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ADVANCE CIRCUITS, INC. ANNOUNCES RECORD SALES FOR THE FIRST QUARTER OF FISCAL 1994

 MINNETONKA, Minn., Dec. 8 /PRNewswire/ -- Advance Circuits, Inc. (NASDAQ-NMS: ADVC), Minnetonka-based manufacturer of interconnect products, announced today a net income of $2,811,000 or $.39 per share for its first quarter ended Nov. 27, 1993. Sales for the quarter of $34,587,000 were a quarterly record and represented a 15.5 percent increase from sales of $29,947,000 for the first quarter in fiscal 1993 which produced net income of $1,971,000 or $.28 per common share. Fiscal 1993 results have been restated on a pooling of interest basis to include the September 1993 acquisition of Targ-It-Tronics, Inc.
 Robert W. Heller, president, indicated that he was pleased with the quarterly results particularly in light of the fact that the first quarter is normally the company's most difficult quarter. The significant increase in sales volume was the result of increased utilization of the company's expanded manufacturing capacity. He indicated that the company remains committed to its capital expansion plans and that the capital expenditure budget for the fiscal year was $16 million. He also indicated that he was pleased with the integration of the Targ-It-Tronics operations, which have been profitable, with those of ACI and that the outlook for the flex assembly business was very good.
 The company's common stock is traded on the NASDAQ National Market System under the symbol - ADVC.
 ADVANCE CIRCUITS, INC.
 CONDENSED STATEMENT OF INCOME
 (Unaudited)
 Three Months Ended
 11/27/93 11/28/92
 Net sales $34,587,000 $29,947,000
 Cost of sales 28,062,000 24,889,000
 Gross profit 6,525,000 5,058,000
 Operating expense 2,079,000 1,928,000
 Income before income tax 4,446,000 3,130,000
 Income tax 1,635,000 1,159,000
 Net income $2,811,000 $1,971,000
 Average number of common
 shares and equivalents
 outstanding 7,148,000 7,097,000
 Net income per share $.39 $.28
 SUMMARY BALANCE SHEET
 (Unaudited)
 11/27/93 8/28/93
 Current assets $34,823,000 $31,823,000
 Other assets 24,990,000 24,471,000
 Total $59,813,000 $56,294,000
 Current liabilities $15,820,000 $15,173,000
 Other liabilities 1,126,000 1,132,000
 Net worth 42,867,000 39,989,000
 Total $59,813,000 $56,294,000
 -0- 12/8/93
 /CONTACT: Robert W. Heller, president, or Thomas I. Mueller, exec. V.P., of Advance Circuits, 612-935-3311/
 (ADVC)


CO: Advance Circuits, Inc. ST: Minnesota IN: SU: ERN

DB-AL -- MN004 -- 1655 12/08/93 09:40 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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