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APPLIED INNOVATION, INC. ANNOUNCES HIGHER THIRD QUARTER EARNINGS

                  APPLIED INNOVATION, INC. ANNOUNCES
                     HIGHER THIRD QUARTER EARNINGS
    COLUMBUS, Ohio, Nov. 19 /PRNewswire/ -- Applied Innovation, Inc. today announced net income of $400,475 for the nine months ended Sept. 30, 1991, compared to $218,826 for the same period last year, an increase of 83 percent.  Sales for the first three quarters of 1991 increased 131 percent to $2,179,485, which benefitted from record sales for the most recent quarter and significantly surpasses total sales for the entire year 1990.  Earnings per share were 17 cents for the nine months ended Sept. 30, 1991, versus 10 cents for the same period a year ago.  Research and development expenditures have increased throughout 1991 as the company pursues unique system solutions for the telecommunications industry.
    Sales for the third quarter of 1991 were $748,846, a 75 percent increase over the same period last year.  Net income for the three months ended Sept. 30, 1991, was $151,365 compared to $130,251 in 1990. Earnings per share totaled 6 cents for both three-month periods.
    Gerry Moersdorf, president, commented, "We are pleased to report significantly increased revenues of Applied Innovation's products, which represents expanded sales to existing and new customers.  Commitments for future orders also remain strong in both current and emerging markets.  Emphasis continues to be placed on building a strong management team capable of meeting both current and future market demand.  While research and development expenditures have increased 149 percent this year, the company continues to operate profitably.  We fully expect to achieve continued growth and profitability."
    Applied Innovation (Columbus, Ohio) designs, manufactures and markets internal data communications network switching products for the telecommunications industry.
                         FINANCIAL HIGHLIGHTS
                               Three Months Ended    Three Months Ended
                               September 30, 1991    September 30, 1990
    Net Sales                      $748,846               $427,133
    Net Income                     $151,365               $130,251
    Earnings Per Share                 $.06                   $.06
                                Nine Months Ended     Nine Months Ended
                               September 30, 1991    September 30, 1990
    Net Sales                    $2,179,485               $944,473
    Net Income                     $400,475               $218,826
    Earnings Per Share                 $.17                   $.10
                               September 30, 1991    December 31, 1990
    Total Assets                 $1,629,546             $1,035,661
    Working Capital              $1,214,388               $859,104
    Shareholders' Equity         $1,330,177               $896,704
    -0-                             11/19/91
    /CONTACT:  Roger Nielsen, vice president of Applied Innovation, Inc., 614-846-9000; or Robert Lentz of Robert A. Lentz & Associates, Inc., 614-228-2142, for Applied Innovation, Inc./ CO:  Applied Innovation, Inc. ST:  Ohio IN:  TLS SU:  ERN KK -- CL010 -- 5015 11/19/91 14:06 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 19, 1991
Words:411
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