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PSC, INC. POSTS RECORD RESULTS FOR 1992

 WEBSTER, N.Y., Feb. 22 /PRNewswire/ -- PSC Inc. (NASDAQ: PSCX) today reported revenue of $35,912,000 for fiscal year 1992, a 78 percent increase over 1991 revenue of $20,170,000. Fourth quarter revenue was $8,936,000, representing a gain of 32 percent over $6,762,000 for the same quarter a year ago.
 Net income for the year rose to $4,346,000, an increase of 166 percent from $1,631,000 in 1991. On a per share basis, earnings were $.59 in 1992, up 126 percent from $.26 per share one year ago. Included in the fourth quarter 1992 results is a one-time charge, equating to approximately $.13 per share, which was related to write-offs of intangible assets. Weighted average common share equivalents were 7,350,000 for 1992 versus 6,232,000 for 1991.
 Commenting on 1992 results L. Michael Hone, chairman and chief executive officer said, "This has been a very exciting and rewarding year for PSC. We have achieved both record sales and earnings with our bar code products. Our 1993 strategy is to continue to aggressively reinvest for the future with increased capital and other expenditures for technology, product and market development. These commitments are vital to the company's long-term strategic plan and to remain competitive in our industry."
 PSC is a leading manufacturer of laser scanners, interface modules, quality control instruments and film masters for Bar Code data collection systems. PSC is located in the Rochester, N.Y. area.
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 THREE MONTHS ENDED DEC 31
 (UNAUDITED)
 1992 1991
 NET SALES $8,936 $6,762
 COST OF SALES 4,261 3,687
 GROSS PROFIT $4,675 $3,075
 OPERATING EXPENSES:
 ENGINEERING, RESEARCH &
 DEVELOPMENT 652 342
 WRITE-OFF OF INTANGIBLE ASSETS 957 -
 SG & A EXPENSES 1,841 1,730
 INCOME FROM OPERATIONS $1,225 $1,003
 OTHER INCOME (EXPENSE) 124 (92)
 INCOME BEFORE INCOME TAXES $1,349 $911
 PROVISION FOR INCOME TAXES (A) 821 58
 NET INCOME $528 $853
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.07 $0.13
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 7,074 6,111
 COMMON EQUIVALENT SHARES 450 661
 TOTAL 7,524 6,772
 TWELVE MONTHS ENDED DEC 31
 1992 1991
 NET SALES $35,912 $20,170
 COST OF SALES 17,734 11,271
 GROSS PROFIT $18,178 $8,899
 OPERATING EXPENSES
 ENGINEERING, RESEARCH
 & DEVELOPMENT 2,248 1,262
 WRITE-OFF OF INTANGIBLE ASSETS 957 --
 SG & A EXPENSES 8,637 5,444
 INCOME FROM OPERATIONS $6,336 $2,193
 OTHER INCOME (EXPENSE) (70) (458)
 INCOME BEFORE INCOME TAXES $6,266 $1,735
 PROVISION FOR INCOME TAXES (A) 1,920 104
 NET INCOME $4,346 $1,631
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.59 $0.26
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,900 5,621
 COMMON EQUIVALENT SHARES 450 611
 TOTAL 7,350 6,232
 NOTE A: The estimated effective tax rate originally utilized in the third quarter of 1992 reflected the effects of tax benefits resulting from the exercise or early disposition of certain stock options. The effect on the provision for income taxes, net income, and net income per common and common equivalent share of appropriately reflecting these tax benefits as in increase directly to shareholders' equity was as follows:
 3 months ended 3 months ended
 3/31/92 6/30/92
 Provision for income taxes $69 $332
 Net income $916 $1,572
 Net income per common &
 common equivalent share $0.12 $0.21
 3 months ended
 9/30/92
 As stated Revised
 Provision for income taxes $298 $698
 Net income $1,730 $1,330
 Net income per common &
 common equivalent share $0.23 $0.18
 9 months ended
 9/30/92
 As stated Revised
 Provision for income taxes $699 $1,099
 Net income $4,218 $3,818
 Net income per common &
 common equivalent share $0.58 $0.52
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 DECEMBER 31
 1992 1991
 ASSETS
 TOTAL CURRENT ASSETS $18,905 $11,258
 TOTAL PROPERTY, NET $3,775 $3,087
 TOTAL INTANGIBLE ASSETS, NET $2,312 $3,361
 TOTAL ASSETS $24,992 $17,706
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $4,772 $3,667
 TOTAL LONG-TERM LIABILITIES 1,688 1,722
 TOTAL SHAREHOLDERS' EQUITY 18,532 12,317
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $24,992 $17,706
 -0- 2/22/93
 /CONTACT: William E. Hollis, vice president, finance and treasurer of Photographic Sciences Corporation, 716-265-1600/
 (PSCX)


CO: Photographic Sciences Corporation ST: New York IN: CPR SU: ERN

LC -- CL018 -- 9085 02/22/93 17:08 EST
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Date:Feb 22, 1993
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