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MICRO COMPONENT TECHNOLOGY, INC. ANNOUNCES FIRST QUARTER RESULTS; OPERATING INCOME INCREASES ON AN INCREASE IN NET REVENUE; EPS INCREASES

 ST. PAUL, Minn., Oct. 28 /PRNewswire/ -- Micro Component Technology, Inc. (MCT) (NASDAQ: MCTI) today announced that for the first quarter of fiscal year 1994, ended September 25, 1993, net sales were $11,591,000, an increase of 30 percent over net sales of $8,904,000 for the same three-month period in fiscal 1993. Operating income for the first quarter of fiscal 1994 was $780,000, up 239 percent from $230,000 for the same period last year. Net income for the first quarter of fiscal 1994 was $210,000, an increase of $414,000 from a net loss of $204,000 for the same period last year. Earnings per share for the first quarter of 1994 were $0.11 compared to a loss of $0.11 per share in the same period last year.
 "We are pleased with the results of the first quarter of fiscal 1994," said Daniel J. Hill, MCT's chief executive officer. "The increase in net sales and net income was primarily attributable to the company's two recently introduced products, the MCT 1149(TM) Boundary-Scan Test System and the MCT 6100 Fine-Pitch Device Handler. Our strategy is to reduce the cost of testing devices for semiconductor manufacturers. We believe this will be of increasing importance as manufacturers continue to experience margin pressure."
 Micro Component Technology, Inc. designs, manufactures, markets and services automatic testing and handling equipment for the semiconductor industry. MCT is the only major vendor in the United States, and one of the few in the world, that provides both testers and handlers for VI.SI integrated circuit devices. Founded in 1972, MCT is headquartered in St. Paul.
 MICRO COMPONENT TECHNOLOGY, INC.
 First Quarter 1994 Results Summary
 Summary of Discussion of Selected Results:
 -- Following are the consolidated financial results of Micro Component Technology, Inc. (MCT) and its subsidiaries.
 -- Consolidated net sales for the quarter ended September 25, 1993 were $11.6 million, up 30.2 percent from $8.9 million for the first quarter a year ago. Increase in sales was primarily due to sales of new product including the MCT 1149(TM) Boundary-Scan Test System and the MCT 6100 Fine-Pitch Device Handler which were not available a year ago.
 -- Consolidated operating income for the first quarter was $780,000, up 239 percent from $230,000 for the first quarter a year ago. For the quarter, operating income represented 6.7 percent of net sales, compared to 2.6 percent for the same quarter a year ago.
 -- Consolidated net income for the quarter was $210,000, an increase of $414,000 from the loss of $204,000 for the first quarter a year ago. Income per share was $0.11 for the first quarter, compared with a loss of $0.11 for the same period a year ago.
 -- Gross margin increased to 51.2 percent from 49.9 percent in the first quarter a year ago. Gross margin for all of fiscal 1993 was 49.7 percent.
 -- Operating expenses for the first quarter were $5.2 million or 45.0 percent of net sales, compared to $4.2 million or 47.3 percent of net sales for the same quarter a year earlier.
 -- The pro forma as adjusted statement of operations presents the effect of the initial public offering on the financial results for the first quarter. The pro forma as adjusted income per share was $0.10 compared to $0.11 per share on an as reported basis.
 -- The pro forma as adjusted balance sheets presents the effect of the initial public offering on the financial position.
 MICRO COMPONENT TECHNOLOGY, INC.
 Consolidated Statements of Operations
 (In thousands, except per-share data; unaudited)
 Three months ended 9/25/93 9/26/92
 Pro Forma
 Actual as Adjusted(A) Actual
 Net sales $11,591 $11,591 $8,904
 Cost of sales 5,658 5,658 4,465
 Gross profit 5,933 5,933 4,439
 Operating expenses 5,153 5,153 4,209
 Operating income 780 780 230
 Interest expense 485 107 478
 Inc. (loss) bef. inc. taxes 295 673 (248)
 Inc. tax provision (benefit) 85 141 (44)
 Net income (loss) 210 532 (204)
 Income (loss) per share $0.11 $0.10 ($0.11)
 Wtd. avg. no. of shares 1,942 5,452 1,867
 (A) -- Pro forma as adjusted results are presented to show the effect of net proceeds to the company of $21.7 million from the initial public offering of 2.2 million shares, conversion of debt and preferred stock into 1.3 million shares and repayment of $11.3 million of debt.
 Consolidated Balance Sheets
 (In thousands)
 9/25/83 (Unaudited) 6/26/93 (Audited)
 Pro Forma(A) Pro Forma
 Actual as Adjusted(C) Actual(B) as Adjusted
 Assets
 Current assets:
 Cash $503 $10,915 $955 $12,128
 Accounts
 receivable 11,810 11,810 10,865 10,865
 Inventory 7,683 7,683 6,577 6,577
 Other 783 783 768 768
 Total current
 assets 20,779 31,191 19,165 30,338
 Property, plant
 and equipment 7,047 7,047 7,100 7,100
 Other assets 643 643 614 614
 Total assets 28,469 38,881 26,879 38,052
 Liabilities and
 stockholders' equity
 Total current
 liabilities 25,071 11,944 14,175 11,317
 Long-term debt 17,576 7,167 27,003 7,155
 Total stockholders'
 equity (14,178) 19,770 (14,299) 19,580
 Total liabilities
 and stockholders'
 equity 28,469 38,881 26,879 38,052
 (A) -- Pro forma as adjusted results are presented to show the effect of net proceeds to the company of $21.7 million from the initial public offering of 2.2 million shares, conversion of debt and preferred stock into 1.3 million shares and repayment of $11.3 million of debt.
 (B) -- June 26, 1993 actual results consist of selected amounts from the company's fiscal year end audited balance sheet.
 (C) -- On a pro forma as adjusted basis, the company had a cash balance of $10.9 million, a current ratio of 2.6 to 1 and a long-term debt to equity ration of .4 to 1.
 -0- 10/28/93
 /CONTACT: Duane A. Wille, chief financial officer of Micro Component Technology, Inc., 612-482-5180/
 (MCTI)


CO: Micro Component Technology, Inc. ST: Minnesota IN: CPR SU: ERN

CK -- NY012 -- 7662 10/28/93 07:31 EDT
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Date:Oct 28, 1993
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