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PSC INC. REPORTS RECORD SALES AND EARNINGS FOR SECOND QUARTER

 PSC INC. REPORTS RECORD SALES AND EARNINGS FOR SECOND QUARTER
 WEBSTER, N.Y., July 20 /PRNewswire/ -- PSC, Inc. (formerly Photographic Sciences Corporation) (NASDAQ: PSCX) today reported sales for the quarter ending June 30 increased to $9,343,000 compared with $3,773,000 a year ago. Net income increased to $1,572,000 compared with $100,000. On a per share basis, earnings were $.21 for the quarter compared with $.02 a year ago. Weighted average common shares and equivalents totaled 7,461,000 compared with 6,239,000 for the second quarter last year.
 For the initial six months of 1992, sales were $16,422,000, up from $7,910,000 and net income was $2,488,000 compared with $279,000 during the comparable period in 1991. On a per share basis, earnings were $.34 versus $.05 in 1991. Weighted average common shares and equivalents totaled 7,363,000 compared with 6,122,000 for the first six months of last year.
 L. Michael Hone, president and chief executive officer, stated, "The strong sales performance was attributable to the continuing excellent response to our 5300 series scanner products and shipments under previously announced orders which were substantially completed during the second quarter."
 PSC also announced today the retirement of its chairman of the board, Robert S. Ehrlich. Hone has been elected chairman. Ehrlich, who became chairman in December 1987, together with Hone, presided over the greatest growth the company has experienced since its founding. Ehrlich has moved to Jerusalem where he has become vice chairman and CEO of Electric Fuel Ltd., a company developing a unique Zinc-Air battery system to power electric vehicles. Ehrlich will continue as a director and consultant to PSC.
 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 JUNE 30
 (UNAUDITED)
 1992 1991
 NET SALES $9,343 $3,773
 COST OF SALES 4,590 2,201
 GROSS PROFIT $4,753 $1,572
 SG & A EXPENSES 2,698 1,352
 INCOME FROM OPERATIONS $2,055 $220
 OTHER INCOME (EXPENSE) (151) (115)
 INCOME BEFORE INCOME TAXES $1,904 $105
 PROVISION FOR INCOME TAXES 332 5
 NET INCOME $1,572 $100
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.21 $0.02
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,788 5,478
 COMMON EQUIVALENT SHARES 673 761
 TOTAL 7,461 6,239
 SIX MONTHS ENDED JUNE 30
 (UNAUDITED)
 1992 1991
 NET SALES $16,422 $7,910
 COST OF SALES 8,317 4,575
 GROSS PROFIT $8,105 $3,335
 SG & A EXPENSES 5,048 2,815
 INCOME FROM OPERATIONS $3,057 $520
 OTHER INCOME (EXPENSE) (168) (227)
 INCOME BEFORE INCOME TAXES $2,889 $293
 PROVISION FOR INCOME TAXES 401 14
 NET INCOME $2,488 $279
 NET INCOME PER COMMON & COMMON
 EQUIVALENT SHARE $0.34 $0.05
 WEIGHTED AVG. NUMBER O/S:
 COMMON SHARES 6,722 5,429
 COMMON EQUIVALENT SHARES 641 693
 TOTAL 7,363 6,122
 PSC INC. & SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (ALL AMOUNTS IN THOUSANDS)
 JUNE 30
 (UNAUDITED) DECEMBER 31
 1992 1991
 ASSETS
 TOTAL CURRENT ASSETS $15,022 $11,258
 TOTAL PROPERTY, NET $3,644 $3,087
 TOTAL INTANGIBLE ASSETS, NET $3,237 $3,361
 TOTAL ASSETS $21,903 $17,706
 LIABILITIES & SHAREHOLDERS' EQUITY
 TOTAL CURRENT LIABILITIES $4,893 $3,667
 TOTAL LONG-TERM LIABILITIES $1,754 $1,722
 TOTAL SHAREHOLDERS' EQUITY $15,256 $12,317
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $21,903 $17,706
 -0- 7/20/92
 /CONTACT: L. Michael Hone, chairman and chief executive officer, or David A. Kostizak, vice president, finance and administration, both of PSC Inc., 716-265-1600/
 (PSCX) CO: PSC Inc. ST: New York IN: CPR SU: ERN


KK -- CL003 -- 0589 07/20/92 09:16 EDT
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Date:Jul 20, 1992
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