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RAMTEK CORP. ANNOUNCES PROFITS FOR FIRST QUARTER ENDED OCT. 2, 1992

 RAMTEK CORP. ANNOUNCES PROFITS
 FOR FIRST QUARTER ENDED OCT. 2, 1992
 SAN JOSE, Calif., Nov. 4 /PRNewswire/ -- Ramtek Corp. today announced that its net revenues for the first quarter ended Oct. 2, 1992, were $4,598,000 as compared to $3,159,000 for the first quarter of fiscal year 1992. The company reported net income of $185,000, or 3 cents per share, for the first quarter of fiscal year 1993 as compared to $9,000, or $0.00 per share, for the comparable period of fiscal year 1992. Net income for the first quarter of fiscal year 1993 included an extraordinary credit for utilization of net operating loss carryforwards of $46,000, or 1 cent per share.
 Bill Finley, president, said the 45 percent growth in revenues over the prior year's comparable quarter was primarily due to increased sales in its mature product line and additional sales generated by its wholly owned subsidiary, MegaTape Corp. Early in the quarter, the company acquired substantially all of the assets and certain liabilities of MegaTape, which has been a systems integrator of packaged tape backup subsystems since 1988. In a further effort to reduce costs and improve product development and manufacturing efficiency, the company's product development facility in the United Kingdom was closed and MegaTape manufacturing capabilities were consolidated in San Jose with certain key personnel relocating to either Corporate Headquarters or U.K. Headquarters during the first quarter.
 Ramtek Corp., founded in 1971 and headquartered in San Jose, designs and manufactures image processing graphics display and mass storage backup systems for markets such as remote sensing, reconnaissance and surveillance, natural resource management, environmental studies, geographical sciences, command and control, forensic science, medical imaging and other information systems.
 RAMTEK CORP.
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended
 Oct. 2, Sept. 30,
 1992 1991
 Revenue:
 Product sales $ 4,098 $ 2,522
 Service and other revenue 500 637
 Net revenue 4,598 3,159
 Costs and expenses:
 Cost of sales 2,610 1,446
 Product development 454 554
 Selling, general and administrative 1,249 1,058
 Total costs and expenses 4,313 3,058
 Total 285 101
 Interest expense 53 12
 Income before income tax expense and
 extraordinary credit 232 89
 Provision for income taxes 93 80
 Income before extraordinary credit 139 9
 Extraordinary credit - utilization of
 net operating loss carryforward 46 ---
 Net income $ 185 $ 9
 Net income per share:
 Income before extraordinary credit $0.02 ---
 Extraordinary credit 0.01 ---
 Net income per share 0.03 ---
 Weighted average common shares
 outstanding 5,459 5,335
 -0- 11/4/92
 /CONTACT: Bill R. Finley, president and chief executive officer of Ramtek, 408-954-2700/ CO: Ramtek Corporation ST: California IN: CPR SU: ERN


TB-TM -- SJ003 -- 2331 11/04/92 09:03 EST
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Publication:PR Newswire
Date:Nov 4, 1992
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