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U.S. ROBOTICS SALES INCREASE 69 PERCENT FOR THIRD QUARTER SALES UP 47 PERCENT FOR NINE MONTHS

 SKOKIE, Ill., July 27 /PRNewswire/ -- U.S. Robotics, Inc. (NASDAQ: USRX) today announced record sales and earnings for the third quarter ended July 2, 1993.
 Revenues for the quarter were $48.2 million, an increase of 69 percent over the $28.5 million for the same quarter of the previous year. Net earnings for the third quarter of fiscal 1993 increased 58 percent to $4.5 million from $2.8 million for the same quarter of fiscal 1992. Earnings per share for the quarter were $.36 on 12,407,000 weighted average shares outstanding compared to $.26 per share on 10,945,000 shares for the same quarter of the prior year. The weighted average shares outstanding increased primarily as a result of the sale of 1,000,000 shares in a follow-on offering completed in January 1993.
 Revenues for the nine months were $119.8 million, up from $81.4 million, a 47 percent increase over the first nine months of fiscal 1992. Net income climbed 47 percent to $11.5 million from $7.8 million in the prior year period. Earnings per share, $.98, were calculated using 11,798,000 weighted average shares outstanding compared to $ .72 on 10,850,000 shares in the same period one year ago.
 Commenting on third quarter results, Casey Cowell, U.S. Robotics chairman, president and CEO, said, "I am very pleased to report our seventh consecutive quarter of record financial performance since becoming a public company in October 1991. We had very strong revenue growth in high-speed modem products, particularly in the Sportster product line. Another factor that contributed to this quarter's success was the initial shipment of our newest products in the WAN/Hub product line.
 U.S. Robotics, Inc., is a leading designer, manufacturer and marketer of data communications systems and products. Both corporate headquarters and manufacturing operations are based in Skokie. U.S. Robotics owns and operates U.S. Robotics Ltd. in Slough, England, U.S. Robotics, s.a. in Lille, France, and P.N.B., s.a. based in Suresnes, France. The company markets its products to business, industry, government agencies and original equipment manufacturers.
 U.S. ROBOTICS, INC.
 Consolidated Income Statement
 (In Thousands, Except Per Share Data)
 Quarter ended Quarter ended
 7/2/93 Percent 7/3/92 Percent
 Net sales $48,233 100.0 $28,515 100.0
 Cost of goods sold 25,292 52.4 13,957 48.9
 Gross profit 22,941 47.6 14,558 51.1
 Operating expenses
 Selling and marketing 9,228 19.1 5,152 18.1
 General and
 administrative 2,959 6.1 2,641 9.3
 Research and development 3,868 8.0 2,440 8.6
 Total 16,055 33.3 10,233 35.9
 Operating profit 6,886 14.3 4,325 15.2
 Interest (income)
 expense, net -284 -0.6 -237 -0.8
 Other expense 39 0.1 188 0.7
 Earnings before
 income taxes 7,131 14.8 4,374 15.3
 Income tax expense 2,639 5.5 1,532 5.4
 Net earnings $4,492 9.3 $2,842 10.0
 Earnings per share $ 0.36 -- $ 0.26 --
 Shares used in per share
 calculation 12,407 -- 10,945 --
 Nine months Nine months
 7/2/93 Percent 7/3/92 Percent
 Net sales $119,779 100.0 81,370 100.0
 Cost of goods sold 61,338 51.2 38,579 47.4
 Gross profit 58,441 48.8 42,791 52.6
 Operating expenses
 Selling and marketing 23,159 19.3 15,685 19.3
 General and administrative 7,495 6.3 7,469 9.2
 Research and development 9,979 8.3 6,927 8.5
 Total 40,633 33.9 30,081 37.0
 Operating profit 17,808 14.9 12,710 15.6
 Interest (income)
 expense, net -621 -0.5 -390 -0.5
 Other expense 303 0.3 407 0.5
 Earnings before
 income taxes 18,126 15.1 12,693 15.6
 Income tax expense 6,623 5.5 4,861 6.0
 Net earnings $11,503 9.6 $7,832 9.6
 Earnings per share $ 0.98 -- $ 0.72 --
 Shares used in per share
 calculation 11,798 -- 10,850 --
 U.S. ROBOTICS, INC.
 Condensed Consolidated Balance Sheets
 7/2/93 10/2/92
 Cash and cash equivalents $11,660 $10,046
 Short term investments 15,171 13,484
 Accounts receivable 32,091 18,005
 Other receivables 1,112 319
 Inventory 36,429 15,727
 Deferred income taxes 1,222 1,035
 Prepaid expenses 1,338 892
 Total current assets 99,023 59,508
 Property, plant & equipment 33,038 18,823
 Accumulated depreciation 8,784 6,566
 Total 24,254 12,257
 Other assets 9,655 3,023
 Total assets $132,932 $74,788
 Bank borrowings $2,402 $0
 Current maturities 260 531
 Accounts payable 22,087 5,326
 Accrued liabilities 6,050 5,133
 Accrued income taxes 3,272 3,518
 Total current liabilities 34,071 14,508
 Long term obligations 339 536
 Deferred income taxes 92 127
 Common stock 112 95
 Additional contributed capital 60,796 33,142
 Retained earnings 38,003 26,500
 Total 98,911 59,737
 Other -481 -120
 Total 98,430 59,617
 Total liabilities and stockholders
 equity $132,932 $74,788
 -0- 7/27/93
 /CONTACT: Ross W. Manire of U.S. Robotics, Inc., 708-933-5116/
 (USRX)


CO: U.S. Robotics, Inc. ST: Illinois IN: CPR SU: ERN

SM -- NY088 -- 6419 07/27/93 16:34 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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