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IN FOCUS SYSTEMS ANNOUNCES 1991 EARNINGS

 IN FOCUS SYSTEMS ANNOUNCES 1991 EARNINGS
 TUALATIN, Ore., Jan. 28 /PR Newswire/ -- In Focus Systems Inc.


(NASDAQ: INFS) today announced results for the year and the fourth quarter ended Dec. 31, 1991.
 Revenue for the year ended Dec. 31, 1991, increased 35 percent to $49.5 million from $36.7 million in the prior year. Net income for the year was $4.7 million (or 53 cents per share on 8.9 million shares) compared to $5.5 million (or 85 cents per share on 6.5 million shares) in the preceding year.
 Revenue for the fourth quarter ended Dec. 31, 1991 was $12.7 million, an increase of 11 percent over the $11.4 million reported for the comparable quarter of 1990. Net income for the fourth quarter was $0.7 million (or 8 cents per share on 8.8 million shares) compared to $1.8 million (or 27 cents per share on 6.9 million shares) in the comparable quarter of 1990.
 "The increase in revenue in 1991 was the result of additional products introduced by the company during the year and the continued expansion of the LCD projection panel market," said Steven R. Hix, the company's chief executive officer. "Considering the current economic climate and the entrance of new competitive products into our market, we are pleased with the 35-percent growth in revenue during 1991. On the other hand, competitive pricing pressures which arose during the year, and increased expenses incurred in the development and introduction of new products, contributed to the reduction in 1991 earnings," Hix added.
 "Fourth quarter 1991 revenue increased compared to fourth quarter 1990 and third quarter 1991 as a result of sales of two new products, our low-priced, 16-color PC Viewer, the 1600LC, and our first self-contained data projector, the LitePro. Earnings for the quarter were less than fourth quarter 1990 primarily as a result of price reductions during the year on our color product line. However, earnings showed an improvement over third quarter 1991 as a result of increased revenues from the new products," said Hix.
 "While we remain hopeful that the economy will turn around in 1992, we recognize that long-term success can only be achieved through continued investment in new technologies and products which address the needs of the market. In keeping with this conviction, we introduced three new products in 1991 and will announce several new products at the annual Infocomm show in Washington, D.C., on Feb. 6. Our goal is one of continued growth in 1992 through new products and applications," Hix concluded.
 In Focus Systems Inc. is a leader in developing, manufacturing and marketing products using proprietary flat panel LCD technology to present output from personal computers. The company's headquarters are located at 7770 S.W. Mohawk St., Tualatin, Ore., 97062.
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED INCOME STATEMENTS
 Three Months Year
 Ended Dec. 31: 1991 1990 1991 1990
 (Unaudited)
 Revenue:
 Product sales $12,704,695 $11,405,939 $49,348,893 $36,264,723
 License fees and
 royalties -- -- 187,500 400,000
 Total 12,704,695 11,405,939 49,536,393 36,664,723
 Cost of product
 sales 7,868,816 6,051,183 29,090,903 19,850,419
 Gross profit 4,835,879 5,354,756 20,445,490 16,814,304
 Operating expenses:
 Marketing and sales 1,880,037 1,365,369 7,194,214 4,193,802
 Engineering 1,119,000 599,378 3,548,644 2,039,938
 General admin-
 istrative 1,428,382 752,224 4,449,282 2,222,159
 Total 4,427,419 2,716,971 15,192,140 8,455,899
 Income from
 operations 408,460 2,637,785 5,253,350 8,358,405
 Other income (expense):
 Interest expense (29,419) (25,945) (112,430) (125,278)
 Interest income 327,198 67,094 1,394,694 189,128
 Other expense, net 24,463 9,215 26,857 3,780
 Total 322,242 50,364 1,309,121 67,630
 Income before provision
 for income taxes 730,702 2,688,149 6,562,471 8,426,035
 Provision for income
 taxes 21,600 852,500 1,875,400 2,902,500
 Net income $ 709,102 $ 1,835,649 $ 4,687,071 $ 5,523,535
 Net income per
 share $ 0.08 $ 0.27 $ 0.53 $ 0.85
 Shares used in per
 share calculations 8,770,933 6,866,132 8,888,354 6,521,019
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED BALANCE SHEETS
 Dec. 31, Dec. 31,
 1991 1990
 ASSETS
 Current Assets:
 Cash and investments $22,790,627 $19,545,317
 Accounts receivable, net 8,696,142 6,963,189
 Due from shareholders and officers -- 257,000
 Inventories, net 5,963,334 4,654,361
 Other current assets 1,310,757 1,090,029
 Total current assets 38,760,860 32,509,896
 Property and equipment, net 2,263,799 1,224,824
 Other assets 297,879 175,080
 Total $41,322,538 $33,909,800
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt
 (shareholders and officers) $ -- $ 117,745
 Current portion of long-term debt and
 capital lease obligations 373,499 191,441
 Income taxes payable 320,744 949,076
 Accounts payable 5,229,068 4,741,901
 Payroll and related benefits payable 368,814 290,505
 Other current liabilities 1,181,908 800,991
 Total current liabilities 7,474,033 7,091,659
 Capital lease obligations 407,279 305,872
 Shareholders' equity:
 Common stock 30,000,000 shares
 authorized; shares issued and
 outstanding: 7,700,488 (1991)
 and 7,385,763 (1990) 24,533,429 22,797,943
 Additional paid-in capital 544,957 38,557
 Retained earnings 8,362,840 3,675,769
 Total 33,441,226 26,512,269
 Total $41,322,538 $33,909,800
 -0- 1/28/92
 /CONTACT: Joseph I. Martin of In Focus Systems, 503-692-4968; or Heidi Flannery of in.ves'com, 503-221-2087, for In Focus Systems/
 (INFS) CO: In Focus System Inc. ST: Oregon IN: CPR SU: ERN


LM-JH -- SE003 -- 4035 01/28/92 08:03 EST
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