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IN FOCUS SYSTEMS INC. ANNOUNCES THIRD QUARTER RESULTS

 TUALATIN, Ore., Oct. 19 /PRNewswire/ -- In Focus Systems Inc. (NASDAQ: INFS) today reported revenue and earnings for the quarter ended Sept. 30, 1993.
 On revenues of $17.0 million, earnings rose 17 percent to $1.4 million compared to $1.2 million in earnings in the same period of 1992. Earnings per share rose for the third straight quarter to 12 cents on 11.4 million shares, compared to the third quarter of 1992 of 14 cents per share on 8.8 million shares.
 Revenue for the nine months ended Sept. 30, 1993, was $51.2 million, up 21 percent from $42.4 million for the same period last year. Net income for the first nine months of 1993 was up 50 percent to $3.5 million (or 31 cents per share) compared to $2.3 million (or 26 cents per share) for the comparable period of 1992.
 "The continued success of our PanelBook(TM) 550, as well as the introduction of the PanelBook 450, a passive matrix TSTN(R) product, the PanelBook 525, an active matrix data only product and the LitePro(R) 550, a complete multi-media projection system with data, video and audio helped maintain our revenues from the prior quarter despite limited availability of TFT glass," said John Harker, In Focus president and chief executive officer. "These new products alone accounted for 52 percent of our total revenues for the quarter. As a result of our mix of active and passive matrix products using our proprietary TSTN technology, we are well positioned to respond to market demands and are fortunate not to be solely dependent on TFT glass which continues to be in short supply," added Harker.
 Gross margins improved for the third straight quarter to 37 percent compared to 36 percent and 35 percent, respectively, for the previous two quarters of 1993. This compares to 37 percent for the third quarter of 1992. The steady rise is due to product mix changes and cost reduction efforts. However the company feels these present margins will be difficult to maintain over the long haul due to competitive pressures on pricing as well as competitive products and technologies.
 Operating expenses as a percentage of sales remain flat at approximately 28 percent between the second and third quarters of 1993. The effective tax rate dropped to 26 percent for the third quarter of 1993 due to the reinstatement of the research and development tax credit retroactive to July 1992, in accordance with the 1993 Tax Act.
 Motif Inc., In Focus Systems' joint venture with Motorola Inc., continues to make progress. Equipment financing was secured and all of the necessary equipment for the LCD plant was purchased, delivered and installed. Motif is currently going through clean room certification, systems testing and has begun sample LCD runs for testing.
 In Focus Systems Inc. is a leader in developing, manufacturing and marketing products using proprietary flat panel LCD technology to project data, video and audio from personal computers and other devices. The company's headquarters are located at 7770 S.W. Mohawk St., Tualatin, OR 97062.
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three months ended Nine months ended
 Sept. 30, 1993 1992 1993 1992
 Revenue $17,026,875 $15,563,895 $51,178,227 $42,446,960
 Cost of sales 10,782,427 9,832,703 32,796,842 27,414,957
 Gross profit 6,244,448 5,731,192 18,381,385 15,032,003
 Operating expenses:
 Marketing and sales 2,372,752 2,128,790 7,198,059 6,734,873
 Engineering 1,022,798 769,192 2,976,330 2,723,815
 General and
 administrative 1,423,695 1,164,696 4,309,285 2,899,932
 Total 4,819,245 4,062,678 14,483,674 12,358,620
 Income from
 operations 1,425,203 1,668,514 3,897,711 2,673,383
 Other income (expense):
 Interest expense -- (21,936) (29,042) (75,899)
 Interest income 341,543 148,721 990,274 602,911
 Other, net 78,570 55,427 116,759 146,867
 Total 420,113 182,212 1,077,991 673,879
 Income before provision
 for income taxes 1,845,316 1,850,726 4,975,702 3,347,262
 Provision for
 income taxes 470,801 637,800 1,450,801 999,700
 Net income $ 1,374,515 $ 1,212,926 $ 3,524,901 $ 2,347,562
 Net income per
 share $ 0.12 $ 0.14 $ 0.31 $ 0.26
 Shares used in
 per share
 calculations 11,414,451 8,828,280 11,305,550 8,880,617
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED BALANCE SHEETS
 Sept. 30, 1993 Dec. 31, 1992
 Assets
 Current assets:
 Cash and cash equivalents $39,310,346 $40,990,075
 Investments 5,552,981 3,555,044
 Accounts receivable, net 15,747,122 13,124,873
 Inventories, net 6,076,305 6,047,340
 Refundable income taxes 68,812 --
 Other current assets 1,297,057 883,999
 Total current assets 68,052,623 64,601,331
 Restricted cash 1,000,000 --
 Property and equipment, net 3,207,518 2,173,818
 Other assets, net 1,003,652 793,735
 Total assets $73,263,793 $67,568,884
 Liabilities and shareholders' equity
 Current liabilities:
 Current portion of capital
 lease obligations $ -- $ 385,126
 Income taxes payable -- 397,574
 Accounts payable 4,380,876 3,986,627
 Payroll and related benefits
 payable 852,007 669,499
 Other current liabilities 683,215 493,049
 Total current liabilities 5,916,098 5,931,875
 Capital lease obligations -- 209,988
 Shareholders' equity:
 Common stock, 30,000,000 shares
 authorized; shares issued and
 outstanding: 10,895,331 (1993)
 and 10,423,920 (1992) 48,264,241 47,357,155
 Additional paid-in capital 3,275,551 1,786,864
 Retained earnings 15,807,903 12,283,002
 Total shareholders' equity 67,347,695 61,427,021
 Total liabilities and
 shareholders' equity $73,263,793 $67,568,884
 -0- 10/19/93
 /CONTACT: John V. Harker, chief executive officer, of In Focus Systems, 503-692-4968; or Heidi Flannery, investor relations counsel, of in.ves'com, 503-221-2087, for In Focus Systems/
 (INFS)


CO: In Focus Systems Inc. ST: Oregon IN: CPR SU: ERN

JH-IC -- SE006 -- 3717 10/19/93 07:51 EDT
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Date:Oct 19, 1993
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