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IN FOCUS SYSTEMS INC. ANNOUNCES FIRST-QUARTER RESULTS

 TUALATIN, Ore., April 20 /PRNewswire/ -- In Focus Systems Inc. (NASDAQ: INFS) today announced results for the first quarter ended March 31, 1993. Revenue for the quarter was $16.7 million, a 32-percent increase over the $12.6 million reported in the first quarter of 1992. Net income for the quarter was $1.0 million (9 cents per share on 11.3 million shares), a 54-percent increase over the $0.6 million net income (7 cents per share on 8.9 million shares) in the first quarter of 1992.
 "Revenue in the first quarter of 1993, typically a slow quarter in our industry, was the highest revenue of any first quarter of the company's history, and earnings were up significantly from the comparable quarter of 1992," said John Harker, the company's chief executive officer. "These increases resulted from expansion of our markets and the introduction of several new products. As expected, results for the first quarter were below that of the fourth quarter of 1992 as a result of price reductions made to help ensure our competitive position in the marketplace, and a continuing high level of expenses related to the development of new products and new markets.
 "There were several major accomplishments during the first quarter," commented Harker. "We introduced the PanelBook 550, an active matrix LCD projection panel, 40 percent smaller than standard projection panels, with full data and video capability and 1.4 million colors. We signed an agreement with a major new distributor, Access Graphics Inc., who will sell a wide range of the company's projection products while focusing primarily on the work station market with our high-resolution panels. And, Motif Inc., our new joint venture with Motorola Inc., continued to make progress in the first quarter. Facilities have been leased and a strong management team is in place and moving forward on schedule."
 Motif was formed in October 1992 to commercialize Active Addressing, a new technology recently developed by In Focus. Motif's charter is to design and distribute integrated circuits embodying the new Active Addressing technology which will be manufactured by Motorola, and to become the first volume manufacturer of passive matrix LCDs in the United States.
 In Focus Systems Inc. is a leader in developing, manufacturing and marketing products using proprietary flat panel LCD technology to project data and video from personal computers and other devices. The company's headquarters are located at 7770 S. W. Mohawk Street, Tualatin, OR 97062.
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED BALANCE SHEETS
 March 31, 1993 Dec. 31, 1992
 (Unaudited)
 Assets
 Current Assets:
 Cash and cash equivalents $33,494,385 $40,990,075
 Investments 9,277,274 3,555,044
 Accounts receivable, net 15,271,982 13,124,873
 Inventories, net 6,834,443 6,047,340
 Other current assets 995,013 883,999
 Total current assets 65,873,097 64,601,331
 Restricted cash 1,000,000 --
 Property and equipment, net 2,246,641 2,173,818
 Other assets, net 870,125 793,735
 Total $69,989,863 $67,568,884
 Liabilities and Shareholders' Equity
 Current Liabilities:
 Current portion of capital
 lease obligations $ 350,525 $ 385,126
 Income taxes payable 65,614 397,574
 Accounts payable 4,986,763 3,986,627
 Payroll and related benefits payable 667,291 669,499
 Other current liabilities 507,003 493,048
 Total current liabilities 6,577,196 5,931,875
 Capital lease obligations 135,233 209,988
 Shareholders' equity:
 Common stock, 30,000,000 shares
 authorized; shares issued and
 outstanding: 10,573,161 (1993) and
 10,423,920 (1992) 47,648,363 47,357,155
 Additional paid-in capital 2,377,964 1,786,864
 Retained earnings 13,251,107 12,283,002
 Total 63,277,434 61,427,021
 Total $69,989,863 $67,568,884
 IN FOCUS SYSTEMS INC.
 CONSOLIDATED INCOME STATEMENTS
 (Unaudited)
 Three Months Ended March 31: 1993 1992
 Revenue $16,689,592 $12,605,536
 Cost of sales 10,823,808 8,030,510
 Gross profit 5,865,784 4,575,026
 Operating Expenses:
 Marketing and sales 2,511,851 2,276,209
 Engineering 965,117 1,025,686
 General and administrative 1,316,402 728,767
 Total 4,793,370 4,030,662
 Income from operations 1,072,414 544,364
 Other Income (Expense):
 Interest expense (16,676) (24,983)
 Interest income 319,272 281,742
 Other income, net 94,895 39,963
 Total 397,491 296,722
 Income before provision for
 income taxes 1,469,905 841,086
 Provision for income taxes 501,800 211,000
 Net income $ 968,105 $ 630,086
 Net income per share $ 0.09 $ 0.07
 Shares used in per-share
 calculations 11,276,701 8,932,109
 -0- 4/20/93
 /CONTACT: Joseph I. Martin, chief financial officer, 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 Systems Inc. ST: Oregon IN: CPR SU: ERN

LM-GT -- SE007 -- 7756 04/20/93 07:51 EDT
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