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OIS ANNOUNCES FISCAL YEAR-END RESULTS

 TROY, Mich., Sept. 28 /PRNewswire/ -- OIS Optical Imaging Systems, Inc. (OTC: OVON) announced its audited financial results for the fiscal year ended June 30, 1993. Revenues were $7,162,035, as compared with $5,481,869 in the preceding fiscal year. The company's net loss was $5,307,352 (or 20 cents per share, based on a weighted average of 27,187,041 shares outstanding), as compared with $5,696,240 (or 26 cents per share, based on a weighted average of 21,863,333 shares outstanding) in the preceding fiscal year.
 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.
 1993 1992 1991
 Revenues $7,162 $5,482 $4,314
 Cost of customer agreements 7,338 4,571 4,819
 Gross profit (176) 911 (505)
 Operating expenses 4,681 6,549 5,906
 Other expense 450 459 2,090
 Extraordinary item (income) --- 401 ---
 Net (loss) ($5,307) ($5,696) ($8,501)
 Net (loss) per share
 (in dollars) ($.20) ($.26) ($.57)
 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. Guardian invested $10.5 million in OIS in November 1991 and has announced its intention to invest an additional $10.5 million when it exercises an option to purchase common stock in November 1994. Guardian's investment is a reflection of its belief that OIS's 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- 9/28/93
 /CONTACT: Charles C. Wilson, executive vice president, CFO of OIS Optical Imaging Systems, 313-362-2738/
 (OVON)


CO: OIS Optical Imaging Systems, Inc. ST: Michigan IN: SU: ERN

ML -- DE023 -- 6441 09/28/93 14:26 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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