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PICTURETEL CORPORATION ANNOUNCES 1992 REVENUE INCREASE OF 81 PERCENT

 DANVERS, Mass., Feb. 18 /PRNewswire/ -- PictureTel Corporation (NASDAQ: PCTL), today reported an 81 percent increase in revenue for the year ended Dec. 31, 1992 compared to 1991. Total revenues for 1992 were $141.4 million on shipments of approximately 2850 units compared with $78.0 million on shipments of approximately 1800 units in 1991.
 The Company reported that revenues in the fourth quarter ended Dec. 31, 1992 were $43.0 million. This represents an increase of 19 percent from the previous quarter's revenue of $36.0 million and an increase of 60 percent from revenues of $26.9 million for the same period of the prior year.
 The Company also reported that net income for the year ended Dec. 31, 1992 increased 79 percent to $10.7 million or $.67 per share ($.53 before application of extraordinary credits) compared to $6.0 million, or $.43 per share, ($.29 per share before application of extraordinary credits), for the prior year.
 Net income for the fourth quarter ended Dec. 31, 1992 increased 36 percent to $2.6 million, or $.17 per share compared to $1.9 million, or $.12 per share ($.11 per share before application of extraordinary credits) in the previous quarter. Net income in the fourth quarter of 1992 increased 13 percent from $2.3 million, or $.15 per share ($.10 per share before application of extraordinary credits) for the same quarter in 1991.
 "In 1992 we believe that we reaffirmed our position as the industry leader, " said Dr. Norman E. Gaut, chairman and chief executive officer of PictureTel. "We continued to drive videoconferencing solutions into new markets, expanded our worldwide sales and support infrastructure and increased our investment in research and development activities in our core business, while also reporting significant increases in revenues and net income for 1992. With the directed focus of our four business lines, we feel that we are well positioned to execute on our goal of redefining the way the world meets."
 PictureTel Corporation develops, manufactures and markets a full range of visual telecommunications solutions that are "Redefining the Way the World Meets(tm)". PictureTel enables worldwide video communications through an easy-to-use, dial-up family of standards-based videoconferencing systems.
 PICTURETEL CORPORATION
 Consolidated Statements of Income
 (in thousands, except per share data)
 Three Months Ended Year Ended
 (unaudited)
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $43,006 $26,870 $141,409 $78,024
 Cost of Sales $18,993 $11,944 64,529 35,381
 Gross Margin $24,013 $14,926 76,880 42,643
 Operating Expenses
 Selling, general
 and administrative $14,341 $ 9,619 46,484 26,739
 Research and development $ 6,415 $ 3,373 21,280 10,154
 Total operating expenses $20,756 $12,992 67,764 36,893
 Income from Operations $ 3,257 $ 1,934 9,116 5,750
 Other Income (Expense), net $ 588 $ 715 4,197 1,054
 Income before taxes and
 Extraordinary Credit $ 3,845 $ 2,649 13,313 6,804
 Provision for Income Taxes $ 1,233 $ 1,110 4,926 2,783
 Income before
 Extraordinary Credit $ 2,612 $ 1,539 8,387 4,021
 Extraordinary Credit (NOL) $ 0 $ 779 2,272 1,930
 Net Income $ 2,612 $ 2,318 10,659 5,951
 Income per share before
 Extraordinary Credit .17 cents .10 cents .53 cents .29 cents
 Extraordinary Credit
 per share .00 cents .05 cents .14 cents .14 cents
 Net Income per
 common share .17 cents .15 cents .67 cents .43 cents
 Weighted average number of
 common shares outstanding 15,761 15,004 15,934 13,873
 PICTURETEL CORPORATION CONSOLIDATED BALANCE SHEETS
 (IN THOUSANDS)
 12/31/92 12/31/91
 ASSETS
 Current assets:
 Cash and short-term investments $40,751 $85,217
 Accounts receivable, net $27,287 $26,960
 Inventories $15,030 $17,823
 Other current assets $ 1,166 $ 779
 Total current assets $84,234 $130,779
 Property and equipment, net $15,002 $ 8,472
 Capitalized software costs, net $ 3,136 $ 3,467
 Marketable securities $61,428 $ 0
 Other assets $ 1,913 $ 2,139
 Total assets $165,713 $144,857
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes Payable $ 4,029 $ 0
 Accounts payable $ 6,024 $ 6,137
 Accrued expenses $ 9,975 $ 8,725
 Current portion of
 capital leases $ 3,614 $ 2,038
 Deferred revenue $ 5,258 $ 4,419
 Total current liabilities $28,900 $21,319
 Capital lease obligations $4,685 $ 3,915
 Total Liabilities $33,585 $25,234
 Total Stockholders' Equity $132,128 $119,623
 Total Liabilities and
 Stockholders' Equity $165,713 $144,857
 -0- 2/18/93
 /CONTACT: Joan Nevins of PictureTel Corporation 508-762-5208; or John Coulbourn of Rourke & Company, 617-267-0042, for PictureTel Corporation/
 (PCTL)


CO: PictureTel Corporation ST: Massachusetts IN: TLS SU:

CH -- NE014 -- 8106 02/18/93 16:51 EST
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