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BANCTEC ANNOUNCES RESULTS FOR SECOND QUARTER FISCAL 1993

 BANCTEC ANNOUNCES RESULTS FOR SECOND QUARTER FISCAL 1993
 DALLAS, Oct. 14 /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC), today


reported record revenues for the second fiscal quarter ended Sept. 27, 1992, of $67.7 million, compared to $45.4 million for the same period last year. For the second quarter of fiscal 1993, net income rose to $3.7 million or $.51 per share vs. $2.8 million or $.43 per share for last year's comparable quarter.
 For the six months ended Sept. 27, 1992, revenues totaled $116.9 million, compared to $89.0 million for the same period last year. For the first half of fiscal 1993, net income rose to $6.5 million or $.92 per share vs. $5.2 million or $.80 per share for the same period last year. The profit improvement was due to increased income from operations and reduced interest expense offset in part by increased income taxes.
 Grahame N. Clark Jr., chairman and chief executive officer, commented, "The significant revenue increase compared to last year's second quarter reflects the businesses acquired during the past 12 months and the acceptance in August by the Swedish Bankgiro of a $14.0 million turn-key image processing system. The Bankgiro acceptance represents a one-time cumulative revenue recording for the 18-month project to develop the giro processing product. Gross margins decreased slightly reflecting the associated cost of the development of the giro processing software product which will provide the foundation for an open-system architecture (OSA) platform for BancTec's future image processing product lines. Operating expenses increased primarily due to the acquisitions and recording of commissions related to the Swedish Bankgiro contract.
 "The acquisition of Computer Field Specialists, a provider of hardware maintenance service on IBM 3890 and 3890 XP reader/sorters with annual revenues of approximately $9.0 million, was accounted for as a pooling of interest at the start of the second fiscal quarter and resulted in an increase of 318,181 shares outstanding.
 "Also during the quarter, BancTec acquired Springfield Computer Consultants, Inc., which markets under the name of Access Banking Systems (Access) for approximately $2.9 million cash. Access is a provider of retail customer banking hardware and software to small and medium size banks and has annual revenues of approximately $6.0 million. The Access acquisition complements the prior year acquisition by BancTec of Monitronics, a supplier of banking hardware and software for proof- of-deposit check processing applications. The combination of these two companies will provide a full range of software products that will be marketed nationwide to community banks and the thrift industry.
 "We are pleased with the continuing strength of our ImageFIRST products reflected by recent orders received from the British Post Office for $7.2 million and a European communications company for $3.7 million. Also, the newly announced PC-based image statement product will further strengthen our offerings to mid-sized and community banks. The recent award from Martin Marietta to provide PC maintenance support for the United States Department of Housing and Urban Development (HUD) continues the growth in our third party service business. Based on our recently introduced products and new business activities, 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 Three Months Six Months
 Ended 9/27/92 9/29/91 9/27/92 9/29/91
 Revenue $67,670 $45,436 $116,916 $88,971
 Cost of Sales 49,607 31,907 84,202 62,281
 Gross Profit 18,063 13,529 32,714 26,690
 Operating Expenses:
 Research and development 2,281 2,118 4,287 3,785
 Selling, general and
 administrative 8,773 5,994 16,289 12,607
 Total 11,054 8,112 20,576 16,392
 Income from Operations 7,009 5,417 12,138 10,298
 Other Income (expense):
 Interest expense - net (492) (766) (1,185) (1,554)
 Sundry - net (656) (167) (807) (665)
 Total (1,148) (933) (1,992) (2,219)
 Income Before Taxes 5,861 4,484 10,146 8,079
 Income Tax Provision (2,165) (1,638) (3,754) (2,860)
 Minority Interest 41 -- 148 --
 Net Income $ 3,737 $ 2,846 $ 6,540 $ 5,219
 Earnings Per Share $.51 $.43 $.92 $.80
 Fully Diluted Shares 7,282 6,551 7,113 6,557
 Balance Sheets
 (In thousands)
 9/27/92 3/29/92
 Cash and Temporary Investments $ 9,893 $ 7,815
 Receivables - net 50,016 38,376
 Inventory - net 39,264 41,775
 Other Current Assets 5,279 9,570
 Total Current Assets 104,452 97,536
 Goodwill 37,748 35,566
 Other Non-Current Assets 41,895 40,366
 Total Assets $184,095 $173,468
 Current Liabilities $ 60,025 $ 54,393
 Non-current Liabilities 18,170 21,709
 Minority Interest 4,768 5,114
 Stockholders' Equity 101,132 92,252
 Total Liabilities and Equity $184,095 $173,468
 -0- 10/14/92
 /CONTACT: Gary Robinson, vice president and chief financial officer of BancTec, 214-450-7753/
 (BTEC) CO: BancTec, Inc. ST: Texas IN: FIN SU: ERN


GK -- NY064 -- 9952 10/14/92 14:20 EDT
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