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ICOT REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1993

 SAN JOSE, Calif., Feb. 18 /PRNewswire/ -- ICOT Corp. (NASDAQ: ICOT) today announced sales and earnings for the second quarter of fiscal 1993.
 For the three months ended Jan. 30, 1993, sales were $3,628,000, compared to last year's second quarter sales of $7,737,000. For the second quarter of fiscal 1993, ICOT reported a loss of $(1,521,000) or (12 cents) per share compared to a profit of $1,236,000, or 9 cents per share in the second quarter of fiscal 1992.
 For the first six months of fiscal 1993, sales were $6,630,000, compared to sales of $13,489,000 for the first six months of fiscal 1992. For the six-month period in fiscal 1993, the company reported a loss of $(3,519,000) or (27 cents) per share compared to a profit of $1,668,000, or 12 cents for the comparable fiscal 1992 six-month period.
 The decline in sales and the loss for the second quarter and six months of fiscal 1993, as compared to like periods in fiscal 1992, was caused principally by a decline in shipments to the company's largest customer, IBM. The loss for the second quarter and six-month period of fiscal 1993 also includes a $600,000 charge to expense for restructuring costs discussed below.
 According to Joe Becker, president and chief executive officer of ICOT, "Management is disappointed with the results of the company's operations for the first half of the fiscal year. The company is making operational changes that it believes will lead to improved results in the future. Specifically, the PC-Connectivity sales, marketing and engineering efforts will focus on the OEM (Original Equipment Manufacturer) and API (Application Program Interface) market segments. Accordingly, staff and expenses are being reduced to reflect this new focus. As a result of this action, a one-time charge to expense of $600,000 was made to the second quarter fiscal 1993 results."
 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.
 ICOT CORP.
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited, in thousands, except per share amounts)
 Three Months Six Months
 Ended: Jan. 30, Jan. 25, Jan. 30, Jan. 25,
 1993 1992 1993 1992
 Net sales $ 3,628 $ 7,737 $ 6,630 $13,489
 Cost of sales 2,088 3,736 4,246 6,793
 Gross margin 1,540 4,001 2,384 6,696
 Operating expenses:
 Research and
 development 724 503 1,630 979
 Marketing and sales 1,209 1,309 2,614 2,427
 General and
 administrative 599 964 1,216 1,709
 Restructuring costs 600 --- 600 ---
 Total operating
 expenses 3,132 2,776 6,060 5,115
 Income (loss) from
 operations (1,592) 1,225 (3,676) 1,581
 Other expense (income):
 Interest income (80) (139) (170) (274)
 Interest expense 9 10 13 21
 Total other income (71) (129) (157) (253)
 Income (loss) before
 income taxes (1,521) 1,354 (3,519) 1,834
 Provision for income
 taxes --- 118 --- 166
 Net income (loss) $(1,521) $ 1,236 $(3,519) $ 1,668
 Net income (loss)
 per share $ (0.12) $ 0.09 $ (0.27) $ 0.12
 Number of shares
 used in
 computation 12,927 13,582 12,927 13,381
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Unaudited, in thousands)
 Jan. 30, July 25,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $ 9,233 $12,892
 Accounts receivable, less
 allowance of $31 in 1993,
 and $34 in 1992 2,401 2,182
 Inventories 1,378 2,112
 Other current assets 590 509
 Total current assets 13,602 17,695
 Equipment and leasehold
 improvements - net 1,501 1,453
 Software development costs, net of
 amortization of $2,369 in 1993 and
 $2,043 in 1992 2,051 1,953
 Total assets $ 17,154 $ 21,101
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Current maturities of capitalized
 lease obligations $ 93 $ 83
 Accounts payable and accrued
 expenses 3,794 3,959
 Total current liabilities 3,887 4,042
 Long-term debt and liabilities:
 Capitalized lease obligations, less
 current maturities 149 173
 Obligations under lease
 commitments 1,136 1,393
 Total long-term debt
 and liabilities 1,285 1,566
 Stockholders' equity 11,982 15,493
 Total liabilities and
 stockholders' equity $ 17,154 $ 21,101
 -0- 2/18/93 R
 /CONTACT: Joe Becker, president and chief executive officer, or John Arnold, vice president of finance, both of ICOT, 408-433-3300/
 (ICOT)


CO: ICOT Corp. ST: California IN: CPR SU: ERN

MA -- SJ001R -- 7734 02/18/93 09:27 EST
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Date:Feb 18, 1993
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