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THREE-FIVE SYSTEMS INC. REPORTS THIRD QUARTER SALES AND EARNINGS

THREE-FIVE SYSTEMS INC. REPORTS THIRD QUARTER SALES AND EARNINGS
 PHOENIX, Oct. 26 /PRNewswire/ -- Three-Five Systems Inc. (AMEX: TFS.EC) today reported earnings of $203,746 or $.06 per share on sales of $5,016,634 for the three months ended Sept. 30, 1992. This compared to sales of $3,873,924 and a net loss of $320,335 or $.14 per share in the third quarter of 1991.
 For the first nine months earnings improved significantly to $621,055 or $.17 per share on revenues of $14,405,529. This compared to earnings of $80,092 or $.02 per share on revenues of $13,653,280 in last year's comparable period.
 The gross margin increased from 22.2 percent for the third quarter 1991 to 32.7 percent for the third quarter 1992. This margin improvement was the result of several factors, including adjustments to material burden and overhead rates used in calculating the value of inventory. The net impact of these adjustments was a reduction in the cost of goods sold by $340,107. These new rates more closely mirror the rates actually incurred.
 "The primary reason for the strong third quarter revenues was increased product shipments to our telecommunication and office automation manufacturing customers," said David R. Buchanan, Three- Five's chief executive officer. "These two sectors have been generally recognized as high-growth markets of the nineties, and we can certainly attest to that. The current demand for these products is strong, and based on current circumstances, we expect it to continue through next year."
 During the third quarter, Three-Five also repurchased and retired preferred B shares held by National Semiconductor. Further, all shareholders of preferred A and C stock have converted to common stock. Under the conversion the company retired the preferred stock and issued 776,129 shares of common stock. The company now has only common shares in its capital structure which amounts to 3,005,558 shares.
 Three-Five Systems Inc. designs and manufactures custom LCD (liquid crystal display)- and LED (light emitting diode)-based display systems for international manufacturers of cellular telephones, communications systems, office automation equipment and medical devices. The company also markets a full line of discrete optoelectronic components. Worldwide headquarters are located in Phoenix with European headquarters in Swindon, England. Manufacturing facilities include Manila, the Philippines, and the newly opened technology center in Phoenix. The technology center houses an LCD laboratory, clean room and assembly area for the production of prototypes and low quantity manufacturing.
 THREE-FIVE SYSTEMS INC.
 Financial Highlights
 For the Three Months For the Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1992 1991 1992 1991
 Net sales $5,016,634 $3,873,924 $14,405,529 $13,653,280
 Net income (loss) $203,746 ($320,335) $621,055 $80,092
 Net income per share $.06 ($.14) $.17 $.02
 Weighted average
 common shares and
 common share
 equivalents 3,401,146 2,232,183 3,679,380 3,883,108
 -0- 10/26/92
 /CONTACT: David R. Buchanan, CEO, or Peg Breen, of Three-Five Systems, 602-496-0035/
 (TFS) CO: Three-Five Systems Inc. ST: Arizona IN: CPR SU: ERN


LS-JL -- LA019 -- 4634 10/26/92 09:58 EST
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Date:Oct 26, 1992
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