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PHOTOGRAPHIC SCIENCES CORPORATION ANNOUNCES PROFITS INCREASED 124 PERCENT AND SALES UP 23 PERCENT IN 1991

 PHOTOGRAPHIC SCIENCES CORPORATION ANNOUNCES PROFITS
 INCREASED 124 PERCENT AND SALES UP 23 PERCENT IN 1991
 WEBSTER, N.Y., Feb. 25 /PRNewswire/ -- Photographic Sciences Corporation ("PSC") (NASDAQ: PSCX) today reported that sales totalled $20,170,000 in 1991, a 23 percent increase over the previous year's sales of $16,434,000.
 Net income for the year ended Dec. 31, 1991 rose to $1,631,000, an increase of 124 percent from $729,000 a year ago. On a per share basis, earnings were $.26 in 1991 up from $.13 per share in 1990. Weighted average common shares and common share equivalents were 6,232,000 for 1991 compared with 5,680,000 for 1990.
 "Our bar code products grew by almost 39 percent this year," said L. Michael Hone, president and CEO. "Profits doubled due to increased volumes and improved efficiencies. We continue to increase expenditures on factory automation and product development. These investments will continue as part of our long-term plan for competitiveness."
 Sales for the fourth quarter of 1991 were $6,762,000, up 36 percent from $4,968,000 in the previous year's final quarter. Net income for the fourth quarter of 1991 was $853,000, or $.13 per share, up from $353,000, or $.06 per share, in 1990. Weighted average common shares and common share equivalents were 6,772,000 for the fourth quarter of 1991 compared with 5,717,000 for the fourth quarter of 1990.
 PSC is a leading manufacturer of laser scanners, interface controllers, quality control instruments, and film masters for bar code data collection systems. PSC is located in Webster, N.Y.
 PHOTOGRAPHIC SCIENCES CORPORATION & SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 THREE MONTHS ENDED DEC 31
 (UNAUDITED)
 1991 1990
 NET SALES $6,782 $4,968
 COST OF SALES 3,687 2,957
 GROSS PROFIT $3,075 $2,011
 SG & A EXPENSES 2,072 1,431
 INCOME FROM OPERATIONS $1,003 $580
 OTHER INCOME (EXPENSE) (92) (176)
 INCOME BEFORE INCOME TAXES $911 $404
 PROVISION FOR INCOME TAXES 58 51
 NET INCOME $853 $353
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.13 $0.06
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,111 5,343
 COMMON EQUIVALENT SHARES 661 374
 TOTAL 6,772 5,717
 TWELVE MONTHS ENDED DEC 31
 1991 1990
 NET SALES $20,170 $16,434
 COST OF SALES 11,271 9,875
 GROSS PROFIT $8,899 $6,559
 SG & A EXPENSES 6,706 5,238

 INCOME FROM OPERATIONS $2,193 $1,321
 OTHER INCOME (EXPENSE) (458) (541)
 INCOME BEFORE INCOME TAXES $1,735 $780
 PROVISION FOR INCOME TAXES 104 51
 NET INCOME $1,631 $729
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.26 $0.13
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 5,621 5,317
 COMMON EQUIVALENT SHARES 611 363
 TOTAL 6,232 5,680
 PHOTOGRAPHIC SCIENCES CORPORATION & SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 DECEMBER 31
 1991 1990
 ASSETS
 TOTAL CURRENT ASSETS $11,258 $5,698
 TOTAL PROPERTY, NET $3,087 $2,847
 TOTAL OTHER ASSETS, NET $3,361 $3,497
 TOTAL ASSETS $17,706 $12,042
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $3,653 $4,329
 TOTAL LONG-TERM LIABILITIES $1,736 $2,326
 TOTAL SHAREHOLDERS' EQUITY $12,317 $5,387
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $17,706 $12,042
 -0- 2/25/92
 /CONTACT: David A. Kostizak, vice president, finance and administration of Photographic Sciences Corporation, 716-265-1600/
 (PSCX) CO: Photographic Sciences Corporation ST: New York IN: CPR SU: ERN


SM -- CL008 -- 2185 02/25/92 08:32 EST
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