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SPECTRUM INFORMATION TECHNOLOGIES, INC. ANNOUNCES SECOND CONSECUTIVE PROFITABLE QUARTER

 MANHASSET, N.Y., Nov. 12 /PRNewswire/ -- Spectrum Information Technologies, Inc. ("Spectrum") (NASDAQ-NMS: SPCL), today announced it's results for the second quarter and six months ended Sept. 30, 1993. Total revenues for the quarter and six months ended Sept. 30, 1993 were $24,490,743 and $54,120,644 respectively. For the first time in its history the company has had two consecutive profitable quarters with net profits of $646,374 or $.01 per share and $1,056,618 or $.0l per share, for the three and six months ended Sept. 30, 1993, respectively. When compared to the same period in the prior fiscal year, revenues have increased for the quarter and six month period by $238,892 or 1 percent and $7,397,741 or 16 percent, respectively. The increase in net income is primarily due to the receipt of fees from new licensees. In the future, in addition to receiving on-going royalty payments from its existing licensees, Spectrum anticipates that it will continue to receive fees as it signs up new licensees. Net income increased for the three and six months ended Sept. 30, 1993 by $6,269,376 and $8,053,886, respectively as compared with losses as restated for the comparable periods ended 1992.
 The current ratio as of Sept. 30, 1993 has also increased significantly over the comparable prior period from .99 to 2.50 with current assets increasing $22,137,728 to $45,266,059 while current liabilities decreased $5,278,806 to $18,126,224. This is principally due to the funds generated from the exercise of warrants this year and the reduction of short term debt.
 With the signing of several major licensing agreements this quarter, Spectrum has enhanced its position as a leader in wireless data communications with its technology, patents, products and partnerships.
 John Sculley, Chairman and CEO stated, "This is a direct result of the successful implementation of the reorganization program by the new management team headed by Spectrum's president, Peter Caserta."
 The quarterly and six months results represent the combined revenues and profits of Spectrum and its operating subsidiaries. Complete financial information for the quarter will be forthcoming in the Company's Quarterly Report on Form 1O-Q, which will be filed on Nov. 12, 1993 and thereafter will be available upon request by calling Werner Pleus at 516-627-8992, ext. 112.
 Spectrum Information Technologies, Inc., a pioneer in cellular data communications, developed the first commercially successful cellular modem, and holds a portfolio of basic patents in the field of cellular modem technology. Spectrum currently licenses its patented technology to market leaders in the rapidly expanding cellular data market, such as Rockwell International, AT&T (including McCaw Cellular Communications, NCR, EO, AT&T Paradyne, AT&T Microelectronics and AT&T Consumer Products), U.S. Robotics, Megahertz and Apex Data. Spectrum Information Technologies, Inc. is headquartered in Manhasset, with facilities nationwide.
 -0- 11/12/93
 /CONTACT: Dae H. Chang, public relations, 516-627-8992, ext. 136, or A. Werner Pleus, investor relations, 516-627-8992, ext. 112, both of Spectrum Information Technologies/
 (SPCL)


CO: Spectrum Information Technologies, Inc. ST: New York IN: TLS SU: ERN

MP -- NY028 -- 3573 11/12/93 10:01 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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