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ZYCAD ANNOUNCES FIRST QUARTER PROFIT FOR THE PERIOD ENDED MARCH 31, 1992

 ZYCAD ANNOUNCES FIRST QUARTER PROFIT FOR
 THE PERIOD ENDED MARCH 31, 1992
 MENLO PARK, Calif., April 23 /PRNewswire/ -- Zycad Corp. today reported net income of $1,112,000, or $.06 per share, on revenues of $10,607,000 for the first quarter ended March 31, 1992. For the comparable period ended March 31, 1991, the company's net income was $521,000, or $.03 per share, on revenues of $8,362,000. Shares used to compute earnings per share were 18,536,000 in 1992 and 16,379,000 in 1991.
 The net income for the 1992 first quarter included other income of $722,000, principally related to the net gain on the disposition of 146,591 shares of Synopsys Inc. common stock. Other income in the 1991 comparable period was $219,000, principally interest income.
 The 27 percent increase in revenue from 1991 to 1992 is the result of a 66 percent increase in product revenues, mainly attributed to the continued market success of the XP product line. The increase in product revenue is partially offset by a decline in consulting service revenues, due to the timing of large contracts completed during the first quarter of 1991.
 Gross profit in 1992 improved over 1991 due to the revenue mix of a higher percent of product revenue versus service revenue. Operating expenses were higher in 1992 as a result of continuing investments in staffing resources made after the March 1991 quarter.
 "We are pleased with the company's continued growth," stated Phillips W. Smith, president and chief executive officer of Zycad. "The acceptance of our XP product line remains strong and, while considering revenues were less than the comparable 1991 quarter, our 1992 order activity for commercial consulting services during the quarter was very strong." Smith further added, "Operating income in 1992 increased 29 percent over 1991 operating income as we continue to balance the need for investments in the engineering, marketing, and sales infrastructure necessary to achieve our planned revenue and profit objectives for 1992 and beyond."
 The company's cash and working capital remain strong at $15.9 million and $20.5 million, respectively, both increases over the Dec. 31, 1991, comparable amounts.
 ZYCAD CORP.
 Condensed Consolidated Balance Sheets
 (in thousands)
 March 31, 1992 Dec. 31, 1991
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $15,420 $14,815
 Short-term investments 451 640
 Accounts receivable, net 10,237 12,228
 Inventories 920 895
 Other current assets 1,080 683
 Total current assets 28,144 29,261
 Property and equipment, net 5,163 4,885
 Other assets 1,793 1,774
 Total assets $35,100 $35,920
 Liabilites and Stockholders' Equity
 Current liabilities:
 Current portion of debt
 obligations $832 $833
 Accounts payable 1,330 1,454
 Accrued expenses 3,620 4,993
 Income tax payable -- 144
 Deferred revenues 1,853 2,135
 Total current liablilities 7,635 9,559
 Other long-term liabilities 207 207
 Non-current portion of
 debt obligations 694 888
 Total liabilities 8,536 10,654
 Stockholders' equity:
 Common stock, par value $.10 1,606 1,564
 Additional paid-in capital 41,878 41,671
 Accumulated deficit (16,902) (18,014)
 Accumulated translation
 adjustments (18) 45
 Total stockholders' equity 26,564 25,266
 Total liabilities and
 stockholders' equity $35,100 $35,920
 ZYCAD CORP.
 Condensed Consolidated Statements of Operations
 (in thousands, except per share data)
 (unaudited)
 Three Months Ended
 March 31,
 1992 1991
 Revenues:
 Product $7,306 $4,408
 Service 3,301 3,954
 Total revenues 10,607 8,362
 Cost of revenues:
 Product 1,394 1,163
 Service 1,674 1,735
 Total cost of revenues 3,068 2,898
 Gross profit 7,539 5,464
 Operating expenses:
 Sales and marketing 4,767 3,461
 Research and development 1,753 1,087
 General and administrative 629 614
 Total operating expenses 7,149 5,162
 Operating income 390 302
 Other income (expense):
 Interest income 177 225
 Interest expense (89) (33)
 Other 634 27
 Other income, net 722 219
 Net income $1,112 $521
 Net income per share $.06 $.03
 Average common and common
 equivalent shares outstanding 18,536 16,379
 -0- 4/23/92
 NOTE: Zycad Corp., located in Menlo Park, is the leader in the design, development, and marketing of logic and fault simulation acceleration products used for the design of single- and multi-ASIC to complete electronic systems. In addition, Protocol(TM), the Services Division of Zycad, located in Mount Olive, N.J., provides system engineering services to the Federal Government and commercial companies. Zycad has offices worldwide and is traded on the OTC under the symbol ZCAD.
 Zycad Corp. is a registered trademark and Protocol is a trademark of Zycad Corp.
 /CONTACT: Pamela Mayer Bernal of Zycad Corp., 415-688-7400/
 (ZCAD) CO: Zycad Corp. ST: California IN: CPR SU: ERN


MM-RM -- SJ004 -- 2207 04/23/92 18:15 EDT
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Date:Apr 23, 1992
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