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ATL REPORTS SECOND QUARTER FINANCIAL RESULTS

 BOTHELL, Wash., July 20 /PRNewswire/ -- ATL (Advanced Technology Laboratories Inc.) (NASDAQ: ATLI) today reported results for the second quarter ending July 2, 1993.
 Revenues in the quarter were $75.4 million compared to $77.0 million in the second quarter of 1992. The company reported a net loss of $1.8 million or 16 cents per share for the second quarter. For the second quarter of 1992, ATL reported a net loss of $2.1 million, or 19 cents per share, which included two nonrecurring charges totaling $5.0 million directly related to the stock distribution of SpaceLabs Medical Inc. (NASDAQ: SLMD)
 For the first six months, revenues grew 2.6 percent over the first half of 1992 to $156.8 million. Net income in the first six months was $123,000 or 1 cent per share compared to $989,000 or 9 cents per share, including the previously noted nonrecurring charges, during the same period of 1992.
 Results for the second quarter of 1993 reflected factors affecting the U.S. medical equipment industry as identified in earlier press releases by the company. These include the deferral of medical equipment expenditures by U.S. hospitals and clinics due to the uncertain impact of pending health care reform and the resultant increased competitive pressures for domestic sales.
 "Our international business continued its growth through the second quarter," said Dennis C. Fill, ATL chairman and chief executive officer. "Our all-digital Ultramark(R) 9 HDI(TM) system with its recently introduced enhancements continues to be very well received. However, U.S. market conditions have been significantly slower than anticipated at the beginning of the year, and as previously reported, we are accelerating a number of corporate cost-cutting programs."
 The second quarter gross margin of 45.4 percent improved over the first quarter level of 44.0 percent but was below the prior year's second quarter level of 46.5 percent. Research and development expenses increased 18 percent over the second quarter of 1992 to $11.2 million reflecting ongoing investment in product development programs. The quarter also included expenses associated with the worldwide introduction of Extended Signal Processing, a major advance of ATL's all-digital Ultramark 9 HDI system .
 In February 1993, the ATL Board of Directors authorized the company to buy back up to one million shares of company stock. As of the close of the second quarter, the company had repurchased a total of 469,000 shares reducing total shares outstanding to 10.8 million.
 ATL, with headquarters in Bothell, is a worldwide leader in the development, manufacture, marketing and service of medical ultrasound systems.
 ADVANCED TECHNOLOGY LABORATORIES INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, In thousands except per share data)
 Three Months Ended Six Months Ended
 7/2/93 6/26/92 7/2/93 6/26/92
 Revenues
 Product sales $ 60,070 $ 63,130 $126,680 $124,762
 Service 15,335 13,836 30,124 28,142
 Total 75,405 76,966 156,804 152,904
 Cost of sales
 Cost of product sales 31,320 31,987 66,979 63,861
 Cost of service 9,815 9,190 19,727 18,034
 Total 41,135 41,177 86,706 81,895
 Gross profit 34,270 35,789 70,098 71,009
 Operating expenses
 Marketing and
 administrative 24,530 23,847 46,856 45,774
 Research and
 development 11,178 9,487 21,532 18,160
 Stock distribution
 expenses -- 1,195 -- 1,195
 Reorganization charges -- 3,764 -- 3,764
 Other expense, net 683 602 2,281 2,384
 Total 36,391 38,895 70,669 71,277
 Income (loss) from
 operations (2,121) (3,106) (571) (268)
 Interest, net 583 935 1,287 1,962
 Income (loss) before
 income taxes (1,538) (2,171) 716 1,694
 Income tax expense
 (benefit) 256 (84) 593 705
 Net income (loss) $ (1,794) $ (2,087) $ 123 $ 989
 Net income (loss)
 per share $ (0.16) $ (0.19) $ 0.01 $ 0.09
 Weighted average common
 shares and equivalents
 outstanding 11,068 10,772 11,218 10,699
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 7/2/93 12/31/92
 (Unaudited)
 Assets
 Current Assets
 Cash and short-term investments $ 56,954 $ 77,445
 Receivables 85,180 90,836
 Inventories 75,937 69,404
 Prepaid expenses 1,439 1,297
 Deferred income taxes 10,406 10,406
 Total $ 229,916 $ 249,388
 Marketable debt securities 4,988 --
 Property, plant and equipment, net 43,241 41,302
 Other assets 3,968 4,921
 Total $ 282,113 $ 295,611
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Short-term borrowings $ 2,772 $ 4,528
 Accounts payable and accrued expenses 50,572 53,698
 Deferred revenue 27,178 27,667
 Taxes on income 2,639 2,729
 Total $ 83,161 $ 88,622
 Deferred income taxes 2,853 2,853
 Shareholders' equity 196,099 204,136
 Total $ 282,113 $ 295,611
 Common shares outstanding 10,822 11,250
 -0- 7/20/93
 /CONTACT: Anne Marie Bugge of Advanced Technology Laboratories, 206- 487-7081/
 (ATLI SMLD)


CO: Advanced Technology Laboratories Inc. ST: Washington IN: MTC SU: ERN

JH -- SE017 -- 3550 07/20/93 16:20 EDT
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Date:Jul 20, 1993
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