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 COPENHAGEN, Denmark, March 2 /PRNewswire/ -- Olicom A/S (NASDAQ: OLCMF) has announced financial results for the fourth quarter of 1992 and for the full fiscal year.
 Lars Stig Nielsen, president and chief executive officer, said the following:
 "The year 1992 has been a record breaking and successful year for Olicom not only in terms of growth rate, but even more importantly, in terms of profits.
 "Our earnings per share in 1992 increased to U.S.$0.67, an increase of 123 percent from $0.30 in 1991.
 "The year has been marked by many important achievements, including a strengthened global presence in the Token-Ring market, the introduction of a new fully IBM compatible intelligent wiring hub system for Token-Ring, the acquisition of Connect International, a developer and marketer of Ethernet products, moving our corporate headquarters to newly-refurbished premises in Lyngby, a suburb of Copenhagen, and the successful completion of an initial public offering.
 "These accomplishments brought the company up to a new level of market recognition with a broader, more comprehensive product line, thereby providing the momentum for continued growth in 1993.
 "The company has grown rapidly throughout the year, culminating in a record fourth quarter of $27.2 million in net sales which exceeded the company's revenues for all of 1991 and represented 40 percent of net sales for 1992. Net sales for 1992 were $68.4 million, up 162 percent in comparison to 1991. The record sales for the fourth quarter of 1992 were mainly due to Olicom receiving requests from customers for product deliveries during the fourth quarter which the company was able to meet. While management is confident about the outlook for 1993, such advances in product deliveries during the fourth quarter may affect the level of sales during the first quarter of 1993.
 "Net income for the year was $8.3 million compared to $3.4 million in 1991, an increase of 144 percent. Financial results for 1992 reflect a one-time charge of $1.0 million which is due to research and development costs associated with the acquisition of Connect International.
 "As a result of the initial public offering, the company's balance sheet is one of the strongest in the industry, with $43.9 million in cash, cash equivalents and bonds at year end. Cash flow from operations continued to finance Olicom's operations during 1992. The decrease in net cash from operating activities is due to management deciding to accelerate payment of significant amounts during the fourth quarter, thus obtaining more favorable payment terms from subcontractors.
 "The globalization of the company continued during 1992 with deeper penetration into each market segment, particularly in the U.S. As a result, Olicom believes that its market share of the network interface card market has grown from approximately 5 percent in 1991, to an estimated 9 percent share in 1992. During 1992 Olicom broadened its core business by introducing two new product lines in late 1992: network adapters for Ethernet and intelligent wiring hubs for Token-Ring. All Token-Ring products are fully compatible with IBM for seamless integration into IBM networks. Customer support, cost-competitiveness and quality, in addition to our objective of reduced time-to-market, continues to make Olicom products and services outstanding, when compared to Olicom's competitors."
 Olicom A/S, based in Copenhagen, Denmark, is a leading supplier of Token-Ring and Ethernet local area network (LAN) software and hardware products that enable computer users to communicate, exchange data and share computing resources in work group and enterprise wide LANs, or in wide are networks.
 Condensed Consolidated Statement of Income
 Year ended Three months ended
 Dec. 31 Dec. 31
 1991 1992 1991 1992
 (In thousands, except share amounts)
 Net sales 26,074 68,411 10,378 27,221
 Cost of sales 14,812 38,717 5,853 16,208
 Gross profit 11,262 29,694 4,525 11,013
 Operating expenses
 Sales and marketing 3,560 9,060 1,141 3,821
 Research and development 1,776 4,484 531 1,409
 Purchased research and
 development 0 1,000 0 0
 General and administrative 1,133 1,893 321 521
 Total Operating expenses 6,469 16,437 1,993 5,751
 Income from operations 4,793 13,257 2,532 5,262
 Interest income (expense)
 and other, net 230 276 68 213
 Foreign currency gains
 (losses) (208) (412) 24 (195)
 Income before income taxes 4,815 13,121 2,624 5,280
 Income taxes 1,393 4,777 779 1,903
 Net income 3,422 8,344 1,845 3,377
 Net income per share 0.30 0.67 0.16 0.23
 Weighted average shares
 outstanding 11,400 12,475 11,400 14,908
 Condensed Consolidated Balance Sheet
 Dec. 31 Dec. 31
 1991 1992
 US$ US$
 Current Assets
 Cash and cash equivalents 5,482 19,351
 Short-term investments 0 24,587
 Accounts receivable, net 8,655 20,543
 Inventories 2,834 10,517
 Prepaid expenses 444 489
 Total current assets 17,415 75,487
 Investments, property and
 equipment, net 3,318 9,191
 Other assets 221 12
 Total assets 20,954 84,690
 Liabilities and Shareholders' Equity
 Current liabilities:
 Accounts payable and accrued
 liabilities 13,749 22,153
 Current portion of long-term debt
 and capital lease obligations 96 97
 Total current liabilities 13,845 22,250
 Long-term debt and capital lease
 obligations less current portion 150 323
 Shareholders' equity 6,959 62,117
 Total liabilities and
 Shareholders' Equity 20,954 84,690
 -0- 3/2/93
 /CONTACT: Lars Stig Nielsen, CEO of Olicom A/S, in Denmark, 45-4527-0000, or fax, 45-4527-0129/

CO: Olicom A/S ST: IN: CPR SU: ERN

PS -- NY015 -- 1773 03/02/93 08:55 EST
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Date:Mar 2, 1993

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