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SPACELABS MEDICAL REPORTS THIRD-QUARTER RESULTS; NET INCOME UP 36 PERCENT

 SPACELABS MEDICAL REPORTS THIRD-QUARTER RESULTS;
 NET INCOME UP 36 PERCENT
 REDMOND, Wash., Oct. 13 /PRNewswire/ -- SpaceLabs Medical Inc. (NASDAQ: SLMD) today reported final results for the third quarter and nine months which ended Sept. 25, 1992. Net income for the third quarter increased 36.2 percent to $5.0 million, or 45 cents per share, compared with $3.7 million, or 36 cents per share, for the comparable period a year ago. Revenue for the quarter increased 13.1 percent to $62.8 million from $55.5 million in 1991.
 Revenue for the first nine months of 1992 increased 12.4 percent to $187.0 million from $166.4 million in the comparable period of 1991. Excluding adjustments for non-recurring items in both 1992 and 1991, SpaceLabs Medical's net income for the first nine months increased 27.6 percent to $12.9 million, or $1.19 per share, compared with $10.1 million, or 99 cents per share, in 1991. Including the non- recurring items, net income reported was $11.5 million, or $1.06 per share in 1992, compared with $11.4 million, or $1.12 per share.
 Non-recurring items represent a 13-cents-per-share charge associated with the spin-off of SpaceLabs Medical from Westmark International in the second quarter of 1992 and a 13-cents-per-share after-tax gain from the sale of a building in the second quarter of 1991.
 Third-quarter revenue reflects continued strong shipments of the company's Patient Care Management System (PCMS|TM~) line of acute-care patient monitors. The third-quarter results also reflect an improvement in gross margin percentage to 52.6 percent from 50.8 percent in the prior year, primarily due to cost efficiencies and product and distribution mix. As a percentage of revenue, selling, general and administrative expenses improved to 27.4 percent from 29.4 percent in 1991, reflecting a faster growth in revenue relative to expenses. Research and development expenses increased to 11.2 percent of revenue from 10.3 percent in 1991, in accordance with the planned level of activities.
 Commenting on the third-quarter results, Carl Lombardi, SpaceLabs Medical's chairman and chief executive officer, stated, "This is an exciting period for SpaceLabs Medical. We have made the transition to an independent, publicly traded company, while maintaining focus on the business fundamentals. The financial results for the quarter were gratifying, and we are pleased with the continued gains made by our PCMS product line."
 During the third quarter, the PCMS product line was further enhanced by the introduction of products to expand its functionality. These included the PCMS workstation which brings new, easy-to-use report capabilities to cardiology and a new generation product for bedside device integration, the Universal Flexport(R) Interface. This data interface allows products from any manufacturer using the SpaceLabs Medical Universal Flexport protocol to be interfaced with the PCMS product line.
 SpaceLabs Medical, founded in 1958, is a leading manufacturer of clinical information systems, patient monitoring equipment, diagnostic monitoring products and pre-hospital EMS products.
 Tables follow.
 NOTE: Flexport and Patient Care Management System (PCMS) are trademarks of SpaceLabs Medical Inc.
 SPACELABS MEDICAL INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, in thousands, except per-share data)
 Three Months Ended Nine Months Ended
 9/25/92 9/27/91 9/25/92 9/27/91
 Revenue $62,797 $55,520 $186,954 $166,397
 Cost of sales 29,754 27,303 89,509 81,191
 Gross margin 33,043 28,217 97,445 85,206
 Operating Expenses:
 Selling, general and
 administrative 17,217 16,305 53,379 49,343
 Research and development 7,031 5,745 21,493 17,999
 Stock distribution expenses -- -- 1,299 --
 Reorganization charges -- -- 181 --
 Other expense (income), net 510 (253) 951 (1,329)
 Total 24,758 21,797 77,303 66,013
 Income from operations 8,285 6,420 20,142 19,193
 Interest income 347 27 456 128
 Interest expense (204) (380) (687) (600)
 Income before income taxes 8,428 6,067 19,911 18,721
 Provision for income taxes 3,386 2,366 8,427 7,301
 Net income $ 5,042 $ 3,701 $ 11,484 $ 11,420
 Per-Share Data:
 Net income $ 0.45 $ 0.36 $ 1.06 $ 1.12
 Weighted average common
 shares and equivalents
 outstanding 11,299 10,389 10,812 10,240
 SPACELABS MEDICAL INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands)
 9/25/92 12/27/91
 Assets:
 Current Assets
 Cash and short-term marketable securities $ 43,152 $ 991
 Due from Westmark -- 12,882
 Receivables 52,764 46,463
 Inventories 45,394 38,048
 Prepaid expenses 3,027 1,277
 Deferred income taxes 16,980 15,110
 Total 161,317 114,771
 Property, plant and equipment, net 38,130 38,663
 Other assets 15,642 16,133
 Total $215,089 $169,567
 Liabilities and Shareholders' Equity:
 Current Liabilities
 Bank overdraft $ -- $ 2,699
 Short-term borrowings 881 1,989
 Current portion of long-term debt 700 700
 Accounts payable and accrued expenses 32,478 25,795
 Deferred revenue 3,607 3,030
 Taxes on income 5,193 2,729
 Total 42,859 36,942
 Long-term debt 12,775 13,300
 Other long-term liabilities 2,161 2,174
 Shareholders' equity $157,294 $117,151
 Total $215,089 $169,567
 Common shares outstanding 11,111 9,924
 -0- 10/13/92
 /CONTACT: Mary Batterson of SpaceLabs Medical, 206-867-7345/
 (SLMD) CO: SpaceLabs Medical Inc. ST: Washington IN: MTC SU: ERN


SW-LM -- SE008 -- 9497 10/13/92 16:31 EDT
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Date:Oct 13, 1992
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