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ICOT REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1993

 ICOT REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1993
 SAN JOSE, Calif., Nov. 12 /PRNewswire/ -- ICOT Corp. (NASDAQ: ICOT) today announced results for the first quarter of fiscal year 1993.
 For the three months ended Oct. 24, 1992, sales were $3,002,000 compared to last year's first quarter sales of $5,752,000. For the first quarter of fiscal 1993, ICOT reported a net loss of $(1,998,000) or 15 cents per share compared to net income of $432,000 or 3 cents per share in the first quarter of fiscal 1992. The company had previously reported that it expected a significant loss, principally because of reduced sales to its largest customer, IBM.
 ICOT Corp. is a provider of network connectivity systems for the PC-Connectivity and OEM markets. ICOT's products include local area network gateways and network data communications interfaces. The products are sold principally in the United States and Western Europe from its corporate headquarters in San Jose, sales offices located in several major cities in the United States and a wholly owned subsidiary in the United Kingdom.
 ICOT CORP.
 CONDOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
 (In thousands, except per share amounts)
 Three months Ended
 Oct. 24, Oct. 26,
 1992 1991
 Net sales $ 3,002 $ 5,752
 Cost of sales 2,158 3,057
 Gross margin 844 2,695
 Operating expenses:
 Research and development 906 476
 Marketing, administrative
 and general 2,022 1,863
 Total operating expenses 2,928 2,339
 Income (loss) from
 operations 2,084 356
 Other expense (income):
 Interest income (90) (135)
 Interest expense 4 11
 Total other expense
 (income) (86) (124)
 Income (loss) before
 income taxes (1,998) 480
 Provision for income
 taxes --- 48
 Net income (loss) $ (1,998) $ 432
 Net income (loss) per
 share $ (0.15) $ 0.03
 Number of shares used
 in computation 12,927 12,750
 CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
 (In thousands)
 Oct. 24, July 25,
 1992 1992
 ASSETS
 Current assets:
 Cash and cash
 equivalents $ 10,893 $ 12,892
 Accounts receivable,
 less allowance of
 $33 in 1993 and
 $34 in 1992 1,898 2,182
 Inventories 1,500 2,112
 Other current assets 577 509
 Total current assets 14,868 17,695
 Equipment and leasehold
 improvements -- net 1,469 1,453
 Software development costs,
 net of amortization of
 $2,209 in 1993 and $2,043
 in 1992 2,078 1,953
 Total assets $ 18,415 $ 21,101
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current maturities of
 capitalized lease
 obligations $ 84 $ 83
 Accounts payable and
 accrued expenses 3,413 3,959
 Total current liabilities 3,497 4,042
 Long-term debt and liabilities:
 Capitalized lease obligations,
 less current maturities 150 173
 Obligations under lease
 commitments 1,264 1,393
 Total long-term debt and
 liabilities 1,414 1,566
 Stockholders' equity 13,504 15,493
 Total liabilities and
 stockholders' equity $ 18,415 $ 21,101
 -0- 11/12/92
 /CONTACT: Joe Becker, president, or John E. Arnold, vice president of finance, 408-433-3300, both of ICOT/
 (ICOT) CO: ICOT Corp. ST: California IN: CPR SU: ERN


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Date:Nov 12, 1992
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