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BANCTEC ANNOUNCES RESULTS FOR THIRD QUARTER FY 1992

      BANCTEC ANNOUNCES RESULTS FOR THIRD QUARTER FY 1992
    DALLAS, Jan. 16 /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC) reported revenues of $50.4 million for the third fiscal quarter ended Dec. 29, 1991, up 10 percent from $45.8 million for the same period last year.  The revenue increase in the quarter was primarily due to increased end-user reader/sorter shipments and increased service revenues, both domestic and international.  Net income increased 7 percent to $2.9 million or $.44 per share vs. $2.7 million or $.42 per share for last year's comparable quarter.  The profit improvement was due to increased gross profit offset in part by increased income taxes.
    For the nine months ended Dec. 29, 1991, revenues totaled $139.4 million, essentially level with $139.7 million for the same period last year.  Net income for the first nine months increased 5 percent to $8.1 million or $1.23 per share vs. $7.8 million or $1.16 per share for last year's comparable period.  Gross margin rose to 30.1 percent vs. 28.7 percent in last year's nine month period primarily due to improved image and software margins.  The profit improvement was due to increased gross profit offset in part by increased income taxes and non-recurrence of prior year exchange gains.
    Grahame N. Clark Jr., chairman and chief executive officer commented, "This quarter represented a significant step in BancTec's growth.  The revenue for the quarter reflected the effect of the acquisitions of Monitronics, a supplier of banking system hardware and software, and of the hardware service business of emb Systems.  Also included in the quarter is the first consolidation of the European joint venture with Thomson-CSF.  These new businesses are expected to augment BancTec's revenue and profit in future quarters.
    "We are also pleased with the successful installation of our new ImageFIRST 5500 image statement capture system at several customer sites.  BancTec's ImageBanc(R) mainframe software package is being used at these banks to create electronically printed images of checks which are then included with the bank customer's monthly statement, replacing the actual checks."
    BancTec, Inc. provides computerized systems for processing financial transactions, including checks, remittance advices, sales drafts and giro documents.  BancTec designs, manufactures, markets and services products that employ optical character recognition, magnetic ink character recognition and image processing technologies to read, digitize, encode, sort and print financial documents.  In addition, BancTec is a leading nationwide provider of third-party maintenance and technical support for local area networks.
                            BANCTEC, INC.
                      Statements of Operations
                (In thousands, except per share data)
                              3 Months Ended       9 Months Ended
                           12-29-91   12-31-90   12-29-91    12-31-90
    Revenue               $ 50,443   $ 45,758    $139,414    $139,679
    Cost of Sales           35,234     32,414      97,515      99,528
    Gross profit            15,209     13,344      41,899      40,151
    Operating Expenses:
     Research and
      development            1,914      2,141       5,699       7,011
     Selling, general
      and administrative     7,316      6,733      19,923      20,136
    Total                    9,230      8,874      25,622      27,147
    Income from operations   5,979      4,470      16,277      13,004
    Other Income (Expense):
     Interest expense -
      net                     (774)      (933)     (2,328)     (2,923)
     Sundry - net             (213)       390        (878)        327
    Total                     (987)      (543)     (3,206)     (2,596)
    Income before taxes      4,992      3,927      13,071      10,408
    Income tax provision    (2,029)    (1,222)     (4,889)     (2,648)
    Minority Interest          (65)         0         (65)          0
    Net Income            $  2,898   $  2,705    $  8,117    $  7,760
    Earnings per share    $    .44   $    .42    $   1.23    $   1.16
    Fully diluted shares     6,630      6,497       6,609       6,669
                             Balance Sheets
                             (In thousands)
                                      12-29-91           3-31-91
    Cash and temporary
     investments                     $ 12,537            $  6,325
    Receivables - net                  33,398              36,585
    Inventory - net                    40,439              40,125
    Other current assets                7,879               3,926
    Total current assets               94,253              86,961
    Goodwill                           36,069              36,053
    Other non-current assets           40,904              29,693
    Total assets                     $171,226            $152,707
    Current liabilities              $ 53,000            $ 45,197
    Non-current liabilities            23,565              28,590
    Minority interest                   5,179                   0
    Stockholders' equity               89,482              78,920
    Total liabilities and
     equity                          $171,226            $152,707
    -0-           1/16/92
    /CONTACT:  Gary Robinson, vice president and chief financial officer of BancTec, 214-450-7713/
    (BTEC) CO:  BancTec, Inc. ST:  Texas IN:  CPR SU:  ERN FC -- NY074 -- 0617 01/16/92 14:53 EST
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Date:Jan 16, 1992
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