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DANKA REPORTS 31 PERCENT INCREASE IN NET EARNINGS

 ST. PETERSBURG, Fla., July 28 /PRNewswire/ -- Danka Business Systems PLC (NASDAQ: DANKY), announced a 31 percent increase in its net earnings for the first quarter ended June 30, 1993. Net earnings were $5.4 million or $0.26 per ADS compared to $4.1 million or $0.20 per ADS for the quarter ended June 30, 1992. First quarter revenues increased 63 percent to a record $103.7 million from $63.4 million in the same quarter a year ago.
 Daniel M. Doyle, president and chief executive officer commented, "I am encouraged by the company's first quarter results. Our core retail operations achieved strong sales increases over the same period a year ago while our recent acquisitions are performing in line with our expectations." Doyle went on to say, "The first quarter was an exciting one for us as we implemented our acquisition strategy in new markets. Danka established operations on the west coast of the United States with the acquisition of Uni-Copy Corporation and entered the international market with our purchase of Saint Group PLC in the United Kingdom."
 Danka Business Systems PLC, headquartered in St. Petersburg, Fla., is the second largest independent distributor of automated office equipment and related services and supplies in the United States. Danka's ADS trade on the NASDAQ NMS and its Ordinary shares trade on the London Stock Exchange. In excess of 50 percent of Danka's shares are held by U.S. residents and, as a result, the company is reporting its operating results on a quarterly basis, in compliance with United States Security and Exchange Commission Rules.
 DANKA BUSINESS SYSTEMS PLC
 CONSOLIDATED STATEMENTS OF EARNINGS
 (In thousands, except per ADS amounts)
 For the three months ended
 June 30, June 30,
 1993 1992
 (Unaudited) (Unaudited)
 Revenue:
 Retail equipment sales $ 39,346 $ 23,171
 Retail service, supplies,
 and rentals 49,600 30,332
 Wholesale 14,716 9,918
 Total revenue 103,662 63,421
 Costs and operating expenses:
 Cost of
 retail equipment sales 24,034 14,157
 Retail service, supplies,
 and rental costs 26,238 14,963
 Wholesale costs of revenue 11,874 8,343
 Selling, general and
 administrative expenses 31,109 19,730
 Amortization of
 intangible assets 772 408
 Total costs and
 operating expenses 94,027 57,601
 Earnings from operations 9,635 5,820
 Interest, net 801 538
 Earnings before income taxes 8,834 5,282
 Provision for income taxes 3,453 1,170
 Net earnings $ 5,381 $ 4,112
 Net earnings per American
 Depositary Shares $ 0.26 $ 0.20
 Weighted average number of
 ADSs and ADS equivalents
 outstanding 21,002 20,313
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 June 30, March 31,
 1993 1993
 (Unaudited)
 Assets
 Current Assets:
 Cash $ 5,536 $ 5,053
 Accounts receivable, net 55,368 43,085
 Inventories 58,053 45,421
 Other current assets 6,950 2,984
 Total current assets 125,907 96,543
 Property and equipment, net 29,899 26,760
 Intangible assets, net 37,098 31,097
 Other assets 3,221 4,085
 Total assets $196,125 $158,485
 Liabilities and Shareholders' Equity
 Current liabilities:
 Current maturities
 of long-term debt $ 2,478 $ 19,395
 Accounts payable &
 accrued expenses 36,029 35,016
 Deferred revenue 20,726 17,229
 Total current liabilities 59,233 71,640
 Long-term debt, less
 current maturities 64,513 19,954
 Deferred income taxes 5,410 4,758
 Total liabilities 129,156 96,352
 Shareholders' equity:
 Ordinary shares (161,316,916
 issued and outstanding, 1.25
 pence stated value) 3,499 3,490
 Additional paid-in capital 4,143 4,761
 Retained earnings 59,694 54,195
 Currency translation
 adjustment (367) (313)
 Total shareholders' equity 66,969 62,133
 Total liabilities and
 shareholders' equity $196,125 $158,485
 -0- 7/28/93
 /CONTACT: William Freeman, 813-576-6003, or Paul G. Dumond, 011-44-71-935-4650, both of Danka Business Systems PLC/
 (DANKY)


CO: Danka Business Systems PLC ST: Florida IN: SU: ERN

AW-RC -- FL004 -- 6643 07/28/93 09:17 EDT
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Date:Jul 28, 1993
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