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ZYCAD ANNOUNCES SECOND QUARTER PROFIT FOR THE PERIOD ENDED JUNE 30, 1992

 ZYCAD ANNOUNCES SECOND QUARTER PROFIT
 FOR THE PERIOD ENDED JUNE 30, 1992
 MENLO PARK, Calif., July 23 /PRNewswire/ -- Zycad Corp.(R) (NASDAQ: ZCAD) today reported net income of $683,000, or $.04 per share, on revenues of $12,590,000 for the second quarter ended June 30, 1992. For the comparable period ended June 30, 1991, the company reported net income of $620,000, or $.04 per share, on revenues of $9,437,000.
 For the six month period ended June 30, 1992, the net income was $1,795,000, or $.10 per share, on revenues of $23,197,000 compared to net income of $1,141,000, or $.07 per share, on revenues of $17,799,000 for the six month period ended June 30, 1991. The net income for the six month period ended June 30, 1992, included $633,000, or $.03 per share related to the gain on the disposition of 146,591 shares of Synopsys Inc. common stock.
 Phillips W. Smith, president and chief executive officer of Zycad stated, "Although we are pleased to report our eighth successive quarter of operating profit, the profit was about $200,000 lower than targeted. This shortfall is due to higher than planned non-recurring engineering costs related to ASIC tooling for our new ViP product, which was announced at the June Design Automation Conference." Smith added that, "Revenues were within the range anticipated and other costs were 'in-line' with our expectations."
 In reviewing the targeted growth for the second half of 1992, Smith further commented that, "The general economic issues that have impacted others in our industry are now beginning to affect Zycad, either directly or indirectly. Accordingly, we now believe that our 1992 revenue growth over 1991 will be approximately 25 percent.
 "The fundamentals of our business are stronger than ever," Smith continued, "we have just received the long anticipated initial F-22 contract from Lockheed, which is the subject of a separate press release today; our contract service business is growing in both the commercial and government sectors; the 'customer pipeline' for our hardware business continues to grow, although it is taking longer to close orders; our relationships with other dominant CAE industry partners continues to strengthen; and we recently announced an exciting new VHDL accelerator for delivery in early 1993. Translating these activities into revenue and profits will happen in the second half of 1992, but not at the accelerated pace originally expected."
 Zycad Corp., located in Menlo Park, is the leader in the design, development and marketing of logic and fault simulation acceleration products used for the design of single and multi-ASIC to complete electronic systems. In addition, Protocol(TM), the Services Division of Zycad, located in Mount Olive, N.J., provides system engineering services to the federal government and commercial companies. Zycad has offices worldwide and is traded on the OTC under the symbol ZCAD.
 ZYCAD CORP.
 Condensed Consolidated Balance Sheets
 (in thousands)
 June 30, 1992 Dec. 31, 1991
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $14,138 $14,815
 Short-term investments 321 640
 Accounts receivable, net 13,342 12,228
 Inventories 858 895
 Other current assets 1,191 683
 Total current assets 29,850 29,261
 Property and equipment, net 5,352 4,885
 Other assets 2,271 1,774
 Total assets $37,473 $35,920
 LIABILITIES AND STOCKHOLDERS'
 EQUITY
 Current liabilities:
 Current portion of debt
 obligations $ 831 $ 833
 Accounts payable 2,084 1,454
 Accrued expenses 4,296 4,993
 Income tax payable -- 144
 Deferred revenues 2,206 2,135
 Total current liabilities 9,417 9,559
 Other long-term liabilities 586 1,095
 Total liabilities 10,003 10,654
 Stockholders' equity:
 Common stock, par value $.10 1,612 1,564
 Additional paid-in capital 42,032 41,671
 Accumulated deficit (16,219) (18,014)
 Accumulated translation
 adjustments 45 45
 Total stockholders'
 equity 27,470 25,266
 Total liabilities and
 stockholders' equity $37,473 $35,920
 ZYCAD CORP.
 Condensed Consolidated Statements of Operations
 (in thousands, except for per-share data)
 (unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Product $ 9,140 $ 6,262 $16,446 $10,670
 Service 3,450 3,175 6,751 7,129
 Total revenues 12,590 9,437 23,197 17,799
 Cost of revenues:
 Product 1,852 1,396 3,246 2,559
 Service 2,064 1,706 3,738 3,441
 Total cost of
 revenues 3,916 3,102 6,984 6,000
 Gross profit 8,674 6,335 16,213 11,799
 Operating expenses:
 Sales and marketing 5,459 4,052 10,226 7,513
 Research and development 2,151 1,199 3,904 2,286
 General and
 administrative 610 650 1,239 1,264
 Total operating
 expenses 8,220 5,901 15,369 11,063
 Operating income 454 434 844 736
 Other income, net 229 186 951 405
 Net income $ 683 $ 620 $ 1,795 $ 1,141
 Net income per share $ .04 $ .04 $ .10 $ .07
 Average common and common
 equivalent shares 18,632 17,438 18,552 17,053
 -0- 7/23/92
 NOTE: Zycad Corp. is a registered trademark of Zycad Corp.
 /CONTACT: Pamela Mayer Bernal of Zycad, 415-688-7400/
 (ZCAD) CO: Zycad Corp. ST: California IN: CPR SU: ERN


DG-MM -- SJ011 -- 2857 07/23/92 19:42 EDT
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Date:Jul 23, 1992
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