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ICOT CORP. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1992

ICOT CORP. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1992
 SAN JOSE, Calif., Feb. 12 /PRNewswire/ -- ICOT Corp. (NASDAQ: ICOT) today announced sales and earnings for the second quarter of fiscal 1992.
 For the three months ended Jan. 25, 1992, sales increased 110 percent to $7,737,000 compared to last year's second quarter sales of $3,682,000. For the second quarter of fiscal 1992, ICOT reported a net profit of $1,236,000 or $.09 per share compared to a loss of $(731,000) or $(.06) per share in the second quarter of fiscal 1991.
 For the first six months of fiscal 1992, sales increased 92 percent to $13,489,000 from $7,017,000 for the first six months of fiscal 1991. Net profit was $1,668,000 or $.12 per share for the six month period in fiscal 1992 compared to a loss of $(4,254,000) or $(.33) for the comparable period in fiscal 1991. The loss for the six-month period of fiscal 1991 included a $2,560,000 write down of the company's VeriFone Inc. common stock, which was subsequently sold during fiscal year 1991.
 According to Joe Becker, president and CEO of ICOT, "The company continues to be on a course towards achieving most of its fiscal 1992 goals and objectives. Sales growth for the quarter came from the company's OEM market segment. Sales to the company's PC-Connectivity market segment in the second quarter remained essentially flat when compared to the first quarter, with increases in U.S. sales offset by a decline in sales from the UK and Europe where recessionary pressures continue."
 ICOT Corp. is a provider of network connectivity systems for the PC-Connectivity and OEM markets. ICOT's products include local area network gateways and network data communications interfaces. The products are sold principally in the United States and Western Europe from its corporate headquarters in San Jose, sales offices located in several major cities in the United States, and a wholly owned subsidiary in the United Kingdom.
 ICOT CORP.
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 Jan 25, Jan 26, Jan 25, Jan 26,
 1992 1991 1992 1991
 Net sales $ 7,737 $ 3,682 $ 13,489 $ 7,017
 Cost of sales 3,736 1,992 6,793 3,820
 Gross margin 4,001 1,690 6,696 3,197
 Operating expenses:
 Research and development 503 569 979 1,220
 Marketing, administrative
 and general 2,273 1,885 4,136 3,766
 Total operating expenses 2,776 2,454 5,115 4,986
 Income (loss) from
 operations 1,225 (764) 1,581 (1,789)
 Other expense (income):
 Interest income (139) (45) (274) (118)
 Interest expense 10 12 21 23
 Other (A) - - - 2,560
 Total other expense
 (income) (129) (33) (253) 2,465
 Income (loss) before
 income taxes 1,354 (731) 1,834 (4,254)
 Provision for income taxes 118 - 166 -
 Net income (loss) $ 1,236 $ (731) $ 1,668 $ (4,254)
 Net income (loss)
 per share $ 0.09 $ (0.06) $ 0.12 $ (0.33)
 Number of shares used in
 computation 13,582 12,750 13,381 12,750
 (A) Other expense for the six months ended Jan. 26, 1991, resulted from a revaluation of company holdings of VeriFone Inc. common stock due to a decline in market value of these securities recorded at the close of the first quarter in fiscal 1991. The stock was sold in the fourth quarter of fiscal 1991.
 ICOT CORP.
 Consolidated Condensed Balance Sheets (Unaudited)
 (In thousands)
 Jan. 25, July 27,
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $11,788 $11,540
 Accounts receivable, less
 allowance of $58 and $479 2,779 3,122
 Inventories 3,043 1,844
 Other assets 558 479
 Total current assets 18,168 16,985
 Equipment and leasehold
 improvements -- net 1,167 1,142
 Other assets, net of
 amortization of $1,864
 and $1,617 1,322 870
 Total assets $20,657 $18,997
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current maturities of
 capitalized lease obligations $75 $79
 Accounts payable and accrued
 expenses 3,843 3,085
 Employee compensation 1,113 909
 Total current liabilities 5,031 4,073
 Long-term debt and liabilities:
 Capitalized lease obligations,
 less current maturities 189 226
 Obligations under rent
 commitments 1,652 1,906
 Total long-term debt and
 liabilities 1,841 2,132
 Stockholders' equity 13,785 12,792
 Total liabilities and
 stockholders' equity $20,657 $18,997
 -0- 2/12/92
 /CONTACT: Joe Becker or John Arnold of ICOT Corp., 408-433-3300/
 (ICOT) CO: ICOT Corp. ST: California IN: CPR SU: ERN


RM -- SJ002 -- 9102 02/12/92 09:02 EST
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Date:Feb 12, 1992
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