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PICTURETEL CORPORATION ANNOUNCES SECOND QUARTER REVENUE INCREASE OF 30 PERCENT; UNIT SHIPMENTS INCREASE APPROXIMATELY 54 PERCENT FROM 1992

 DANVERS, Mass., July 16 /PRNewswire/ -- PictureTel Corporation (NASDAQ: PCTL), today reported a 30 percent increase in revenue for the second quarter of 1993 compared to the same period in 1992. Total revenues for the second quarter ended July 3, 1993 were $44.2 million on shipments of approximately 1100 units compared with $34.0 million on shipments of approximately 700 units for the same period in 1992. Revenue increased 41 percent to $88.2 million for the six month period ended July 3, 1993 as compared to $62.4 million for the same period in 1992.
 The Company also reported second quarter net income, of $2.6 million or 17 cents per share, compared to $3.3 million, or 21 cents per share, (14 cents per share before application of net operating loss carryforwards), for the same quarter of the prior year. Net income for the six months ended July 3, 1993 was $6.3 million or 40 cents per share compared to $6.1 million or 38 cents per share for the same period in 1992. The 1993 results include 7 cents per share due to the cumulative effect of change in accounting principle and the 1992 results include 13 cents per share due to net operating loss carryforwards.
 "I am very pleased with our results for the second quarter", said Dr. Norman E. Gaut, chairman and chief executive officer of PictureTel. "Unit growth continued in the second quarter with approximately 1100 systems added to our industry leading installed base. Our announcements today of the PictureTel LIVE(tm) PCS 100(tm) desktop system, as well as the System 1000, a standards based group conferencing system, are designed to expand the market even further with lower price points and improved functionality."
 PictureTel Corporation develops, manufactures and markets a full range of visual telecommunications solutions that are "Redefining the Way the World Meets(tm)." PictureTel enables worldwide video communications through an easy to use, dial-up family of standards-based videoconferencing systems.
 PICTURETEL CORPORATION
 Consolidated Statements of Income
 (in thousands, except per share data)
 Three Months Ended Six Months Ended
 (unaudited) (unaudited)
 07/03/93 06/27/92 07/03/93 06/27/92
 Revenues $44,154 $34,042 $88,182 $62,403
 Cost of Sales $18,732 $16,256 $37,566 $28,818
 Gross Margin $25,422 $17,786 $50,616 $33,585
 Operating Expenses
 Selling, general
 and administrative $14,745 $10,127 $29,430 $19,763
 Research and development $7,124 $5,022 $14,205 $8,765
 Total operating expenses $21,869 $15,149 $43,635 $28,528
 Income from Operations $ 3,553 $ 2,637 $6,981 $5,057
 Other Income (Expense), net $572 $980 $1,348 $1,671
 Income before taxes,
 Extraordinary Credit and
 cumulative effect of change
 in accounting principle $ 4,125 $ 3,617 $ 8,329 $ 6,728
 Provision for Income Taxes $ 1,527 $ 1,411 $ 3,082 $ 2,624
 Income before Extraordinary
 Credit and cumulative
 effect of change in
 accounting principle $ 2,598 $ 2,206 $ 5,247 $ 4,104
 Extraordinary Credit (NOL) $0 $ 1,085 $0 $ 2,018
 Cumulative effect of change
 in accounting principle $0 $0 $ 1,042 $0
 Net Income $ 2,598 $ 3,291 $ 6,289 $ 6,122
 Income per share before
 Extraordinary Credit and
 cumulative effect of
 change in accounting
 principle .17 cents .14 cents .33 cents .25 cents
 Extraordinary Credit
 per share .00 cents .07 cents .00 cents .13 cents
 Cumulative effect of change
 in accounting principle
 per share .00 cents .00 cents .07 cents .00 cents
 Net income per common
 share .17 cents .21 cents .40 cents .38 cents
 Weighted average number of
 common shares outstanding 15,681 15,948 15,866 16,082
 PICTURETEL CORPORATION CONSOLIDATED BALANCE SHEETS
 (IN THOUSANDS)
 07/03/93 12/31/92
 ASSETS (unaudited) (audited)
 Current assets:
 Cash and marketable securities $ 9,665 $ 40,751
 Accounts receivable, net $ 43,006 $ 27,287
 Inventories $ 12,909 $ 15,030
 Other current assets $ 3,260 $ 1,166
 Total current assets $ 68,840 $ 84,234
 Marketable securities $ 84,124 $ 61,428
 Deferred taxes, net $ 8,012 $ 0
 Property and equipment, net $ 16,407 $ 15,002
 Capitalized software costs, net $ 4,605 $ 3,136
 Other assets $ 3,531 $ 1,913
 Total assets $185,519 $165,713
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes Payable $ 3,652 $ 4,029
 Accounts payable $ 9,116 $ 6,024
 Accrued expenses $ 15,120 $ 9,975
 Current portion of
 capital lease obligations $ 3,666 $ 3,614
 Deferred revenue $ 6,411 $ 5,258
 Total current liabilities $ 37,965 $ 28,900
 Capital lease obligations $ 3,232 $ 4,685
 Total Liabilities $ 41,197 $ 33,585
 Total Stockholders' Equity $144,322 $132,128
 Total Liabilities and
 Stockholders' Equity $185,519 $165,713
 -0- 7/16/93
 /CONTACT: Joan Nevins of PictureTel Corporation 508-762-5208; or Karen Breehey of Rourke & Company, 617-267-0042, for PictureTel Corporation/
 (PCTL)


CO: PictureTel Corporation ST: Massachusetts IN: TLS SU:

CM -- NE003 -- 2321 07/16/93 08:04 EDT
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Date:Jul 16, 1993
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