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BANCTEC ANNOUNCES RESULTS FOR FISCAL YEAR 1992

 BANCTEC ANNOUNCES RESULTS FOR FISCAL YEAR 1992
 DALLAS, May 28 /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC) today


reported record revenues of $191 million for the year ended March 29, 1992, compared to $183.8 million reported in the prior fiscal year.
 Net income for the year of $11.7 million increased 10 percent from last year's $10.7 million and earnings per share increased to $1.73 per share compared to $1.62 per share last year. The profit improvement was primarily due to increased gross profit and reduced interest expense offset in part by increased income taxes.
 For the fourth fiscal quarter ended March 29, 1992, revenues totaled $51.6 million, up from $44.1 million for the same period last year. Net income for the quarter increased to $3.6 million or $.53 per share vs. $2.9 million or $.45 per share for the same period last year.
 Grahame N. Clark Jr., chairman and chief executive officer, commented, "Fiscal 1992 represented another successful year for BancTec both financially and operationally. We expanded our international operations, increased third-party maintenance and supplies business, entered new check processing markets and continued to improve profitability.
 "The European joint venture established with Thomson-CSF to develop, market and service financial transaction processing systems and data capture solutions has been successful in increasing BancTec's revenue and distribution of products throughout Europe.
 "The acquisition of the hardware service business of ebm Systems, Inc. for office automation systems and local area networks in the mid- Atlantic and Northeast regions of the United States provides a significant increase in the third-party maintenance business. Also the exclusive nationwide on-site maintenance agreement signed with Dell Computer Corporation represents another major step in the expansion of our third-party maintenance and support services business for personal computer products. Dell selected BancTec because of our staff of highly trained field technicians and our sophisticated response infrastructure that has been developed to support our end-user equipment sales. As companies install increasingly complex computer systems with greater reliance on local area networks, BancTec's ability to provide rapid same-day response for business critical applications has become an important consideration in the selection of a service provider.
 "We have entered the mainstream check processing market with several new products. The acquisition of Monitronics, Inc., a supplier of banking system hardware and software provides an excellent proof-of- deposit (P.O.D.) software product for marketing to community banks and credit unions. Also, the recent sales to two U.K. banks for check clearing systems based on open system architecture provides BancTec customers a clear migration path to image processing. Further, the recently announced image proof-of-deposit software for our high speed ImageFIRST(R) system with delivery scheduled to begin in FY'93 will establish a foundation for a complete image based check operation.
 "We are also pleased with the successful installation of our new ImageFIRST 5500 image check statement capture system at several bank customer sites. BancTec's ImageFIRST 5500 multi-application system and Cincinnati Bell Information System's ImageBanc(TM) mainframe software package are being used by these banks to create electronically printed images of checks which are then mailed to bank customers, replacing the actual checks.
 "Operationally we have continued to improve both gross margins and operating margins. Cash flow from operations continues to remain strong and long-term debt has been reduced to 21.3 percent of stockholders' equity.
 "We are pleased with the results achieved this year. Many activities that have been in process throughout the year are now beginning to be reflected in BancTec's operating results. Our performance improvement and business development strategies are well- established and we are optimistic about the company's future."
 BancTec, Inc. is a leading worldwide provider of integrated financial transaction processing systems, application software and support services. BancTec develops turn-key document image processing and data capture solutions for the banking, financial services, insurance, government, utility, telecommunications and retail industries. The company also designs, manufactures and markets document processing equipment for OEM customers and provides third-party maintenance and support services for local area networks and personal computers.
 BANCTEC, INC.
 Statements of Operations
 (In thousands, except per-share data)
 Periods ended Three Months 12 Months
 3/29/92 3/31/91 3/29/92 3/31/91
 Revenue $51,554 $44,082 $190,968 $183,761
 Cost of sales 35,565 29,863 133,080 129,391
 Gross profit 15,989 14,219 57,888 54,370
 Operating expenses:
 Research and development 1,993 2,013 7,692 9,024
 Selling, general and
 administrative 7,668 6,488 27,591 26,624
 Total 9,661 8,501 35,283 35,648
 Income from operations 6,328 5,718 22,605 18,722
 Other income (expense):
 Interest expense - net (852) (882) (3,180) (3,805)
 Sundry - net 134 (617) (744) (290)
 Total (718) (1,499) (3,924) (4,095)
 Income before taxes 5,610 4,219 18,681 14,627
 Income tax provision (2,157) (1,307) (7,046) (3,955)
 Minority interest 151 -- 86 --
 Net income 3,604 2,912 11,721 10,672
 Earnings per share $.53 $.45 $1.73 $1.62
 Fully diluted shares 6,837 6,485 6,782 6,574
 Balance Sheets
 (In thousands)
 3/29/92 3/31/91
 Cash and temporary
 investments $7,815 $6,325
 Receivables - net 38,376 36,585
 Inventory - net 41,775 40,125
 Other current assets 9,570 3,926
 Total current assets 97,536 86,961
 Goodwill 35,566 36,053
 Other non-current assets 40,366 29,693
 Total assets 173,468 152,707
 Current liabilities 54,393 45,197
 Non-current liabilities 21,709 28,590
 Minority interest 5,114 --
 Stockholders' equity 92,252 78,920
 Total liabilities and
 equity 173,468 152,707
 -0- 5/28/92
 /CONTACT: Gary T. Robinson, VP and CFO of BancTec, 214-450-7713/
 (BTEC) CO: BancTec Inc. ST: Texas IN: FIN SU: ERN


CK -- NY054 -- 4756 05/28/92 12:32 EDT
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