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APPLIED INNOVATION INC. ANNOUNCES RECORD THIRD QUARTER AND NINE MONTH RESULTS

 WORTHINGTON, Ohio, Oct. 27 /PRNewswire/ -- Applied Innovation Inc. (NASDAQ: AINN) today announced net income of $1,384,623 for the three months ended Sept. 30, 1993, compared to $352,491 a year ago, an increase of 293 percent. Net income per share was $0.36 for the third quarter of 1993 versus $0.10 in 1992. Total income benefited from a 163 percent increase in sales to $3,658,642 for the three months ended Sept. 30, 1993, and $450,661 in field service revenue. The company's field service department was established earlier this year to meet customers' equipment installation and service needs.
 Both total income and net income for the nine months ended Sept. 30, 1993, exceeded 1992's full-year results. Year-to-date income rose 181 percent to $9,278,360 for 1993 compared to $3,301,343 a year ago. Net income was $2,641,783 for the nine months ended Sept. 30, 1993, versus $612,985 for the same period last year, an increase of 331 percent. Net income per share was $0.69 and $0.17 for the nine months ended Sept. 30, 1993 and 1992, respectively.
 Research and development remains an integral commitment of the company's current and future efforts. For the third quarter of 1993, research and development expenditures totaled $334,973 versus $141,225 last year. The company continues to enhance current products while also developing specific solutions for current and emerging telephony applications.
 During the third quarter of 1993 the company successfully completed a private placement of 75,000 shares of common stock with net proceeds of approximately $1.5 million. The proceeds of this offering will partially fund construction of a new 58,000-square-foot headquarters facility in Dublin, Ohio, and this additional equity capital reinforces Applied Innovation's long-term financial strength. The new facility is scheduled to be completed during the first quarter of 1994. It will significantly enhance Applied Innovation's implementation of specific growth plans.
 Gerry Moersdorf Jr. stated, "The accomplishments thus far in 1993 reflect significant progress toward our goal to be a premier provider of unique telecommunications solutions to the telephone industry. We are particularly pleased that the company is positioned to respond to expanded needs among existing customers as well as new opportunities with increased financial and operating capabilities."
 Applied Innovation Inc. designs, manufactures and markets local and wide area networking systems for the telecommunications industry. The company's common stock currently trades on the NASDAQ under the symbol "AINN."
 APPLIED INNOVATION INC.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 September 30, 1993 September 30, 1992
 Total Income $4,109,303 $1,561,271
 Net Income 1,384,623 352,491
 Net Income Per Share $ 0.36 $ 0.10
 Nine Months Ended Nine Months Ended
 September 30, 1993 September 30, 1992
 Total Income $9,278,360 $3,301,343
 Net Income 2,641,783 612,985
 Net Income Per Share $ 0.69 $ 0.17
 Weighted Average Number of
 Common Shares and Equivalents
 Outstanding 3,846,020 3,584,823
 September 30, 1993 December 31, 1992
 Total Assets $8,546,061 $4,302,974
 Working Capital $6,477,938 $2,827,305
 Stockholders' Equity $7,374,982 $3,050,148
 -0- 10/27/93
 /CONTACT: John Spiegel, controller, of Applied Innovation, 614-846-9000; or Robert Lentz of Robert A. Lentz & Associates, 614-228-2142, for Applied Innovation/
 (AINN)


CO: Applied Innovation, Inc. ST: Ohio IN: TLS SU: ERN

AR -- CL020 -- 7532 10/27/93 17:00 EDT
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Date:Oct 27, 1993
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