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COMPUTER NETWORK TECHNOLOGY CORPORATION ANNOUNCES FIRST QUARTER RESULTS

COMPUTER NETWORK TECHNOLOGY CORPORATION ANNOUNCES FIRST QUARTER RESULTS
 MAPLE GROVE, Minn., April 27 /PRNewswire/ -- Computer Network Technology Corporation (NASDAQ-NMS: CMNT)(CNT) today reported net income of $131,628, or $.01 per share, for the first quarter ended March 31, 1992. This compares with net income of $385,101, or $.03 per share, for the same period in 1991. Revenue for the 1992 first quarter increased to $6.1 million, up from $4.6 million for the quarter a year ago.
 Commenting on these results, Mac Lewis, CNT's president and CEO, observed, "We are pleased to report that the first quarter of 1992 represented our second highest quarterly revenue total ever. Our lower net income reflects rising expenses levels as we invest in expanding our business."
 Lewis continued, "During the first quarter, we received record orders of $7.9 million including a total of $3.3 million in orders from two new North American end user customers, one of whom is MCI Corporation. Our strong order rate is an indication of continued acceptance of our broad line of Extended Channel Networking products."
 Lewis concluded, "We are encouraged by the response to our recent introduction of unlimited distance, full-function connectivity to IBM and compatible direct access storage devices (DASD), our record order levels and the current activity in our sales pipeline."
 Computer Network Technology Corporation develops, manufactures and markets high speed extended channel networking products for the interconnection of mainframe computers, data base computers and peripheral devices over unlimited distances. The company's common stock is traded on the NASDAQ National Market System under the symbol CMNT.
 COMPUTER NETWORK TECHNOLOGY CORPORATION
 BALANCE SHEETS
 3/31/92 12/31/91
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $5,276,375 $1,431,402
 Marketable securities 4,148,184 5,081,128
 Accounts receivable 3,070,201 5,189,748
 Inventories 4,419,635 4,447,950
 Prepaid expenses 61,536 93,491
 Total current assets 16,975,931 16,243,719
 Property and equipment, net 3,722,447 3,435,841
 Field support spares, net 667,651 804,032
 Other assets 198,628 21,805
 -- $21,564,657 $20,505,397
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $1,796,797 $1,160,105
 Accrued expenses 1,174,113 1,500,575
 Deferred revenue 1,873,230 1,459,757
 Current installments of obligations
 under capital leases 404,878 393,657
 Total current liabilities 5,249,018 4,514,094
 Obligations under capital leases,
 less current installments 881,405 987,168
 Total liabilities 6,130,423 5,501,268
 Shareholders' equity:
 Common stock, $.01 par value; authorized
 22,500,000 shares; issued and
 outstanding 16,202,782 at
 March 31, 1992 and 16,196,157 at
 Dec. 31, 1991 162,028 161,962
 Additional paid-in capital 20,636,310 20,619,750
 Accumulated deficit (5,364,104) (5,495,732)
 Note receivable from officer/director -- (281,845)
 Total shareholders' equity 15,434,234 15,004,135
 -- $21,564,657 $20,505,397
 -0- 4/27/92
 /CONTACT: John Brintnall of Computer Network Technology, 612-550-8000/
 (CMNT) CO: Computer Network Technology Corporation ST: Minnesota IN: CPR SU: ERN


AL -- MN021 -- 3354 04/27/92 16:25 EDT
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Date:Apr 27, 1992
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