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TELLABS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS

 LISLE, Ill., April 20 /PRNewswire/ -- Telecommunications equipment manufacturer Tellabs, Inc. (NASDAQ: TLAB) announced Tuesday record sales and earnings for the first quarter of 1993.
 Sales for the first quarter, ended April 2, were $64,689,000, up 14.6 percent from the previous first-quarter record of $56,461,000, set in 1992.
 Net income for the first quarter was a record $5,645,000, up 64.1 percent, compared to net income of $3,440,000 a year earlier. Primary and fully diluted earnings per share of common stock were 39 cents, compared to 24 cents per share for the first quarter of 1992. During the quarter, the company adopted the provisions of Statement of Accounting Standards No. 109, "Accounting for Income Taxes." The cumulative effect of the change on prior years was a net increase in deferred tax assets of $1,500,000, which improved earnings by 10 cents per share.
 "Sales growth during the quarter, led by the SONET-based TITAN(A) 5500 digital cross-connect system and the international version of our asynchronous cross-connect system, the TITAN 532E, produced revenues exceeding expectations that resulted in the best first quarter in the company's history," said Tellabs President Michael J. Birck. "Demand for echo canceler products also continued to be strong."
 Tellabs designs, manufactures, markets and services voice and data communication equipment. The company's products are used internationally by telephone companies, interexchange carriers, governments and businesses. Tellabs stock is traded in the United States over-the-counter (NASDAQ) under the symbol TLAB.
 TELLABS, INC. RESULTS OF OPERATIONS
 (Dollars in thousands, except per-share data)
 Three Months Ended 4/2/93 3/27/92
 Sales $ 64,689 $ 56,461
 Cost of Goods Sold 33,117 28,900
 Gross Profit 31,572 27,561
 Operating Expenses
 Mktg & G.A. 17,397 15,400
 Research & Dev. 11,191 9,561
 Total Oper. Exp. 28,588 24,961
 Oper. Profit 2,984 2,600
 Interest/Other-net 1,887 1,496
 Profit Before Tax and Cumulative Effect
 of Change in Accounting Principle 4,871 4,096
 Taxes 726 656
 Net Profit Before Cumulative Effect
 of Change in Accounting Principle 4,145 3,440
 Cumulative Effect on Prior Years of
 Changing to a Different Method of
 Accounting for Income Taxes 1,500 --
 Net Profit $ 5,645 $ 3,440
 Primary and Fully Diluted
 Earning Per Share(A):
 Profit before cumulative effect of
 change in accounting principle $.29 $.24
 Cumulative effect on prior years of
 changing to a different method of
 accounting for income taxes .10 --
 Net Profit $.39 $.24
 (A) -- The per-share calculations are based on the average number of
 shares of common stock and common stock equivalents outstanding
 during
 the respective periods. At April 2, 1993, and March 27, 1992, these
 averages were 14,373,000 and 14,082,000, respectively.
 TELLABS, INC. CONDENSED CONSOLIDATED BALANCE SHEET
 (Dollars in thousands)
 1993 1992
 First Quarter Year End
 ASSETS
 Current Assets:
 Cash and investments $ 48,927 $ 49,351
 Accounts receivable,
 less allowance 40,827 53,440
 Inventories 38,678 36,212
 Other current assets 4,689 5,410
 Total Current Assets 133,121 144,413
 Property, Plant and Equipment 111,970 107,832
 Less accumulated depreciation (53,119) (51,173)
 58,851 56,659
 Other Assets 13,928 9,676
 Total Assets $205,900 $210,748
 LIABILITIES
 Current Liabilities:
 Current maturities of
 long-term debt $ 315 $ 356
 Accounts payable 9,772 17,353
 Accrued liabilities 12,417 15,242
 Income taxes 4,799 2,525
 Total Current Liabilities 27,303 35,476
 Long-Term Debt, less Current
 Maturities 3,659 3,765
 Other Long-Term Liabilities 1,606 1,360
 Deferred Income Taxes -- 3,003
 Total Liabilities 32,568 43,604
 SHAREHOLDERS' EQUITY
 Common Stock, $.01 Par Value 140 138
 Additional Paid-In Capital 36,276 34,373
 Cumulative Translation Adjustment (1,567) (205)
 Retained Earnings 138,483 132,838
 Total Shareholders' Equity 173,332 167,144
 Total Liab. and Shareholders'
 Equity $205,900 $210,748
 /CONTACT: Peter A. Guglielmi of Tellabs, Inc., 708-512-8111/
 (TLAB)


CO: Tellabs, Inc. ST: Illinois IN: TLS SU: ERN

LD -- NY127 -- 8392 04/20/93 19:45 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Apr 20, 1993
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