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THE FUTURE NOW, INC. ANNOUNCES FIRST QUARTER 1992 RESULTS

 THE FUTURE NOW, INC. ANNOUNCES FIRST QUARTER 1992 RESULTS
 CINCINNATI, April 30 /PRNewswire/ -- The Future Now, Inc. (NASDAQ: FNOW), the Cincinnati-based computer reseller, today announced net income for the 1992 first quarter of $990,000, nearly double the net income(A) of $502,000 reported for the 1991 first quarter. Earnings per share increased to $.27 in the 1992 first quarter as compared with $.22 in the first quarter of 1991. Revenue for the 1992 first quarter increased to $50,928,000, an increase of 83 percent over the $27,836,000 reported for the quarter ended March 31, 1991. At March 31, 1992, the company had total assets of approximately $62,000,000 and shareholders' equity of $21,736,000.
 The company's growth has been generated from both internal and external sources. Since its initial public offering of common shares in June 1991, The Future Now has acquired computer reselling operations in Little Rock, Ark., Moline, Ill., Davenport, Iowa; Louisville and Lexington, Ky.; Cleveland; Memphis, Tenn. and Milwaukee. In addition, the company recently announced that it had reached an agreement in principle for the acquisition of nine computer reselling operations currently owned by Intelligent Electronics, Inc. The operations to be acquired are located in or near Boston, Dallas, Los Angeles, Nashville, Tenn., New York, Pittsburgh, San Francisco, St. Louis and the District of Columbia and had combined revenue of $164,000,000 for the year ended Oct. 31, 1991. Completion of the transaction, which is subject to regulatory approval and approval of the shareholders of The Future Now, would make the company one of the 10 largest computer resellers in the United States, based on projected sales volume. The acquisition is now expected to be completed by July 1992.
 President and chief executive officer Terry L. Theye commented, "We are extremely pleased with our quarterly results and continue to be optimistic about the prospects for further growth, both internal and external. We continue to see opportunities emerging as a result of the continuing consolidation in the industry, and are confident that The Future Now is well positioned, from both financial and management standpoints, to take advantage of this continuing consolidation."
 The Future Now sells, installs and services microcomputers, microcomputer software products and turn-key microcomputer systems for business, professional, educational and governmental customers. With approximately 550 employees, the company has sales offices located in Cincinnati, Columbus and Dayton, Ohio; Ft. Wayne and Indianapolis, in addition to the locations identified above.
 (A) Prior to the public offering on June 28, 1991, the company qualified as an S Corporation. As such, the company's shareholders were personally liable for their proportionate share of the company's taxable income and the company accrued and paid no income taxes. Accordingly, the "net income" and "net income per share" amounts for the 1991 first quarter are net of pro forma charges for income taxes.
 THE FUTURE NOW, INC.
 Three Months Ended March 31
 (in thousands, except share and per share data)
 1992 1991
 Revenues $ 50,928 $27,836
 Cost of Sales 41,097 23,079
 Gross Profit 9,831 4,757
 Operating Expenses 7,954 3,639
 Income From Operations 1,877 1,118
 Interest Expense 254 292
 Income before Income Taxes 1,623 826
 Income Taxes (B) 633 324
 Net Income $ 990 $ 502
 Weighted Average Shares
 Outstanding 3,682,923 2,313,611
 Earnings Per Share $ .27 $ .22
 (B) -- For 1991, income taxes represent a pro forma charge for income taxes as the company was an S Corporation until its initial public offering in June 1991.
 -0- 4/30/92
 /CONTACT: David L. Durham of The Future Now, Inc., 513-771-7110/
 (FNOW) CO: The Future Now, Inc. ST: Ohio IN: CPR SU: ERN


KK -- CL004 -- 4808 04/30/92 10:03 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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