C.P. Clare Announces First Quarter Results.

BEVERLY, Mass.--(BUSINESS WIRE)--July 24, 1997--C.P. Clare Corporation (NASDAQ:CPCL), a recognized world leader in the communications components marketplace, announced today that net sales for the first quarter of fiscal 1998 increased to $34.7 million compared with $32.7 million from the prior quarter. Earnings per share for the quarter increased to $0.17 compared with $0.16 for the prior quarter.

For the quarter ended June 29, 1997, net sales of $34.7 million compared with $34.0 million for the quarter ended June 30, 1996. The Company had net income of $1.7 million ($0.17 per share) compared with net income of $2.8 million ($0.29 per share) for the same period last year.

"Much has been accomplished during the last quarter to improve our ability to compete effectively, such as our increased investment in research and development activities and the continued progress our new semiconductor facility. We continue to focus on those priorities which will set the foundation for strong, steady growth and market leadership through increased production capacity, bold new products, and a highly talented and dedicated team," said Arthur R. Buckland, President and Chief Executive Officer.

C.P. Clare Corporation is a leading provider of semiconductor and electromagnetic relays, switches, surge protection and specialized electronic components to the world's foremost manufacturers of electronic communication equipment.

Except for historical information contained herein, the matters set forth in this news release are forward-looking statements as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved. -0-

C.P. CLARE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands)

                                  June 29, 1997        March 30, 1997
                                  -------------        --------------
                       ASSETS
Current assets:
 Cash, cash equivalents
  and investments                    $ 33,098             $ 37,430
 Accounts receivable, net              17,207               17,412
 Inventories                           21,272               20,116
 Other current assets                   4,516                3,832
   Total current assets                76,093               78,790
Property, plant and
 equipment, net                        30,506               28,976
Other assets                            3,609                3,404
   Total assets                      $110,208             $111,170

         LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities                  $ 24,630             $ 27,565
Long-term debt, net of
 current portion                          588                  550
Other long-term liabilities             1,847                1,789
   Total liabilities                   27,065               29,904
Stockholders' equity                   83,143               81,266
Total liabilities and
 stockholders equity                 $110,208             $111,170

-0-

C.P. CLARE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands)
                                           Three Months Ended
                                  -----------------------------------
                                  June 29, 1997         June 30, 1996
                                  -----------------------------------

Net sales                        $    34,667            $    34,038
Cost of sales                         23,510                 22,414
  Gross profit                        11,157                 11,624
Operating expenses:
   Selling, general and
    administrative                     6,745                  6,306
   Research and development            2,328                  1,339
  Operating income                     2,084                  3,979
Interest income                          362                    533
Interest expense                         (28)                  (119)
Other income (expense), net              205                   (102)
  Income before provision for
    income taxes                       2,623                  4,291
Provision for income taxes               971                  1,500
  Net income                     $     1,652            $     2,791

Net income per common and
  common share equivalent        $      0.17            $      0.29
Weighted average number
 of common shares
 and common share equivalents
 outstanding                       9,683,127              9,661,265

CONTACT: C.P. Clare Corporation

Robert M. Palladino

[phone]