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BI INCORPORATED ANNOUNCES RECORD REVENUE, RECORD EARNINGS

 BOULDER, Colo., Aug. 12 /PRNewswire/ -- BI Inc. (NASDAQ-NMS: BIAC), the industry leader in electronically monitored systems for corrections, today announced record annual revenue of $24,634,000 for the year ended June 30, 1993, up 43 percent from annual revenue of $17,210,000 reported one year ago; and record annual earnings of $1,834,000 for the year ended June 30, 1993, up 1,454 percent from earnings of $118,000 reported one year ago. Earnings per share were 25 cents on 7,257,000 weighted average and equivalent shares outstanding compared to 2 cents per share on 6,267,000 weighted average and equivalent shares outstanding for the prior year.
 David J. Hunter, BI's president and chief executive officer, said, "We are pleased with BI's progress in fiscal 1993 and are optimistic about the future based upon what we believe may be the beginning of a recovery in the corrections market."
 BI holds the largest domestic and international market share for electronically monitored home arrest products and services, having shipped 36,700 home arrest units at June 30, 1993.
 BI INC. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (in thousands except per share amounts)
 Year Ended June 30,
 1993 1992
 Revenues
 Net sales $12,782 $9,439
 Service and monitoring income 10,996 6,803
 Rental income 580 525
 Interest and other income 276 443
 24,634 17,210
 Costs and expenses
 Cost of net sales 5,739 4,864
 Cost of service and monitoring income 5,219 3,148
 Cost of rental income 221 237
 Selling, general and
 administrative expenses 7,948 6,817
 Amortization and depreciation 1,422 693
 Research and development expenses 1,651 1,301
 22,200 17,060
 Income before income taxes and
 extraordinary item 2,434 150
 Income tax provision (848) (124)
 Income before extraordinary item 1,586 26
 Extraordinary item - tax benefit resulting
 from utilization of operating loss
 carryforwards 248 92
 Net income $1,834 $118
 Income per common and common
 equivalent shares:
 Income before extraordinary item $0.22 $0.01
 Extraordinary item 0.03 0.01
 Net income $0.25 $0.02
 Weighted average number of common and
 common equivalent shares outstanding 7,257 6,267
 -0- 8/12/93
 /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

BB -- DV003 -- 2130 08/12/93 12:53 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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