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CITING RECORD FOURTH QUARTER SALES AND EARNINGS, TELLABS REPORTS 1991 RECORD SALES AND LOWER EARNINGS

            CITING RECORD FOURTH QUARTER SALES AND EARNINGS,
          TELLABS REPORTS 1991 RECORD SALES AND LOWER EARNINGS
    LISLE, Ill., Feb. 5 /PRNewswire/ -- Tellabs, Inc. (NASDAQ: TLAB) today reported record sales and earnings for the fourth quarter of 1991. The strength of the fourth quarter revenues led to record sales for the year ended Dec. 27, 1991.
    Sales during 1991 were $212,751,000, up almost 1 percent compared with the previous record of $211,046,000 set in 1990.  Sales for the fourth quarter of 1991 were $67,802,000, a 12.6 percent increase over the previous recorded high of $60,191,000 established in the fourth quarter of 1990.
    Net income for the year was $6,631,000, an 18.2 percent decrease from $8,102,000 a year earlier.  Earnings per share of common stock were 51 cents in 1991, compared to 64 cents in 1990.
    Fourth quarter net earnings also set a record high for Tellabs, amounting to $6,493,000, compared to earnings in the fourth quarter of 1990 of $2,487,000, an increase of 161 percent.  Earnings per share, based on weighted average shares outstanding for the fourth quarter of 1991, were 50 cents compared to 20 cents for the same period in 1990. Primary and full-diluted earnings per share were 47 cents and 20 cents for the fourth quarters of 1991 and 1990, respectively.
    "After beginning 1991 inauspiciously, it is pleasant to report that Tellabs ended the year with a dramatic finish," said Tellabs President Michael J. Birck.  "The fourth quarter was the most robust in our history by a fairly substantial margin.
    "Continued focus on improving manufacturing productivity, together with strength in sales of higher margin products, contributed to Tellabs' sixth consecutive year of improved gross profit margin.  In 1991, our margin was 47 percent, up from 45 percent in 1990," Birck said.  "This, combined with our efforts to control expenses, resulted in better than anticipated earnings for the year after a slow start."
    Sales outside of North America increased 25 percent in 1991.  Much of this increase was due to the strength of echo cancelers and transcoders in the international marketplace where sales more than doubled.  Tellabs' Canadian subsidiary recorded a sales increase of almost 20 percent in 1991.
    Tellabs, based in Lisle, Ill., is a leader in designing, manufacturing, marketing and servicing voice and data communications equipment worldwide for telephone companies, interexchange carriers, governments and businesses.
                             TELLABS, INC.
                        Results of Operations
               (Dollars in thousands, except per share data)
                               Three Months Ended        Year Ended
                              12/27/91   12/28/90   12/27/91   12/28/90
    Sales                      $67,802    $60,191   $212,751   $211,046
    Cost of Goods Sold          34,472     33,165    112,597    116,348
    Gross Profit                33,330     27,026    100,154     94,698
    Operating Expenses
     Marketing & G & A          16,861     15,918     57,704     54,939
    Research & Development      10,501      8,773     37,181     31,565
    Total Operating Expenses    27,362     24,691     94,885     86,504
    Operating Profit             5,968      2,335      5,269      8,194
    Interest/Other - net           911        959      2,488      2,537
    Subsidiary closing              --         --       (732)        --
    Profit Before Tax            6,879      3,294      7,025     10,731
    Taxes                          386        807        394      2,629
    Net Profit                  $6,493     $2,487     $6,631     $8,102
    Primary & Fully Diluted
     Earnings per Share (A)      $0.47      $0.20      $0.51      $0.64
    Earnings per Share (A)       $0.50      $0.20      $0.51      $0.64
    (A)  The per share calculations are based on the weighted average number of shares of common stock outstanding during each period.  At Dec. 27, 1991, and Dec. 28, 1990, these averages were 13,087,000 and 12,643,000, respectively.  For the quarter ended Dec. 27, 1991, the calculation of primary and fully diluted earnings per share includes the dilutive effect of stock options.
                             TELLABS, INC.
                  Condensed Consolidated Balance Sheet
                         (Dollars in thousands)
                                            Year End           Year End
    Assets                                    1991                1990
    Current Assets
     Cash and investments                    $44,253            $38,468
     Accounts Receivable, less Allowance      46,035             37,351
     Inventories                              32,067             30,693
    Other Current Assets                       5,258              4,243
     Total Current Assets                    127,613            110,755
    Property, Plant and Equipment             90,245             84,353
    Less Accumulated Depreciation            (43,417)           (36,007)
    Total                                     46,828             48,346
    Other Assets                              11,523             12,437
     Total Assets                           $185,964           $171,538
    Liabilities
    Current Liabilities
     Current Maturities of Long Term Debt       $695               $612
     Accounts Payable                         10,212             11,198
     Accrued Liabilities                      19,389             16,721
     Income Taxes                              1,292              3,968
     Total Current Liabilities                31,588             32,499
    Long Term Debt, less Current Maturities    3,992              4,184
    Deferred Income Taxes                      5,341              4,444
     Total Liabilities                        40,921             41,127
    Shareholders' Equity
    Common Stock, without Par Value               67                 64
    Additional Paid in Capital                28,263             20,207
    Cumulative Translation Adjustment            729                787
    Retained Earnings                        115,984            109,353
     Total Shareholders' Equity              145,043            130,411
    Total Liab. & Shareholders' Equity      $185,964           $171,538
    -0-        2/5/92
    /CONTACT:  Peter A. Guglielmi of Tellabs, 708-512-8111/
    (TLAB) CO:  Tellabs, Inc. ST:  Illinois IN:  TLS SU:  ERN SM -- NY064 -- 7289 02/05/92 15:01 EST
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Date:Feb 5, 1992
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