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PHOTOGRAPHIC SCIENCES CORPORATION REPORTS DRAMATIC JUMPS IN FIRST QUARTER SALES AND EARNINGS

 PHOTOGRAPHIC SCIENCES CORPORATION REPORTS DRAMATIC JUMPS IN
 FIRST QUARTER SALES AND EARNINGS
 WEBSTER, N.Y., April 21 /PRNewswire/ -- Photographic Sciences Corporation ("PSC") (NASDAQ: PSCX) today announced that sales for the first quarter of 1992 totalled $7,079,000, a 71 percent increase over sales of $4,137,000 for the first quarter of 1991.
 Profit for the quarter ended March 31, 1992 increased to $916,000 from $178,000 a year ago. On a per share basis, earnings were $.12 for the quarter up from $.03. Weighted average common shares and common share equivalents were 7,476,000 compared with 6,041,000 for 1991.
 L. Michael Hone, president and CEO said, "The excellent financial results were due to being able to capitalize on the growth potential of the bar code equipment market and recent orders for its 5300 Series Laser Scanners and its Quick Check 200 Portable Bar Code Verifiers." He also said, "The company's gains for the first three months represent a very steady and encouraging performance in the face of unfavorable economic conditions."
 PSC is a leading manufacturer of laser scanners, interface controllers, quality control instruments and film masters for Bar Code data collection systems.
 PHOTOGRAPHIC SCIENCES CORPORATION & SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 THREE MONTHS ENDED MAR 31
 (UNAUDITED)
 1992 1991
 NET SALES $7,079 $4,137
 COST OF SALES 3,727 2,374
 GROSS PROFIT $3,352 $1,763
 SG&A EXPENSES 2,350 1,464
 INCOME FROM OPERATIONS $1,002 $299
 OTHER INCOME (EXPENSE) (17) (112)
 INCOME BEFORE INCOME TAXES $985 $187
 PROVISION FOR INCOME TAXES 69 9
 NET INCOME $916 $178
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.12 $0.03
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,657 5,378
 COMMON EQUIVALENT SHARES 819 663
 TOTAL 7,476 6,041
 PHOTOGRAPHIC SCIENCES CORPORATION & SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 MARCH 31 DECEMBER 31
 (UNDAUDITED)
 1992 1991
 ASSETS
 TOTAL CURRENT ASSETS $12,495 $11,258
 TOTAL PROPERTY, NET $3,346 $3,087
 TOTAL INTANGIBLE ASSETS, NET $3,298 $3,361
 TOTAL ASSETS $19,139 $17,706
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $3,967 $3,667
 TOTAL LONG-TERM LIABILITIES $1,697 $1,722
 TOTAL SHAREHOLDERS' EQUITY $13,475 $12,317
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $19,139 $17,706
 -0- 4/21/92
 /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 -- CL005 -- 0434 04/21/92 09:27 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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