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NORAND REPORTS FOURTH QUARTER FISCAL 1993 RESULTS

 CEDAR RAPIDS, Iowa, Sept. 27 /PRNewswire/ -- Norand Corporation (NASDAQ: NRND), a designer, manufacturer and marketer of portable, computerized route accounting and wireless data communication systems, today reported record results for the fourth quarter and year ended Aug. 31, 1993.
 Revenues of $51.4 million for the fourth quarter were up 31.4 percent from revenues of $39.1 million for the comparable period in fiscal 1992. Income from operations increased 9.9 percent to $7.1 million from $6.4 million for the same period in 1992. Net income was $6.1 million, $0.82 primary and fully diluted per share, for the quarter ended Aug. 31, 1993. This compares to net income of $4.8 million or an increase of 26.7 percent in the fourth quarter of 1992.
 For the year ended August 31, revenues were up 37.1 percent to $157.2 million and income from operations increased $4.9 million (58.6 percent) to $13.2 million. Net income increased $6.7 million to $8.5 million or $1.23 fully diluted per share.
 N. Robert Hammer, president and CEO, stated, "We are encouraged by the strong market response in the fourth quarter to Norand's advanced wireless data communication network utilizing industrial spread spectrum technology which was launched earlier this year. As previously announced, the acquisition of the hand-held computer product line of a subsidiary of Tandy in Europe was completed in the company's fourth quarter."
 Hammer continued, "In fiscal 1993, Norand achieved all of its major strategic technology, marketing and operations goals as well as our planned financial results for each business unit. We have good momentum going into fiscal 1994 and have a well-developed business plan to achieve continued growth in revenue and earnings."
 Norand designs, manufactures and markets portable, computerized systems used to automate the collection, processing and communication of information related to product sales and distribution, inventory control and warehouse data management. Norand systems include wireless data communication networks, applications-specific software, hand-held computers, portable printers, bar code scanning devices and related peripheral equipment. Norand maintains its corporate headquarters at 550 Second St. SE in Cedar Rapids, Iowa.
 NORAND CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars in thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 8/31/93 8/31/92 8/31/93 8/31/92
 Revenues:
 Product sales revenue $43,272 $32,972 $129,239 $91,205
 Customer service revenue 8,100 6,129 27,966 23,434
 Total revenues 51,372 39,101 157,205 114,639
 Cost of products and
 services 25,557 19,310 83,342 57,380
 Gross profit 25,815 19,791 73,863 57,259
 Operating expenses:
 Product development and
 engineering expenses 4,686 3,484 16,242 12,221
 Selling expenses 10,547 7,233 32,811 27,035
 General and administrative
 expenses 3,531 2,656 11,606 9,678
 Total operating expenses 18,764 13,373 60,659 48,934
 Income from operations 7,051 6,418 13,204 8,325
 Interest and other 232 1,197 3,666 4,846
 Income before income taxes 6,819 5,221 9,538 3,479
 Provision for income taxes 746 14 1,207 81
 Net income $6,073 $5,207 $8,331 $3,398
 Series A preferred dividends
 and accretion -- 415 734 1,643
 Gain on redemption of Series A
 preferred stock -- -- (867) --
 Net income to common share-
 holders $6,073 $4,792 $8,464 $1,755
 Per common and common
 equivalent share (a)
 Primary $0.82 $4.24 $1.44 $1.56
 Fully diluted $0.82 $1.39 $1.23 $0.51
 Average number of common and
 common equivalent shares
 outstanding (a)
 Primary 7,407,396 1,130,451 5,867,029 1,125,622
 Fully diluted 7,424,090 3,440,859 6,909,589 3,436,030
 (a) The increase in common and common equivalent shares outstanding and its effect on the earnings per share results primarily from the company's February 1993 initial public offering of common shares. Accordingly, earnings per share are not comparable between periods.
 -0- 09/27/93
 /CONTACT: Beth Colwell, investor relations of Norand, 319-369-3115/
 (NRND)


CO: Norand Corporation ST: Iowa IN: CPR SU: ERN

CP-DB -- MN014 -- 6108 09/27/93 17:20 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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