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COMPTEK RESEARCH REPORTS FISCAL 1994 FIRST-QUARTER FINANCIAL RESULTS

 BUFFALO, N.Y., July 30 /PRNewswire/ -- Comptek Research, Inc. (AMEX: CTK; BSE: CTK) today announced financial results for the first quarter of fiscal 1994, which ended July 2, 1993.
 Net sales were $15,258,000 in the fiscal 1994 first quarter, up 8 percent from $14,168,000 in the comparable period last year. For the quarter, the company incurred a net loss of $156,000, or $0.04 per share, compared with net income of $250,000, or $0.06 per share, recorded in the first quarter last year.
 "Profits declined on increased sales, primarily for two reasons," stated John Cummings, Comptek's chairman. "First, we increased manufacturing capacity to anticipate higher sales of commercial products, and this caused our gross profit margin to decline. Second, we increased Research & Development expense by more than 100 percent, primarily for upgrades and enhancements to our wireless communication products.
 "While disappointed with this start in fiscal 1994, I am optimistic Comptek's financial performance will improve as the year progresses," continued Cummings. "On the defense side of our business, we are seeing an improving order trend as a result of our marketing efforts overseas. In addition, we continue to see great opportunities in commercial telecommunications with the DataMover family of wireless communications products. Through our 31 percent-owned joint venture, Bison Data Corporation, marketing efforts are being directed toward major domestic telecommunications companies. We recently introduced the DataMover 2019, which has a data transmission speed of 19,200 BPS, twice the speed of the DataMover 2000 product's transmission speed of 9,600 BPS."
 At the end of the fiscal first quarter, Comptek's current ratio of 2.8 to 1 and working capital was $12,649,000, with cash and short-term investments of $79,000. Shareholders' equity was $15,948,000. Through positive cash flow, long-term debt declined $259,000 from the fiscal 1993 year-end to $4,063,000, or 6.0 percent of total capitalization. The backlog stood at $35,971,000, including orders for 809 DataMover units.
 Comptek Research, Inc., with 13 offices and subsidiary locations in the U. S., develops command, control, communications, and intelligence systems and electronic warfare systems, primarily for the Department of Defense. Related activities include providing specialized technical services and manufacturing precision electronics for government and commercial customers.
 COMPTEK RESEARCH, INC.
 SUMMARY FINANCIAL DATA
 Three Months Ended July 2, 1993 June 26, 1992
 Net Sales $15,258,000 $14,168,000
 Operating earnings (loss) (140,000) 462,000
 Earnings (loss) before income
 taxes and equity in net earnings
 (loss) of affiliate (226,000) 366,000
 Net earnings (loss) $(156,000) $250,000
 Earnings (loss) per share $(0.04) $0.06
 Weighted average number of
 common shares and common
 share equivalents outstanding 4,277,000 4,473,000
 -0- 7/30/93
 /CONTACT: Christopher A. Head, executive vice president, Comptek Research, Inc., 716-842-2700; or Douglas A. Fox or William K. Hart (investor relations), SM Berger & Co., 216-464-6400, for Comptek Research Inc./
 (CTK)


CO: Comptek Research Inc. ST: New York IN: ARO SU: ERN

KL -- CL001 -- 7575 07/30/93 07:31 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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