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ANAREN MICROWAVE REPORTS EARNINGS

 SYRACUSE, N.Y., Nov. 5 /PRNewswire/ -- Anaren Microwave, Inc. (NASDAQ: ANEN) has announced results of operations for the 13 weeks ended Sept. 25, 1993, the first quarter of its 53-week fiscal year ending July 2, 1994.
 Net sales for the 13-week period ended Sept. 25, 1993, were $5,046,744, down $2,552,105 from net sales of $7,598,849 for the first quarter of fiscal 1993. Net income before the cumulative effect of changes in accounting principles was a profit of $13,382, while the cumulative effect of the change in accounting for postretirement benefits other than pensions was to reduce net income by $994,727, resulting in a net loss for the quarter ended Sept. 25, 1993, of ($981,345) or ($.22) per share compared to a profit of $148,101, or $.03 per share reported for the comparable period of the prior year.
 Effective June 27, 1993, the company adopted Statements of Financial Accounting Standards No. 106 -- Employers Accounting for Postretirement Benefits Other Than Pensions (FAS No. 106) and No. 109 Accounting for Income Taxes (FAS No. 109). In adopting FAS No. 106, the company elected to immediately recognize the prior service cost transition obligation for its postretirement health insurance plan. The cumulative effect of adopting FAS No. 106 was to decrease earnings by $994,727, while the effect of adopting FAS No. 109 was immaterial to the results of operation.
 13 Weeks Ended 13 Weeks Ended
 Sept. 25, 1993 Sept. 26, 1992
 Net Sales $5,046,744 $7,598,849
 Income before cumulative effects of
 changes in accounting principles 13,382 148,101
 Cumulative effect at June 27, 1993,
 of change in accounting for
 postretirement benefits other than
 pensions, net of income tax benefit
 of $0 (994,727) ---
 Net income (loss) $ (981,345) $ 148,101
 Earnings (loss) per share
 Earnings (loss) before cumulative
 effect of change in accounting
 principles $ --- $ .03
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions (.22) ---
 Earnings (loss) per share $ (.22) $ .03
 Anaren, located in Syracuse, N.Y., designs and manufactures microwave components, assemblies and receiver subsystems for commercial and tactical defense use in electronics applications for telecommunications satellites, ships, aircraft and land vehicles. It is traded on the NASDAQ Over-the-Counter National Market under the symbol ANEN.
 -0- 11/5/93
 /CONTACT: Carl W. Gerst Jr. or Joseph E. Porcello of Anaren Microwave, 315-432-899?, or Richard J. Toth of Sage Marcom, 315-478-6612, for Anaren Microwave/
 (ANEN)


CO: Anaren Microwave, Inc. ST: New York IN: ARO SU: ERN

AR-BU -- CL001 -- 1144 11/05/93 10:03 EST
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Publication:PR Newswire
Date:Nov 5, 1993
Words:428
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