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PSC INC. REPORTS ANOTHER RECORD SALES AND EARNINGS QUARTER

 PSC INC. REPORTS ANOTHER RECORD
 SALES AND EARNINGS QUARTER
 WEBSTER, N.Y., Oct. 22 /PRNewswire/ -- PSC Inc. (formerly, Photographic Sciences Corporation) (NASDAQ: PSCX) today reported sales for the quarter ending Sept. 30 increased to $10,554,000 compared with $5,498,000 a year ago. Net income increased to $1,730,000 compared with $500,000. On a per share basis, earnings were $.23 for the quarter compared with $.08 a year ago. Weighted average common shares and equivalents totaled 7,504,000 compared with 6,229,000 for the third quarter last year.
 For the initial nine months of 1992, sales were $26,976,000 up from $13,408,000, and net income was $4,218,000 compared with $779,000 during the comparable period in 1991. On a per share basis, earnings were $.58 versus $.13 in 1991. Weighted average common shares and equivalents totaled 7,305,000 compared with 6,148,000 for the first nine months of last year.
 L. Michael Hone, chairman and chief executive officer, stated, "We continue to be pleased with the market acceptance of our Bar Code products. In addition, we remain confident in the future growth potential of the automatic identification industry, in spite of weakness in the general economy."
 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.
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 THREE MONTHS ENDED SEPT. 30
 (UNAUDITED)
 1992 1991
 NET SALES $10,554 $5,498
 COST OF SALES 5,156 3,009
 GROSS PROFIT $5,398 $2,489
 SG&A EXPENSES 3,344 1,818
 INCOME FROM OPERATIONS $2,054 $671
 OTHER INCOME (EXPENSE) (26) (140)
 INCOME BEFORE INCOME TAXES $2,028 $531
 PROVISION FOR INCOME TAXES 298 31
 NET INCOME $1,730 $500
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.23 $0.08
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 7,020 5,511
 COMMON EQUIVALENT SHARES 484 718
 TOTAL 7,504 6,229
 NINE MONTHS ENDED SEPT. 30
 1992 1991
 NET SALES $26,976 $13,408
 COST OF SALES 13,473 7,584
 GROSS PROFIT $13,503 $5,824
 SG&A EXPENSES 8,392 4,633
 INCOME FROM OPERATIONS $5,111 $1,191
 OTHER INCOME (EXPENSE) (194) (367)
 INCOME BEFORE INCOME TAXES $4,917 $824
 PROVISION FOR INCOME TAXES 699 45
 NET INCOME $4,218 $779
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.58 $0.13
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,822 5,456
 COMMON EQUIVALENT SHARES 483 692
 TOTAL 7,305 6,148
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 SEPTEMBER 30 DECEMBER 31
 (UNAUDITED)
 1992 1991
 ASSETS
 TOTAL CURRENT ASSETS $17,511 $11,258
 TOTAL PROPERTY, NET 3,740 3,087
 TOTAL INTANGIBLE ASSETS, NET 3,171 3,361
 TOTAL ASSETS $24,422 $17,706
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $5,491 $3,667
 TOTAL LONG-TERM LIABILITIES 1,730 1,722
 TOTAL SHAREHOLDERS' EQUITY 17,201 12,317
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $24,422 $17,706
 -0- 10/22/92
 /CONTACT: David A. Kostizak, vice president, finance and administration of PSC Inc., 716-265-1600/
 (PSCX) CO: PSC Inc. ST: New York IN: CPR SU: ERN


KK -- CL005 -- 3376 10/22/92 09:41 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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