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INTERSPEC REPORTS IMPROVED SECOND QUARTER RESULTS

 INTERSPEC REPORTS IMPROVED SECOND QUARTER RESULTS
 AMBLER, Pa., June 26 /PRNewswire/ -- Interspec, Inc. (NASDAQ: ISPC)


reported today improved results for the first six months and second quarter ended May 31, 1992.
 Net sales for the six months ended May 31, 1992, were $28,783,000, versus $25,831,000 in the comparable prior year period ending May 31, 1991, after excluding approximately $5.8 million in sales from the company's former subsidiary, Vingmed Sound A.S., which was sold in January 1991. On an adjusted basis, net sales from the continuing business increased by approximately 11.4 percent for the first six months of the fiscal year versus the comparable prior year period. Net sales for the three months ended May 31, 1992 were $14,450,000 compared to $14,280,000 for the three months ended May 31, 1991.
 Prior to the gain from the sale of the Vingmed Sound subsidiary, net income for the six months ended May 31, 1992 amounted to $1,292,000 or $.21 per share versus $674,000 or $.11 per share, an increase of 192 percent over the comparative prior year period. Inclusive of the gain, net income for the six months ended May 31, 1992 amounted to $1,450,000 or $.23 per share compared to $8,067,000 or $1.30 per share in the comparable prior year period.
 Net income for the three months ended May 31, 1992, amounted to $750,000 or $.12 per share compared to $436,000 or $.07 for the comparable prior year period, an increase of 72 percent.
 Management noted that second quarter and six months net income from continuing operations grew significantly despite planned increases in research and development spending and a sluggish domestic economy.
 "We are pleased with our results for the second quarter, which benefited from the continuing demand for our Apogee(R)CX color flow ultrasound system, most notably within the international market," said Edward Ray, chairman and chief executive officer.
 On June 15, Interspec introduced its newest product, the Apogee(R)CX200, at the annual meeting of the American Society of Echocardiography. This product offers advanced features such as digital archiving, which greatly facilitates the performance of serial studies on a patient, the ability to perform stress echo evaluations, and a unique miniaturized multiplane transesophageal probe which offers views of the heart previously not accessible to the clinician. The system is targeted to the hospital market where Interspec had not previously offered a dedicated product.
 "The Apogee CX200 represents a major opportunity to expand our presence in the hospital cardiac ultrasound market," said Ray. "Our investment in research and development and product innovation is responsible for our current results, and we look for continued improvement in our performance in the future," concluded Ray.
 Separately, the company reported that it had concluded an accord with Siemens A.G. that provides for payment to Interspec for certain costs under a joint research and development agreement, which was mutually terminated in April 1992.
 Interspec develops, manufactures, markets and services medical ultrasound systems, probes, transducers and related accessories and supplies.
 INTERSPEC, INC.
 Consolidated Statements of Operations (Unaudited)
 (Dollars in thousands except per share amounts)
 Periods ended Three Months Six Months
 May 31 1992 1991 1992 1991
 Net sales $14,450 $14,280 $28,783 $31,631(A)
 Cost of goods sold 7,882 8,516 15,755 18,464
 Gross profit 6,568 5,764 13,028 13,167
 Operating expenses:
 Marketing & selling 2,457 2,530 4,794 5,523
 Research & development 1,750 1,543 3,882 3,491
 General & administrative 1,316 1,017 2,518 2,637
 Total operating expenses 5,523 5,090 11,194 11,651
 Operating income 1,045 674 1,834 1,516
 Other income (expense):
 Interest income 108 125 233 160
 Interest expense (360) (378) (719) (1,058)
 Other income (exp.), net 4 15 11 56
 Gain on sale of subsidiary -- -- 158 7,393
 Total other income (exp.) (248) (238) (317) 6,551
 Income before income tax
 provision & extraord. item 797 436 1,517 8,067
 Income tax provision 280 -- 478 253
 Inc. before extraord. item 517 436 1,039 7,814
 Extraord. item: utilization
 of tax loss carryforward 233 -- 411 253
 Net income $ 750 $ 436 $ 1,450 $ 8,067
 Net income per common &
 common equivalent share:
 Inc. bef. extraord. item $0.08 $0.07 $0.16 $1.26
 Extraordinary item 0.04 -- 0.07 0.04
 Net income $0.12 $0.07 $0.23 $1.30
 Average shares outstg. 6,342,000 6,315,000 6,355,000 6,213,000
 (A) -- Includes approximately $5.8 million in net sales from a former subsidiary which was sold in January 1991.
 -0- 6/26/92
 /CONTACT: Michael Wassil, chief financial officer of Interspec, 215-540-9190, or JoAnn Horne of Morgen-Walke Associates, 212-986-5900, for Interspec/
 (ISPC) CO: Interspec, Inc. ST: Pennsylvania IN: HEA SU: ERN


TS-OG -- NY005 -- 4113 06/26/92 09:36 EDT
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Date:Jun 26, 1992
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