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BI INC. REPORTS SECOND QUARTER RESULTS

 BOULDER, Colo., Jan. 12 /PRNewswire/ -- BI Inc. (NASDAQ-NMS: BIAC) the nation's leading provider of electronic systems solutions for corrections, today announced results for its second fiscal quarter, ended Dec. 31, 1993.
 The company's revenue was $5,038,000, down 21 percent from $6,349,000 for the same period a year ago. The company reported a quarterly loss at Dec. 31, 1993, of $231,000, or $.03 per share, on 7,142,000 weighted average common shares outstanding, as compared with net income of $556,000, or $.08 per share, on 7,303,000 weighted average common and common equivalent shares outstanding at Dec. 31, 1992.
 In the first half of BI's 1994 fiscal year ended Dec. 31, 1993, revenues totaled $10,360,000, compared with fiscal 1993 first-half revenues of $13,152,000. BI reported a net loss of $174,000 for its six months ended Dec. 31, 1993, or $.02 per share, compared with net income of $1,212,000, or $.17 per share, for the same period ended Dec. 31, 1992.
 David J. Hunter, BI's president and chief executive officer, said, "As we have discussed with you, we believe the shift is underway in our business from one-time direct sales to recurring revenue. As the first six months demonstrate, the transition can be painful. As service and monitoring income continue to increase as a percentage of our revenue we have experienced improved gross profit and predictability in this segment of our business.
 "We have instituted some cost and expense reductions that should positively impact our third and fourth quarters. We have also begun to modify our sales effort to focus on regional and sub-regional accounts where average account size is smaller, the number of accounts is larger and the average price is higher. We therefore expect to report profit in the last two quarters of fiscal 1994 and beyond," Hunter continued.
 BI INC. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands) (Unaudited)
 For the three months For the six months
 ended Dec. 31, ended Dec. 31,
 1993 1992 1993 1992
 Revenues
 Net sales $1,788 $3,513 $4,095 $7,308
 Service and
 monitoring income 2,974 2,666 5,806 5,422
 Rental income 197 131 309 327
 Interest income 48 28 95 74
 Other income 31 11 55 21
 Total 5,038 6,349 10,360 13,152
 Costs and expenses
 Cost of net sales 960 1,704 2,137 3,347
 Cost of service and
 monitoring income 1,391 1,317 2,688 2,794
 Cost of rental income 84 50 138 125
 Selling, general
 and administrative
 expenses 2,198 1,830 4,366 3,771
 Amortization and
 depreciation 275 361 535 711
 Research and
 development expenses 457 305 817 680
 Total 5,365 5,567 10,681 11,428
 Income (loss) before
 income taxes,
 extraordinary item
 and cumulative effect
 of accounting change (327) 782 (321) 1,724
 Income tax (provision)
 benefit 96 (312) 72 (679)
 Income (loss) before
 extraordinary item
 and cumulative effect
 of accounting change (231) 470 (249) 1,045
 Extraordinary item -- tax
 benefit resulting from
 utilization of operating
 loss carryforwards --- 86 --- 167
 Cumulative effect on
 prior years of change
 in method of accounting
 for income taxes --- --- 75 ---
 Net income (loss) ($231) $556 ($174) $1,212
 Income (loss) per
 common and common
 equivalent share:
 Income (loss) before
 extraordinary item
 and cumulative effect
 of accounting change ($0.03) $0.07 ($0.03) $0.15
 Extraordinary item
 and cumulative effect
 of accounting change 0.00 0.01 0.01 0.02
 Net income (loss) ($0.03) $0.08 ($0.02) $0.17
 Weighted average
 number of common
 and common equivalent
 shares outstanding 7,142 7,303 7,120 7,265
 -0- 1/12/94
 /CONTACT: Joanna Manley of BI, 303-530-2911; or Tom Dean of Innovative Research, 212-421-2543/
 (BIAC)


CO: BI Inc. ST: Colorado IN: CPR SU: ERN

JL-MF -- LA025 -- 1441 01/12/94 14:20 EST
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Publication:PR Newswire
Date:Jan 12, 1994
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