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COMPUTER BAY ANNOUNCES YEAR END ADJUSTMENT FOR MARCH 1992 FISCAL YEAR

 MANHASSET, N.Y., May 10 /PRNewswire/ -- Management of Computers Unlimited of Wisconsin, Inc., known as Computer Bay, has identified an accounting adjustment for its fiscal year ended March 31, 1992. The adjustment relates to the period before Computer Bay was acquired by Spectrum Information Technologies, and serves to further highlight the improvements in performance at Computer Bay brought about by the new management group. The adjustment involves the correction of inaccurate accruals of certain items into income prior to March 31, 1992. As a result of the adjustment, after-tax results of Spectrum for the 1992 fiscal year will be restated from a loss of $470,000, ($.01) per share to a loss estimated to be approximately $1.3 million, ($.02) per share. The adjustment will provide a current cash benefit to Spectrum through the ability to obtain a tax refund related to the 1992 tax returns of Computer Bay, estimated to be approximately $550,000.
 Spectrum Information Technologies, Inc. (NASDAQ-NMS: SPCL), is headquartered in Manhasset, N.Y., with facilities nationwide. Spectrum develops and licenses wireless data transmission technologies through its subsidiary Spectrum Cellular Corp. The company designs, markets and services portable communications and computing systems as a systems integrator through its subsidiary Data One. Spectrum is a distributor of portable computers through its subsidiary Computer Bay, which has the resources of 270 franchise locations.
 -0- 5/10/93
 /CONTACT: Kathy Bachand, investor relations, 1-800-FOR-SPCL, or Peter T. Caserta, president and CEO, 516-627-8992, both of Spectrum Information Technologies/
 (SPCL)


CO: Computers Unlimited of Wisconsin, Inc. ST: New York IN: CPR SU:

TM -- NY091 -- 6635 05/10/93 16:06 EDT
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Publication:PR Newswire
Date:May 10, 1993
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