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ASTRONICS CORPORATION REPORTS RECORD THIRD QUARTER EARNINGS SEPT. 26, 1992

 ASTRONICS CORPORATION REPORTS RECORD THIRD QUARTER EARNINGS
 SEPT. 26, 1992
 ORCHARD PARK, N.Y., Oct. 26 /PRNewswire/ -- Astronics Corporation (NASDAQ: ATRO) today reported results for its third quarter and for the nine months ending Sept. 26, 1992.
 FINANCIAL RESULTS
 The third quarter of fiscal 1992 was the most profitable third quarter in the corporation's history. The company's income before tax and net income increased sharply on sales of $5,683,000 compared to $5,764,000 a year earlier. Net income for the quarter was $250,000 vs. $191,000 for the comparable period of fiscal 1991, a 31 percent increase. Earnings per share for the period were $.06 vs. $.05 in the third quarter of fiscal 1991.
 For the nine months ending Sept. 26, 1992, the corporation reported sales of $16,824,000 and a net loss for the period of $158,000, or $.04 per share, compared to sales of $18,501,000 and net income of $682,000, or $.18 per share for the same period in fiscal 1991. Results for the nine months ending Sept. 26, 1992, include a special charge of $846,000 or $.21 per share, reflecting an adverse court decision on a patent suit involving an Astronics subsidiary. The special charge was reflected in the second quarter results. Without the special charge, the corporation would have reported a profit of $688,000, or $.17 per share, for the period.
 KEVIN T. KEANE'S COMMENTS
 Commenting on third quarter and nine months results, Kevin T. Keane, president and chief executive officer, said:
 "We are pleased with the third quarter results, which we believe are a clear indication that the corporation is solidly on track in its efforts to attain management's targeted profitability and return on shareholder's equity goals.
 "As was the case in the second quarter, Electronic Systems sales were soft while Customized Printing and Packaging segment's shipments increased. Incoming orders are increasing in both segments, with the Sept. 26, 1992 backlog up 17 percent to $7,600,000. The fourth quarter is historically the strongest of the year.
 "Astronics' balance sheet continues to improve. The current ratio is currently 3.8-to-1, working capital is $8,759,000 and long-term debt has been reduced by $674,000 during the past year. Budgeted capital expenditures are on target."
 Astronics Corporation is a diversified manufacturing company operating in two business segments; Customized Printing and Packaging and Electronics Systems. The company is headquartered in Orchard Park, N.Y., and has operations in Western New York and Eastern Massachusetts. Its common stock is traded on the NASDAQ National Market System under the symbol ATRO.
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE THREE MONTHS ENDING SEPTEMBER 26,
 1992 WITH COMPARATIVE FIGURES FOR 1991
 (In thousands except per share data)
 (Unaudited)
 Sept. 26, 1992 Sept. 28, 1991
 Net Sales $5,683 $5,764
 Income before taxes $388 $352
 Net income (loss) $250 $191
 Earnings per share $0.06 $0.05
 Weighted average shares outstanding 3,937 3,785
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE NINE MONTHS ENDED SEPTEMBER 26, 1992
 WITH COMPARATIVE FIGURES FOR 1991
 (In thousands except per share data)
 (Unaudited)
 Sept. 26, 1992 Sept. 28, 1991
 Net Sales $16,824 $18,501
 Income before taxes (A) ($182) $1,305
 Net income (loss) (A) ($158) $682
 Earnings (loss) per share ($0.04) $0.18
 Weighted average shares outstanding 3,937 3,785
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE TWELVE MONTHS ENDED SEPTEMBER 26, 1992
 WITH COMPARATIVE FIGURES FOR 1991
 (In thousands except per share data)
 (Unaudited)
 Sept. 26, 1992 Sept. 28, 1991
 Net Sales $23,863 $25,561
 Income before taxes $627 $1,847
 Net income $409 $904
 Earnings per share $0.11 $0.24
 Weighted average shares outstanding 3,937 3,785
 CONSOLIDATED BALANCE SHEET
 AS OF SEPTEMBER 26, 1992
 WITH COMPARATIVE FIGURES FOR
 DECEMBER 31, 1991 AND SEPTEMBER 28, 1991
 (in thousands)
 9/26/92 12/31/91 9/28/91
 ASSETS:
 Current assets $11,864 $12,402 $12,603
 Property, plant and equipment (net) 10,450 10,713 10,857
 Other assets 1,981 2,203 2,195
 Total $24,295 $25,318 $25,655
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $3,105 $3,312 $4,468
 Long-term indebtedness/capital leases 3,610 3,959 4,074
 Subordinated debt 8,852 9,177 9,253
 Deferred taxes 1,100 1,100 800
 Shareholders' equity 7,628 7,770 7,060
 Total $24,295 $25,318 $25,655
 (A) -- 1992 figures include a charge of $846,000, or $0.21 per share, reflecting an adverse court decision on a patent suit.
 -0- 10/26/92
 /CONTACT: John M. Yessa, vice president-finance of Astronics Corporation, 716-662-6640/
 (ATRO) CO: Astronics Corporation ST: New York IN: SU: ERN


KK -- CL005 -- 4637 10/26/92 10:02 EST
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