period compared to $400,475 for the first nine months of 1991. Earnings per share for the nine months ending Sept. 30, 1992 totaled 26 cents versus 17 cents for the same period last year. Shareholders' equity increased to $2,096,286 on Sept. 30, 1992 from $1,472,989 on Dec. 31, 1991.
 The company continues to implement a strategy which is resulting in expanded markets for its products particularly among Regional Bell Operating Companies and leading industry equipment manufacturers. In addition, an aggressive commitment to research and development is resulting in the introduction of new products which are providing unique systems solutions for the telephone industry. For the first nine months of 1992, research and development expenditures totaled $462,843 compared to $226,115 for the same period a year ago. These expenditures represent 14 percent and 10 percent of revenues for the 1992 and 1991 periods, respectively.
 Applied Innovation, Inc., headquartered in Worthington, Ohio, designs, manufactures and markets internal data communications network switching products for the telecommunications industry. The company's common stock trades on the NASDAQ bulletin board under the symbol "AINN."
 APPLIED INNOVATION, INC.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 September 30, 1992 September 30, 1991
 Total Revenues $ 1,561,271 $ 748,846
 Net Income $ 352,491 $ 151,365
 Earnings Per Share $ .15 $ .06
 Nine Months Ended Nine Months Ended
 September 30, 1992 September 30, 1991
 Total Revenues $ 3,301,343 $ 2,179,485
 Net Income $ 612,985 $ 400,475
 Earnings Per Share $ .26 $ .17
 September 30, 1992 December 31, 1991
 Total Assets $ 2,598,191 $ 1,871,692
 Shareholders' Equity $ 2,096,268 $ 1,472,989
 -0- 10/28/92
 /CONTACT: Gerard B. Moersdorf, Jr., president of Applied Innovation, Inc., 614-846-9000/
 (AINN) CO: Applied Innovation, Inc. ST: Ohio IN: TLS SU: ERN


KK -- CL003 -- 5888 10/28/92 10:30 EST
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Date:Oct 28, 1992
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