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OIS ANNOUNCES FISCAL YEAR-END RESULTS

 OIS ANNOUNCES FISCAL YEAR-END RESULTS
 TROY, Mich., Sept. 29 /PRNewswire/ -- OIS Optical Imaging Systems,


Inc. (NASDAQ: OVON) announced its audited financial results for the fiscal year ended June 30, 1992. Revenues were $5,785,375, as compared with $4,958,721 in the preceding fiscal year.
 The company's net loss was $5,696,240 (or 26 cents per share, based on a weighted average of 21,863,333 shares outstanding), as compared with $8,501,353 (or 57 cents per share, based on a weighted average of 14,968,340 shares outstanding) in the preceding fiscal year. The current-year results included a nonrecurring charge of $1,850,000 as compared to prior-year results which were affected by a $2 million nonrecurring charge.
 OIS is the only American producer of active matrix liquid crystal displays. OIS manufactures displays for a wide range of military, avionic and commercial applications.
 The following are condensed operating results for the fiscal years ended June 30 (in thousands):
 OIS OPTICAL IMAGING SYSTEMS, INC.
 1992 1991 1990
 Revenues
 Customer agreements $5,482 $4,314 $4,520
 Licensing and royalties 140 380 430
 Sale of technology --- --- 999
 Other (substantially all interest) 163 265 573
 Total revenues $5,785 $4,959 $6,522
 Total operating expenses $11,882 $13,460 $11,184
 Extraordinary item (income) $401 --- ---
 Net (loss) ($5,696) ($8,501) ($4,662)
 Net (loss) per share
 (in dollars) ($.26) ($.57) ($.33)
 OIS, which was founded in 1984, is a publicly traded affiliate of Guardian Industries Corp., a Michigan-based global manufacturer of flat glass and glass products. In November 1991, Guardian invested $10.5 million in OIS. Guardian's investment is a reflection of its belief that OIS' display technology has great potential in the military, avionic and automotive fields, and that this small American company has the potential to compete effectively against the Japanese and European industrial giants that are active in this field.
 -0- 9/29/92
 /CONTACT: Charles C. Wilson, executive vice president and CFO, OIS Optical Imaging Systems, Inc., 313-362-2738/
 (OVON) CO: OIS Optical Imaging Systems, Inc. ST: Michigan IN: SU: ERN


JG -- DE021 -- 4383 09/29/92 12:15 EDT
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Date:Sep 29, 1992
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