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INFINITE GRAPHICS INCORPORATED REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, April 12 /PRNewswire/ -- Infinite Graphics Incorporated today announced a profit for the third quarter ended Jan. 31, 1993.
 Sales for the third quarter were $882,217 compared to $1,335,103 for the same quarter last year. The company reported a third quarter operating loss of $248,238. In addition, the company had a one time extraordinary profit of $790,051 in the third quarter in which the company received a major discount on its credit line with its bank and the company paid the difference in cash. The net profit for third quarter was $541,813 or 20 cents per share compared to a net profit of $31,846 or 1 cent per share in the third quarter a year ago.
 The Engineering Services Division sales decreased 23 percent to $633,610 in the third quarter, compared to $823,064 for the same period last year. Software Systems Division sales decreased 51 percent to $248,607 in the third quarter versus $512,039 in 1992.
 Sales for the nine months ended Jan. 31, 1993 were $2,946,868 compared to $3,688,778 for the same period last year. Net profit for the nine months was $601,741 or 24 cents per share, compared to a net profit of $319,216 or 14 cents per share for the same period last year. Systems sales decreased 27 percent to $928,357 for the nine months compared to $1,275,757 for the same period one year ago. Service sales decreased 16 percent to $2,018,511 for the nine months compared to $2,413,021 for the same period last year.
 On Nov. 19, 1992, the company obtained additional financing from a private investor and a financing company. These new finances were used to reduce debt with the bank and to provide an operating credit line for the company. The debt with the bank was reduced by $1,177,476 with a cash payment of $355,000 and a discount of $822,476. The company incurred $45,000 in various expenses to acquire and close the financing and these expenses are recorded in the general and administrative expenses for the quarter. The new financing improved the company's balance sheet from a debt equity of 14.2:1 to 2:1. The current ratio improved from .4:1 to .6:1.
 The initial funds from the asset lender were in the amount of $297,000. This is in the form of an operating credit line and is based on the company's accounts receivable. The company received a term loan from a private investor in the amount of $250,000 due August 1994. The company granted warrants, expiring November, 1997, to purchase up to 350,000 shares of IGI's common stock at $0.125 per share, to the investor.
 Infinite Graphics has turned a profit for nine consecutive quarters. The company has three issues to address:
 -- cash flow
 -- search for investment funds
 -- restructure its operations to reduce cost
 If management is able to successfully address all the above issues the company should be postured to operate profitably in the future.
 The company introduced its new software product with enhanced capabilities and on multiple platforms at the NEPCON show in February. The product is called SeriCAM PAR (Producibility Analysis Report). The product saves manufacturers an enormous amount of time analyzing the manufacturability of their printed circuit boards. The product was well received at the show and is the only one of its kind on the market today.
 Infinite Graphics Incorporated is a total solutions precision graphics company that has served the engineering and manufacturing marketplace since 1969. Infinite Graphics develops and markets engineering graphics services and products for precision graphics and printed circuit board manufacturing, design and testing. Headquartered in Minneapolis, the company markets its services and products in the United States, Canada and Western Europe.
 INFINITE GRAPHICS INCORPORATED
 Consolidated Statement of Earnings
 (Unaudited)
 Three Months Ended Nine Months Ended
 1/31/93 1/31/92 1/31/93 1/31/92
 Net sale $882,217 $1,335,103 $2,946,868 $3,688,778
 Other income 29,008 -- 29,008 --
 -- 911,225 1,335,103 2,975,876 3,688,778
 Costs and expenses 1,149,463 1,191,422 3,220,810 3,511,104
 Earnings (loss) before
 income taxes and
 extraordinary items (238,238) 143,681 (244,934) 177,674
 Income taxes 10,000 2,000 10,000 8,000
 Earnings (loss) before
 extraordinary items (248,238) 141,681 (254,934) 169,674
 Extraordinary item 790,051 (109,835) 856,675 149,542
 Net earnings (loss) $541,813 $31,846 $601,741 $319,216
 Net earnings (loss)
 per common share $.20 $.01 $.24 $.14
 Weighted average
 number of common
 and common equivalent
 shares outstanding 2,723,208 2,221,686 2,535,527 2,221,686
 -0- 4/12/93
 /CONTACT: Lee Miller, CFO of Infinite Graphics, 612-721-6283/


CO: Infinite Graphics Incorporated ST: Minnesota IN: CPR SU: ERN

AL -- MN008 -- 4861 04/12/93 15:25 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 12, 1993
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