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APPLIED INNOVATION INC. ANNOUNCES REVISED 1993 THIRD QUARTER AND YEAR-TO-DATE RESULTS

 WORTHINGTON, Ohio, Nov. 3 /PRNewswire/ -- Applied Innovation Inc. (NASDAQ: AINN) today announced revised net income and net income per share for the three and nine month periods ended Sept. 30, 1993. Net income for the third quarter of 1993 was $1,025,237, or $0.27 per share, versus $352,491, or $0.10 per share, a year ago. For the nine months ended Sept. 30, 1993, net income totaled $2,112,125, or $0.55 per share, compared to $612,985, or $0.17 per share, last year. Net income for the third quarter and first nine months of 1993 increased 191 percent and 245 percent, respectively, versus the same periods in 1992. The revised amounts represent record results for the company.
 The company's revised net income was reduced by $359,386, or $0.09 per share, for the third quarter of 1993 and $529,658, or $0.14 per share, for the 1993 year-to-date period from amounts originally reported on Oct. 27, 1993.
 The revisions to the company's net income are directly related to the provision for income taxes resulting from certain stock option transactions during 1993. Stockholders' Equity was $7,374,982 on Sept. 30, 1993 and remains unchanged as a result of these revisions to net income. The company's Income from Operations and cash flow for the three months ended Sept. 30, 1993 and the first nine months of 1993 also remain unchanged.
 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."
 -0- 11/3/93
 /CONTACT: John Spiegel, controller, of Applied Innovation, 614-846-9000, or Robert Lentz of Robert Lentz and Associates, 614-228-2142, for Applied Innovation/
 (AINN)


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

BM-KL -- CL004 -- 0001 11/03/93 09:14 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:311
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