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XIRCOM CONTINUES EARNINGS INCREASES WITH 206 PERCENT GAIN IN QUARTER

XIRCOM CONTINUES EARNINGS INCREASES WITH 206 PERCENT GAIN IN QUARTER
 CALABASAS, Calif., April 23 /PRNewswire/ -- Xircom Inc. (NASDAQ: XIRC), today reported that net income for the second quarter of fiscal 1992, ended March 31, increased 206 percent to $1,345,000, equal to $0.10 per share, compared with $440,000, or $0.03 per share, in the second quarter of the previous fiscal year. Net sales for the same period increased 133 percent to $14,204,000 from $6,089,000.
 Net income for the first six months of fiscal 1992 increased 198 percent, to $2,674,000 from $897,000, with net income per share of $0.20 vs. $0.07. Net sales for the six-month period increased 158 percent, to $27,467,000 vs. $10,649,000.
 On March 31, Xircom completed an initial public offering of 3,500,000 shares of common stock at a price of $14 per share. An additional 525,000 shares were sold subsequent to March 31 as a result of the exercise of the underwriters' over-allotment option. The offering was managed by Morgan Stanley & Co. Inc. and Hambrecht & Quist Inc. The company sold 2,875,000 shares in the offering, for which it received net proceeds of approximately $37,000,000 on April 7. The company said approximately $6,000,000 of the proceeds was used to repay outstanding obligations. The balance was invested in short-term money market instruments and will be used for working capital and general corporate purposes.
 Xircom manufactures easy-to-use networking and connectivity products that extend networks to computer users who previously could not readily connect to local area networks. The company is a supplier of external LAN adapters, which enable a portable computer user to connect easily and effectively to a LAN. The company pioneered the use of the universal personal computer parallel port to connect PCs to a LAN, and has sold over 200,000 external LAN adapters to date. Xircom's external LAN adapters also offer a convenient desktop PC connectivity solution, allowing a user to connect to a LAN without having to open the computer to install and configure network adapter cards.
 XIRCOM INC.
 Condensed Consolidated Income Statements
 (Unaudited)
 (In thousands, except per share information)
 Three Months Ended Six Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Sales $14,204 $6,089 $27,467 $10,649
 Cost of goods
 sold 6,453 2,716 12,803 5,027
 Gross profit 7,751 3,373 14,664 5,622
 Operating expenses:
 Research and
 development 940 422 1,647 561
 Sales and
 marketing 3,718 1,570 6,943 2,451
 General and
 administrative 758 678 1,458 1,140
 Total operating
 expenses 5,416 2,670 10,048 4,152
 Operating profit 2,335 703 4,616 1,470
 Other income
 (expense), net (130) 32 (195) 30
 Income before taxes
 based on income 2,205 735 4,421 1,500
 Provision for taxes
 based on income 860 295 1,747 603
 Net income $1,345 $ 13,563 13,083
 Net income per
 share $.10 $.03 $.20 $.07
 XIRCOM INC.
 Condensed Consolidated Balance Sheets
 (In thousands)
 March 31, 1992
 (Unaudited) Sept. 30, 1991
 Current assets:
 Cash $117 $---
 Accounts receivable 7,762 5,692
 Inventories 10,706 5,577
 Other current assets 1,159 756
 Total current assets 19,744 12,025
 Equipment and improvements,
 net 2,597 1,450
 Other assets 464 272
 Total assets $22,805 $13,747
 Current liabilities:
 Notes payable to bank $4,300 $2,200
 Accounts payable 3,955 2,812
 Accrued liabilities 1,869 919
 Current portion of long-term
 obligations 369 278
 Accrued income taxes 2,037 681
 Total current liabilities 12,530 6,890
 Long-term obligations 1,318 678
 Stockholders' equity:
 Convertible preferred
 stock-series A 26 26
 Convertible preferred
 stock-series B 2,497 2,497
 Paid-in capital, net of
 unearned stock compensation 165 61
 Retained earnings 6,269 3,595
 Total stockholders' equity 8,957 6,179
 Total liabilities and
 stockholders' equity $22,805 $13,747
 -0- 4/23/92
 /NOTE: The balance sheet at March 31, 1992 does not reflect the sale by the company of 2,875,000 shares of common stock in its initial public offering from which net proceeds of approximately $37,000,000 were received by the company on April 7, 1992./
 /CONTACT: JoAnne F. Martz, director, investor relations of Xircom, 818-878-6220/ CO: Xircom Inc. ST: California IN: SU: ERN


AL -- LA036 -- 2103 04/23/92 16:20 EDT
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