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RIMAGE CORPORATION REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, Oct. 26 /PRNewswire/ -- Rimage Corporation (NASDAQ: RIMG) today reported its consolidated financial results for quarter ended Sept. 30, 1993. Revenues for the three and nine months ended Sept. 30, 1993, were $3,676,836 and $12,912,076, up 16 percent and 47 percent from corresponding 1992 revenues of $3,164,144 and $8,781,161, respectively. These increases resulted from increased product acceptance and a broadened customer base.
 Consolidated pro forma net earnings were $202,876 and $1,002,007 for the three and nine months ended Sept. 30, 1993, up 16 percent and 130 percent, respectively, from $174,209 and $436,242 in the same periods of 1992, mainly as a result of significantly higher sales volumes on relatively stable fixed costs. The period to period earnings per share comparisons are affected by Rimage's IPO in November 1992, and secondary offering in July 1993, and the resulting disparities of weighted average shares outstanding. This results in the consolidated pro forma net earnings per share of $.11 and $.61 for the three and nine months ended Sept. 30, 1993, down 59 percent and 8 percent from corresponding 1992 pro forma earnings per share of $.26 and $.66.
 Rimage designs, manufactures and sells computer diskette duplication and finishing systems and computer diskette publishing systems.
 RIMAGE CORPORATION AND SUBSIDIARIES
 Selected consolidated financial information
 (In thousands)
 Consolidated Statement of Earnings Information:
 Three months ended Nine months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues $3,677 $3,164 $12,912 $8,781
 Cost of goods sold 2,067 1,807 6,863 5,016
 Gross profit 1,609 1,357 6,049 3,765
 Operating expenses 1,348 1,070 4,381 2,989
 Operating earnings 261 287 1,669 776
 Interest expense 6 86 116 236
 Pro forma income taxes 40 49 550 136
 Pro forma net earnings $203 $174 $1,002 $436
 Pro forma earnings per
 share $.11 $.26 $.61 $.66
 Weighted average shares
 outstanding 1,905 665 1,652 663
 Consolidated Balance Sheet Information:
 Balances as of
 9/30/93 12/31/92
 Receivables $2,395 $2,971
 Inventories 3,750 2,966
 Total current assets 9,870 6,413
 Property and
 equipment (net) 1,565 1,546
 Total assets 11,560 8,150
 Current liabilities 1,966 3,732
 Stockholders' equity 8,432 3,196
 Total liabilities and
 stockholders' equity 11,560 8,150
 -0- 10/26/93
 /CONTACT: David McCaffrey, CEO, or Jon Wylie, controller, of Rimage, 612-944-8144/
 (RIMG)


CO: Rimage Corporation ST: Minnesota IN: CPR SU: ERN

CP-DS -- MN001 -- 6815 10/26/93 10:34 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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