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PSC REPORTS FIRST QUARTER REVENUE UP 21 PERCENT

 WEBSTER, N.Y., April 22 /PRNewswire/ -- PSC Inc. (NASDAQ: PSCX) today announced first quarter 1993 revenue increased by 21 percent over first quarter 1992 results. 1993 revenue for the quarter totaled $8,542,000 compared to $7,079,000 for the same quarter a year ago.
 Net income was $590,000 ($.08 per share) for the first quarter 1993. 1992 first quarter profits of $916,000 equated to $.12 per share. 1993 results included a $302,000 ($.04 per share) provision for income taxes compared to a $69,000 ($.01 per share) provision for taxes in the first quarter 1992. 1992 taxes were significantly lower due to the utilization of net operating loss carryforwards. First quarter 1993 investments in R&D, new product development and European market development nearly doubled from 1992 levels.
 L. Michael Hone, chairman and chief executive officer, said, "We are very pleased with the continued customer acceptance of our products in this soft economic climate. In particular, our European results have been very encouraging since opening our office in the United Kingdom. As stated previously, PSC will continue to focus on our longer term strategy and will make the investments in R&D, product development, market development and facilities to support growth opportunities we see in our industry."
 PSC Inc. is a leading manufacturer of laser scanners, interface modules, quality control instruments and film masters for bar code data collection systems. PSC is located in the Rochester, N.Y., area.
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 THREE MONTHS ENDED MARCH 31
 (UNAUDITED)
 1993 1992
 NET SALES $8,542 $7,079
 COST OF SALES 4,326 3,727
 GROSS PROFIT $4,216 $3,352
 OPERATING EXPENSES:
 ENGINEERING, RESEARCH &
 DEVELOPMENT $738 $448
 SG & A EXPENSES 2,617 1,902
 INCOME FROM OPERATIONS $861 $1,002
 OTHER INCOME (EXPENSE) 31 (17)
 INCOME BEFORE INCOME TAXES $892 $985
 PROVISION FOR INCOME TAXES 302 69
 NET INCOME $590 $916
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.08 $0.12
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 7,145 6,657
 COMMON EQUIVALENT SHARES 335 819
 TOTAL 7,480 7,476
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 MARCH 31 DECEMBER 31
 (UNAUDITED)
 1993 1992
 ASSETS
 TOTAL CURRENT ASSETS $18,269 $18,905
 TOTAL PROPERTY, NET 4,304 3,775
 TOTAL INTANGIBLE ASSETS, NET 3,076 2,312
 TOTAL ASSETS $25,649 $24,992
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $4,151 $4,780
 TOTAL LONG-TERM LIABILITIES 1,638 1,680
 TOTAL SHAREHOLDERS' EQUITY 19,860 18,532
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $25,649 $24,992
 -0- 4/22/93
 /CONTACT: William E. Hollis, vice president, finance and treasurer of PSC Inc., 716-265-1600/
 (PSCX)


CO: PSC Inc. ST: New York IN: CPR SU: ERN

AR -- CL015 -- 9317 04/22/93 10:45 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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