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INACOM CORP. REPORTS FOURTH QUARTER PROFIT

 INACOM CORP. REPORTS FOURTH QUARTER PROFIT
 OMAHA, Neb., Jan. 30 /PRNewswire/ -- InaCom Corp. (NASDAQ: INAC)


reported a profitable fourth quarter with net earnings of $2,254,000 or 26 cents per share, on revenues of $252.6 million, according to InaCom President and Chief Executive Officer Bill L. Fairfield.
 This compares to net earnings of $2,369,000 or 57 cents per share, on revenues of $124.1 million, for the fourth quarter of 1990.
 Total net earnings for 1991 were $3,405,000 compared to $6,962,000 in 1990, with earnings per share of 56 cents compared to $1.69 for 1990. Revenues grew from $427.8 million in 1990 to $680.4 million in 1991, reflecting the August 6 merger of ValCom, Inc. and Inacomp Computer Centers, Inc., which consolidated the companies' operations from the merger date forward.
 Fairfield attributed the reduction in earnings and earnings per share from 1990 to 1991 to lower than expected revenues and margins, as well as sluggish industry conditions and higher expenditures in relation to gross margins.
 "InaCom could have spent the last five months talking about integrating the Inacomp and Valcom organizations," said Fairfield. "Instead, we did it. By moving quickly to eliminate redundant costs we've begun to see the positive performance we anticipated from the merger."
 He added, "The merger challenged our staff to operate faster and smarter in an atmosphere of rapid change, they responded to that challenge. Now that the physical merger is completed, InaCom is shifting from a company that was, by necessity, internally focused to one that is 100 percent dedicated to the needs of our computer centers and customers."
 To get to that point, Fairfield noted that, in the five months since the merger, InaCom has:
 -- Centralized distribution and operations.
 -- Centralized administration of franchise locations.
 -- Installed all indirect locations on InaCom's automated ordering and product information system and trained 1,800 people to use the system.
 -- Reduced the number of people required to run the business from 1,900 to 1,400.
 -- Consolidated 20 computer center locations in overlapping markets without negatively impacting revenues or customer service.
 -- Converted direct operations to a common MIS system.
 According to InaCom Chairman Rick Inatome, the company expected some sales and earnings fluctuations during the integration but also expected that merger synergies would give way to the stronger sales and earnings trend evidenced in the fourth quarter results.
 "Mergers of this size usually take years, not months, to accomplish," said Inatome. "By concentrating the integration, InaCom now can focus its efforts on leveraging our competitive strengths and increasing customer support capabilities."
 InaCom is a network of information and communication technology companies serving business customers through nearly 1,000 locations in 50 states. The InaCom network includes company-owned and franchise computer centers, as well as network integrators, value- added resellers, and other specialized providers of computer systems and support.
 INACOM CORP. AND SUBSIDIARIES
 CONSDENSED AND CONSOLIDATED STATEMENT OF EARNINGS
 (Amounts in thousands, except per share data)
 13 Weeks Ended 52 Weeks Ended
 12/28/91 12/29/90 12/28/91 12/29/90
 Revenues $252,641 $124,106 $680,422 $427,880
 Direct costs 223,348 109,218 601,740 379,789
 Gross profit 29,293 14,888 78,682 48,091
 Selling, general &
 admin. expenses 23,425 10,789 68,835 36,236
 Operating income 5,868 4,099 9,847 11,855
 Interest expense 2,109 282 4,145 627
 Earnings before
 income taxes 3,759 3,817 5,702 11,228
 Income tax expense 1,505 1,448 2,297 4,266
 New earnings 2,254 2,369 3,405 6,962
 Weighted average
 shares outstanding 8,508 4,150 6,119 4,120
 Earnings per share 26 cents 57 cents 56 cents $1.69
 -0- 1/30/92
 /CONTACT: Geri Michelic of InaCom, 402-392-3923; or Jim Bierfeldt, Mintz & Hoke Public Relations, 203-679-9713/
 (INAC) CO: Inacom Corp. ST: Nebraska IN: CPR SU: ERN


DH-SH -- NE018 -- 5447 01/30/92 16:33 EST
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Date:Jan 30, 1992
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