4th Quarter Wireless Orders Exceed $2.5 Million; Fiscal Year 2000 Revenues Will Exceed $70 Million; Board of Directors to Meet and Position Herley for Future Growth.Business Editors LANCASTER, Pa.--(BUSINESS WIRE)--Aug. 8, 2000 Herley Industries Herley Industries, based in Lancaster, Pennsylvania, is an American company that specializes in supplying microwave and millimeter wave products to defense and aerospace industries. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HRLY HRLY Hourly HRLY Herley Industries, Inc. (stock symbol) ), today announced it's commercial wireless subsidiary, Herley Wireless Technologies, Inc., booked orders of more than $2.5 million during the 4th Quarter. Additionally, the Company stated that preliminary financial results indicate revenues will exceed $70 million for the fiscal year ended July 30, 2000, in line with analysts' estimates and a record for the Company. Herley experienced strong bookings across all market segments and will begin fiscal year 2001 with funded backlog greater than the comparable period last year. Herley continues to experience increased bidding and order activity. Commenting on the progress of Herley Wireless, Dr. Rozalie Schachter, Director of Herley Wireless stated, "The successful execution of our wireless business strategy continues to produce excellent results. Quarterly bookings exceeded $2.5 million, a significant increase from the fourth quarter a year ago." Schachter continued, "Orders in each of our commercial markets are increasing. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about how the market will respond to our Interference Cancellation System (ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. ). Field tests are being performed by domestic and international companies and should be completed before the end of this calendar year." "We are well positioned to maintain our strong growth pattern and momentum in our commercial wireless businesses. Herley Wireless is in the right markets and we believe our technology will continue to be accepted by our customers. We are pleased that we have been able to achieve and maintain good margins while we make important long-term investments in plant, equipment and personnel," said Schachter. The Board of Directors of Herley will meet in early September to approve the implementation of the following: - A new organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. that will strengthen the Company - Position Herley to be a global leader in microwave technology - Direct Herley's resources to reach a near-term goal of $100 million in revenues Herley Wireless Technologies, Inc. is a subsidiary of Herley Industries, Inc. Herley Wireless supplies complex microwave components and products to the commercial wireless industry. Herley Industries, Inc. is a microwave technology company, providing sophisticated components and systems for the defense/aerospace, satellite launch and commercial markets worldwide. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement - Except for the historical information contained herein, this release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are inherently subject to risks and uncertainties. The Company's results could differ materially based on various factors, including, but not limited to cancellation or deferral deferral - Waiting for quiet on the Ethernet. of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. |
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