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MEDIA LOGIC ANNOUNCES SECOND QUARTER RESULTS

    PLAINVILLE, Mass., Oct. 27 /PRNewswire/ -- Media Logic, Inc. (AMEX: TST) today announced that net income for the fiscal second quarter ended Sept. 30, 1993, was $638,512 or 12 cents per share , vs. $856,247, or 21 cents per share, in the same period last year.  Sales for the second quarter were $4.1 million, compared with $4.6 million in the second quarter of the previous year.
    For the six months ended Sept. 30, 1993, Media Logic reported that net income increased to $2.2 million, or 47 cents per share, compared with $1.5 million or 37 cents per share, in the same period last year. Due to the company's public offering completed in July, 1993, net income per share for the first six months of fiscal 1994 reflects an increase in the number of shares outstanding from 4.3 million in the first quarter to 5.2 million in the second quarter.  Sales for the first six months of fiscal 1993 rose to $11.2 million, compared with $8.4 million for the same period last year.
    David R. Lennox, Media Logic's chairman, president, and chief executive officer, stated, "As previously announced, second quarter sales were constrained by unanticipated monetary and trade uncertainties in our Asian and European markets.
    "During the second quarter, credit restrictions placed on our customers in China prevented the company from shipping some confirmed orders to that country," Lennox said.  "We are working closely with our Chinese customers, but remain concerned about the impact of this policy on our business for the remainder of our fiscal year.
    "Uncertainties continue about the effects of recent antidumping tariffs enacted by the European Community directed against Asian manufacturers," continued Lennox.  "We believe, however, that the tariffs will encourage Asian manufacturers to relocate inside the tariff barriers."
    Paul M. O'Brien, chief financial officer, commented, "The decline in second quarter earnings reflects increased overhead and research and development expenses.  We have taken steps to reduce overhead spending for the remainder of the fiscal year.  Our gross margins remained strong, averaging 61 percent in the second quarter."
    O'Brien continued, "We are encouraged by the progress of our high-quality, high-performance AccuCopy industrial disk drives and heads.  During the quarter, we shipped a limited number of AccuCopy disk drives to beta test sites and anticipate increased product shipments in the third and fourth quarters."
    Media Logic develops, manufactures, and sells certification and evaluation equipment for computer storage media.  The company also manufactures and sells AccuCopy industrial disk drives and heads.
    A condensed statement of operations and balance sheet for the company are attached.
                            Media Logic, Inc.
                     Second Quarter Ended 9/30/93
    Income Statement       Three Months Ended         Six Months Ended
                                Sept. 30,                 Sept. 30,
                          1993         1992          1993        1992
    Net sales           4,073,345    4,602,805    11,168,098  8,412,910
    Pre tax earnings      978,512    1,364,749     3,500,096  2,465,568
    Taxes                 340,000      508,502     1,270,000    948,832
    Net earnings          638,512      856,247     2,230,096  1,516,736
    Shares Outstnd.     5,223,208    4,053,942     4,763,908  4,045,720
    Earnings per share   12 cents     21 cents      47 cents   37 cents
    Balance Sheet                    9/30/93          3/31/93
    Current assets:
    Cash & Short Term Invest       15,112,845       6,047,556
    Receivables                     4,259,527       3,326,134
    Inventories                     3,388,877       2,383,956
    Other                             731,093         560,184
    Prop & equip net                  681,351         543,321
    Other assets                       28,712          17,446
    Total assets                   24,202,405      12,878,597
    Liabilities & equity
    Accts. payable                  1,135,320       1,872,202
    Debt                                    0               0
    Accrued income tax              1,324,679       1,950,267
    Other                             725,536       1,226,218
    Total liabilities               3,185,535       5,048,687
    Equity:
    Common stock                       49,422          38,828
    Paid in capital                13,880,516       2,932,091
    Accumulated earnings            7,086,944       4,856,677
    Cumulative translation                (12)          2,314
    Total liab & equity            24,202,405      12,878,597
    -0-             10/27/93
    CONTACT:  Paul M. O'Brien of Media Logic, 508-695-2006
    (TST) CO:  MEDIA LOGIC, INC. IN:  CPR ST:  MA


-- NE006 -- X397 10/27/93
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Publication:PR Newswire
Date:Oct 27, 1993
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