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OPTICAL RADIATION REPORTS FIRST QUARTER RESULTS

 AZUSA, Calif., Nov. 16 /PRNewswire/ -- Optical Radiation Corp. (NASDAQ: ORCO) today reported operating results for the first fiscal quarter ended Oct. 30, 1993.
 Income for the three-month period before cumulative effect of accounting change for SFAS No. 109 amounted to $1,159,000, equal to $.19 per share, compared with net income of $1,346,000, or $.22 per share, for the prior-year period. Net income for the most recent period, inclusive of the gain from adoption of SFAS No. 109, was $2,579,000, or $.42 per share.
 Sales for the first quarter increased slightly to $40,439,000 from $39,808,000 a year ago which reflects the elimination of approximately $1.8 million of cinema equipment business which was divested last year.
 Richard D. Wood, president and chief executive officer, said most of the company's operating units posted higher sales and profits over the comparable prior year period. However, he noted that the Ophthalmic Surgical Products group sustained a loss for the first quarter, which, in turn, adversely impacted Optical Radiation's earnings performance. Lower unit volume and lower average selling prices for intraocular lenses affected the group's performance along with higher development expenses for the new MasterVue(TM) ("MasterVue") system.
 Wood stated that during the quarter, manufacturing began on MasterVue, a diagnostic system used in refractive surgery and cataract procedures. He said initial response by ophthalmologists has been excellent.
 "Our aggressive new product development program is continuing, which will help fuel future growth," said Wood. "We also are exploring various options to address the challenges faced in the intraocular lens market, including the declining selling prices resulting from intense competition and lower government reimbursement rates."
 Optical Radiation designs and manufactures a wide range of precision optical components and systems primarily for the vision care markets. The company's products also have scientific and industrial applications.
 OPTICAL RADIATION CORP.
 Statement of Income
 (Unaudited)
 Three Months Ended Oct. 30, 1993
 1st Quarter 1st Quarter
 Fiscal 1994 Fiscal 1993
 Sales $40,439,000 $39,808,000
 Income before provision for
 income taxes 1,632,000 1,979,000
 Provision for income taxes 473,000 633,000
 Income before cumulative effect
 of accounting change 1,159,000 1,346,000
 Cumulative effect of accounting
 change 1,420,000 ---
 Net income $2,579,000 $1,346,000
 Per Share Data:
 Income before cumulative effect
 of accounting change $0.19 $0.22
 Cumulative effect of accounting
 change $0.23 ---
 Net income per share $0.42 $0.22
 Weighted average number of shares
 outstanding 6,104,000 6,196,000
 -0- 11/16/93
 /CONTACT: Richard D. Wood of Optical Radiation, 818-969-3344; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Optical Radiation/
 (ORCO)


CO: Optical Radiation Corp. ST: California IN: MTC SU: ERN

JB-EH -- LA031 -- 5183 11/16/93 15:04 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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