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TELLABS REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS

 LISLE, Ill., Oct. 13 /PRNewswire/ -- Telecommunications equipment manufacturer Tellabs, Inc. announced Wednesday record sales and earnings for the third quarter and the first nine months of 1993.
 Sales for the third quarter, ended Oct. 1, were $77,054,000, up 31.1 percent over the previous third-quarter record of $58,756,000 set in 1992. Sales for the first nine months of the year were $213,276,000, up 24.7 percent compared to sales of $170,972,000 a year earlier.
 Net income for the third quarter was a a record $6,374,000, a 274.5 percent increase over net income of $1,702,000 a year earlier. For the first nine months, net income was $16,812,000, up 136.3 percent from $7,114,000 a year earlier.
 Primary and fully diluted earnings per share of common stock for the third quarter of 1993 were 43 cents, compared to 12 cents a year earlier. For the first nine months of 1993, primary and fully diluted earnings per share of common stock were $1.15, compared to 51 cents a year earlier.
 "Strong demand for the SONET-based TITAN(R) 5500 digital cross- connect system and our echo canceller and transcoder products fueled sales growth during the quarter and the first nine months of the year," said Tellabs President Michael J. Birck. "Record-level gross margins also contributed to increased profitability."
 As previously announced, Tellabs acquired Martis Oy, a privately held networking equipment provider based in Helsinki, Finland, on Oct. 7. The acquisition significantly enhances Tellabs' portfolio of international networking products positioned for wireless cellular, personal communication network and conventional digital network applications.
 Tellabs designs, manufactures, markets and services voice and data communication equipment. The company's products are used internationally by telephone companies, interexchange carriers, governements and businesses. Tellabs stock is traded in the United States over-the-counter (NASDAQ) under the symbol TLAB.
 TITAN is a registered trademark of Tellabs Operations, Inc.
 TELLABS, INC.
 RESULTS OF OPERATIONS
 (Dollars in thousands, except per share data)
 Three Months Ended Nine Months Ended
 10-01-93 9-25-92 10-01-93 9-25-92
 Sales $77,054 $58,756 $213,276 $170,972
 Cost of Goods Sold 36,973 30,192 105,324 88,045
 Gross Profit 40,081 28,564 107,952 82,927
 Operating Exp.
 Mktg. & G.A. 20,213 16,157 57,341 46,838
 Research & Dev. 12,748 10,719 35,817 30,221
 Total Oper. Exp. 32,961 26,876 93,158 77,059
 Oper. Profit 7,120 1,688 14,794 5,868
 Interest/Other-Net 370 246 3,199 2,216
 Profit Before Tax and
 cumulative effect of
 change in accodunting
 principle 7,490 1,934 17,993 8,084
 Taxes 1,116 232 2,681 970
 Net Profit before
 cumulative effect of
 change in accounting
 principle $ 6,374 $ 1,702 $ 15,312 $ 7,114
 Cumulative effect on
 Prior years of changing
 to a different method of
 accounting for
 income taxes --- --- 1,500 ---
 NET PROFIT $ 6,374 $ 1,702 $ 16,812 $ 7,114
 Primary and fully
 diluted earnings per
 share (a):
 Profit before cumula-
 tive effect of change
 in accounting principle $.43 $.12 $1.05 $.51
 Cumulative effect on
 prior years of changing
 to a different method of
 accounting for income taxes -- -- .10 --
 NET PROFIT $.43 $.12 $1.15 $.51
 (a) The per-share calculations are based on the average number of shares of common stock outstanding during the respective periods plus any dilutive effects of common stock equivalents. For the quarters ended Oct. 1, 1993, and Sept. 25, 1992, these numbers were 14,915,000 and 13,752,000, respectively. For the first nine months of 1993 and 1992, these numbers were 14,659,000 and 14,000,000, respectively.
 TELLABS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEET
 (Dollars in thousands)
 1993 1993 1992
 ASSETS 3rd Qtr 2nd Qtr Year End
 Current Assets
 Cash & Investments $43,354 $47,609 $49,351
 Accounts Receivable,
 less Allowance 52,965 45,591 53,440
 Inventories 43,604 39,371 36,212
 Other Current Assets 4,736 4,907 5,410
 Total Current Assets 144,659 137,478 144,413
 Property, Plant and Equipment 128,723 120,427 107,832
 Less Accumulated Depreciation(56,702) (54,799) (51,173)
 Total 72,021 65,628 56,659
 Other assets 14,595 13,779 9,676
 Total Assets $231,275 $216,885 $210,748
 LIABILITIES
 Current Liabilities
 Current Maturities of
 Long-Term Debt $ 432 $307 $356
 Accounts Payable 14,771 13,274 17,353
 Accrued Liabilities 18,174 14,373 14,978
 Income Taxes 2,442 4,617 2,525
 Total Current Liabilites 35,819 32,571 35,212
 Long Term Debt, Less
 Current Maturities 2,850 2,850 2,850
 Other Long-Term Liabilities 2,767 2,879 2,539
 Deferred Income Taxes --- --- 3,003
 Total Liabilities 41,436 38,300 43,604
 SHAREHOLDERS' EQUITY
 Common Stock, $.01 Par Value 143 141 138
 Additional Paid-In Capital 42,946 37,683 34,373
 Cumulative Translation
 Adjustment (2,900) (2,515) (205)
 Retained Earnings 149,650 143,276 132,838
 Total Shareholders' Equity 189,839 178,585 167,144
 Total Liab. & Shareholders'
 Equity $231,275 $216,885 $210,748
 -0- 10/13/93
 /CONTACT: Peter Guglielmi of Tellabs, 708-378-6111/
 (TLAB)


CO: Tellabs, Inc. ST: Illinois IN: TLS SU: ERN

LG -- NY048 -- 1650 10/13/93 11:59 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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