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TELLABS REPORTS RECORD FIRST QUARTER SALES

 TELLABS REPORTS RECORD FIRST QUARTER SALES
 LISLE, Ill., April 14 /PRNewswire/ -- Telecommunications equipment


manufacturer Tellabs, Inc. (NASDAQ: TLAB) announced today record sales and higher earnings for the first quarter of 1992.
 Sales for the first quarter ended March 27 were $56,461,000, up 23.7 percent over sales of $45,634,000 for the similar period in 1991.
 Net income for the first quarter was $3,440,000, compared to a net loss of $968,000 a year earlier. Primary and fully diluted earnings per share of common stock were 24 cents, compared to a loss of 7 cents per share for the first quarter of 1991. During the quarter, the company realized a capital gain of approximately $1 million as the result of the sale of an equity investment.
 "Sales during the first quarter were a little above expectations, resulting in greater earnings-per-share performance than we had planned for the quarter," said Tellabs President Michael J. Birck. "Despite the sales improvement, we have not revised our sales and earnings projections for the year.
 "Significant revenue was generated by our SONET-based TITAN (see footnote) 5500 digital cross-connect system. Sales of our CROSSNET (footnote) digital multiplexer also exceeded last year's level," Birck said. "These technologies, which constitute a large part of what it takes to implement intelligent networks, are the focus of our evolving strategic direction."
 During the first quarter, Tellabs completed development of a new software release for its TITAN 5500 digital cross-connect system. This latest release, referred to as FP1.2, provides additional enhancements to the system. Also during the quarter, Tellabs released for controlled introduction its TITAN 532E digital cross-connect system, a 512-port cross-connect product for applications outside North America. In addition, Tellabs released a new high-performance processor platform for its current 256-port TITAN 532 digital cross-connect system.
 Tellabs designs, manufactures, markets and services voice and data communications equipment. The company's products are used internationally by telephone companies, interexchange carriers, governments and businesses.
 FOOTNOTE: TITAN and CROSSNET are registered trademarks of Tellabs, Inc.
 TELLABS, INC.
 RESULTS OF OPERATIONS
 (Dollars in thousands, except per-share data)
 THREE MONTHS ENDED 3/27/92 3/29/91
 Sales $56,461 $45,634
 Cost of goods sold 28,900 25,046
 Gross profit 27,561 20,588
 Operating expense
 Mktg. & G.A. 15,400 13,665
 Research and Dev. 9,561 8,634
 Total operating expense 24,961 22,299
 Operating profit (loss) 2,600 (1,711)
 Interest/other-net 1,496 367
 Profit (loss) before tax 4,096 (1,344)
 Taxes (benefit) 656 (376)
 NET PROFIT (LOSS) $3,440 $ (968)
 Primary and fully diluted
 earnings (loss) per share (A) $.24 $(.07)
 (A) The per-share calculations are based on the average number of shares of common stock and common stock equivalents outstanding during the respective periods. At March 27, 1992 and March 29, 1991 these averages were 14,082,000 and 12,932,000, respectively.
 TELLABS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEET
 (Dollars in thousands)
 1992 1991
 First Quarter Year End
 ASSETS
 Current assets
 Cash and investments $52,223 $44,253
 Accounts receivable,
 less allowance 39,655 46,035
 Inventories 33,528 32,067
 Other current assets 6,069 5,258
 TOTAL CURRENT ASSETS 131,475 127,613
 Property, plant and equipment 91,948 90,245
 Less accumulated depreciation (45,209) (43,417)
 46,739 46,828
 Other assets 10,092 11,523
 TOTAL ASSETS $188,306 $185,964
 LIABILITIES
 Current liabilities
 Current maturities of
 long-term debt $ 732 695
 Accounts payable 12,092 13,612
 Accrued group insurance 1,970 2,923
 Accrued liabilities 12,679 13,066
 Income taxes -- 1,292
 TOTAL CURRENT LIABILITIES 27,473 31,588
 Long-term debt, less current
 maturities 3,925 3,992
 Deferred income taxes 5,443 5,341
 TOTAL LIABILITIES 36,841 40,921
 SHAREHOLDERS' EQUITY
 Common stock, without par value 69 67
 Additional paid-in capital 31,956 28,263
 Cumulative translation adjustment 16 729
 Retained earnings 119,424 115,984
 TOTAL SHAREHOLDERS' EQUITY 151,465 145,043
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $188,306 $185,964
 -0- 4/14/92
 /CONTACT: Peter Guglielmi of Tellabs, 708-512-8111/
 (TLAB) CO: Tellabs, Inc. ST: Illinois IN: TLS SU: ERN


PS -- NY093 -- 8425 04/14/92 18:57 EDT
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